I’ll have to reevaluate these targets when/if they get hit, but right now it looks like we’re on track to hit these first targets for gold and silver. The one on gold is a fairly obvious trendline, so it may get breached a little to the downside before bouncing because nothing ever goes exactly as planned. Another important level to watch is how gold reacts when it reaches 40 on RSI.

The silver target I calculated back on 12.11.10 based on a number of timeframes and Fibonacci work and you can view the video here.

$24/share didn’t seem that likely when we were over $30 and heading higher, but now it looks like we can hit $24 easy, especially on an intraday flush.

Faber as always is entertaining and has spot on views of what needs to be done to get us out of this mess. He’s bullish on treasuries (short term 2wks – 3 months.) He also expects a 10% correction on the S&P, which in my opinion is nothing. We can go down 10% in a week and then bounce back.

“Obama is an intellectually dishonest person” ~Faber