If silver were to pull back to let's say the low 30s, this one could be at 130....to reach 230 again silver would have to make a new all time high as the decay would most likely eat a big percentage away.
I think we could have a significant silver correction still ahead. We had a very nice and healthy pull back in May. When gold pulled back silver held steady but there comes a point when the equities will run again (yes, of course with the help of market interference) and this will make the PM less attractive for the big money. Don't bet against the Fed and other Central Banks...they have the firing power to discredit "honest money" with yet another significant PM pull back.
Good points all but...don't forget, when silver is on a run there is 'inverse decay'. In other words, compounding gains as we saw last time. That's where the real money is made, as multi-day highs jump it up.
Re the Fed and central banks I disagree completley: There has never been a better time since 1913 to bet against the Fed et al. They are being discredited every day, in all their pronouncements and in all the ways they have been caught red-handed. This is part of a paradigm shift in many areas as equities once again become orphans, counter party risk becomes Question One in all financial decisions, and the efforts of centralized planners who have had one failure after another are marginalized, not be the lapdog media and prostituted government, but by the real folks who understand propaganda when they see it.