Lows are in place, imho. $25. Up up and away, with some pauses. In the unlikely event the Fed tries QE3 (unlikely given rising internal opposition) the long bond market will crater. The Chinese have recently been very explicit in saying that any more QE will cause them to stop buying, and maybe dump their existing holdings. Bill Gross of Pimco says QE3 would be a disaster for bonds, and could precipitate a crash. I don't think the Fed will take a chance on QE3.