Doesn't believe $100 silver and $5,000 gold are behind us. Recent sell-off was emotion overtaking logic. Correction logical after silver's 265% gain past year. Sell-off began in Asia overnight with betting markets pricing in Trump's Fed governor pick (Warsh), easing Fed independence concerns.

Pullback is reasonable but fundamentals still support rally. Silver has multi-year supply deficit, booming industrial and investment demand. Basel 3 reforms make physical gold tier-1 asset for banks' liquidity reserves.

Sell-off began in Asia when betting markets priced in Warsh. Yield curve still steepening, dollar bouncing slightly but still in bearish trend off 4-year lows.