The silver chart now looks terrible. PALL and PPLT look to be failing at their descending 50 day sma's. I had mentioned in a recent blog that on Saturday, Harvey Organ interpreted the COT report for silver as bearish-- that it was ready for a "hit".
I am not seeing any justification for another QE out of the FOMC tomorrow. Extension of ZIRP into mid-2015 (say), and continuation of Op Twist, very possible if not probably. Will the lack of new inflationary tinder that a true QE 3 would represent, if that is what eventuates, spark a risk-off move, perhaps with a big move down in silver?
Note that I pay special attention to PALL, as it is the commonly-traded precious metal that is hardly influenced by investor trends. It is thus the most economically-sensitive of the "Big Four" precious metals.
A major new metals bull market is coming, I expect- but FWIW, I think it remains delayed longer.