Productivity is a fairly linear trend, whereas the credit and...

Productivity is a fairly linear trend, whereas the credit and dollar is cyclic and moves up and down matching productivity at certain points in the trend. When credit bubbles it needs to tighten, and when economy it's stagnant stimulus is required.

Where are we on this trend do you think?

29-30 Jan will be interesting for gold/silver when US fed meets and discusses the next rate decision. If interest rates pause expect gold/silver to continue the bull run, if rates bump higher gold/silver might have to wait for the next catalyst.