There is due to be pain as the old system slowly comes apart. This pain looks like it will be most acute in the EM's and commodities. Precious metals are playing some downside catch up as well, that is obvious. But from the rubble of Q4 '11, I expect to be able to take a longer term view, lock and load and stop burning so many trading commissions.
Longer term, I don't care for commodities, and I don't like the US or Europe. I am - as usual, not nearly as constructive on silver as many seemingly rational gold bugs. I do like the gold stocks and gold as a store of value only. I do like the idea of Jonathan's "global leveling of the playing field".
Oh, so much more to come in this exciting market. But for now, let's just look at what the beautiful Cu-Au chart has to say. For one thing, it seems to be indicating another dump dead ahead. It also says that the game of successfully inflating to prop the economy ended in 2007... for a long, long while.