It's also a securities "blood bath" away, as well. The Silver market has shown no signs of "bottoming out," but I will admit this: with QE-Whatever, worries about money printing, and all the other factors pushing Silver up, it's quite the wonder it has NOT gone up. I do believe Congress and the President will dither over the Fiscal Cliff, and we'll go over.
It will hurt the economy and COULD lead to a recession (increased recession, whatever), and that is BAD for precious metals. But I think the huge drop in the stock market on January 2nd and 3d will trigger a Fiscal Cliff resolution and that's GREAT for precious metals: more money printing, as far as the eye can see.