Looking at the current precious metals bull market, we are in year 10 now and it’s like 1997 in the Tech stocks.

The best is still yet to come, but there will be peaks and valleys along the way as the Bull knocks everyone off the whole way up.

Most recently at $1310 in January and only a few weeks ago at $1382 for instance. When I wrote the August 2009 article, gold was around $900 per ounce, and now it’s $1508. In August of 2010 I then forecasted that Silver was about to start a massive run from $19 per ounce, and since then we have rallied to near $47 in just 8-9 months. Silver is poor man’s gold, and my theory really was simply that investors as a herd would view Silver as “cheap” and rush to buy it relative to Gold which would be viewed as “expensive”. The bottom line is intermediately we are getting close to short term tops in both Silver and Gold, and corrections will ensue… but those will again be buying opportunities.

Below are my latest views on Gold and the near term direction:

The Equities markets are also in a multi-year bull market and in the most bullish of the phase as well. We began in March of 2009 and ran up for 13 Fibonacci months to April 2010 where I forecasted an interim top. Since then, we bottomed in July of 2010 in a wave 2 correction that was a 38% Fibonacci retracement of the 13 month rally. The rally to the 1343 highs was only wave 1 of a new 5 wave structure to the upside.

The recent correction that surrounded the Japanese Earthquake was another wave 2 down in sentiment, only to be followed by a powerful rally of almost 100 points on the SP 500 index. This type of “shrugging off of bad news” reaction is typical of powerful major 3rd waves in Elliott Wave terms.

The most recent action bottomed at 1295 on the SP 500 and that was minor 2 down, and now what you will see if I’m right is a huge move to over 1400 on the SP 500 as the 3rd wave of this recent structure off the 1240 futures lows of March, begins to take hold. Strap on your seatbelts because this market is going to blast past 1400 and on to 1500 this year.

You will also see the NASDAQ lead the charge and make a power move into the 3000’s as well.

Below is my latest chart on the SP 500 Index: