Personally I think we are closer to a further correction in Silver as QE2 ends and there is a panic out of risk assets such as commodities and the stock market in general.
If you do go the Silver route I would recommend you consider a bullion purchase in the way of a preorder for the 2012 Year of the Dragon coin from the Perth Mint:
2012 Year of the Dragon Blog Post
Technically a bullion product, but in my opinion one that will end up with a nice numismatic premium once they are sold out at the Perth Mint.
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