Not sure whether this is a bear market for silver, but definitely is for PAAS. SLV seems to show good relative strength here and Market Edge rates SLV as Long, so I'm thinking at some point PAAS will track silver higher. Today's downside catalyst was Goldman Sachs saying that $1050 gold was a "no brainer" after the budget-debt stalemate is finished. My question is when does it get finished? To me, it's most likely that we get a series of short term debt celing extensions and a protracted period of uncertainty. Also, as crazy as the Tea Baggers are, it's very possible we do have a default.
This is why SSRI is down despite rally in PM market. It was looking good in the pre-market and as soon as the DB sell rating came out it dropped about .15. If it wasn't for the PM rally, SSRI would be down a lot.