The Federal Reserve has initiated an unprecedented level of quantitative easing. In essence the Fed has stated that they will do whatever it takes, for as long as it takes to effectively produce economic stability.

Any real correction that many traders were anticipating might have come and gone, with market participants buying any reasonable dip in pricing.

The first signs that the incredible rally in both gold and silver were entering a corrective phase occurred a week ago on Friday. Since the middle of March gold had gained approximately $600, and silver almost tripled in price.