To support the bullish outlook some interesting observations made by Harvey Organ on this (last) week's options expiration:

"It has been traditional for the past year for the bankers to raid gold and silver on the day before these options were exercised so as to inflict pain on those longs wishing to take delivery. The raid initially was set for Thursday but that was ruined for the bankers as Europe announced a "plan" to bail Europe out. The 1 trillion Euro dollars of printing scared our bankers so they abandoned their Thursday plan and initiated the attack for Friday. The bankers were met with a deluge of demand orders for physical metals around the world so again their plan was muffled and gold and silver resumed their northern trajectory after an early morning attack.

The important developments on the precious metals side of things is with silver. The total silver open interest surprisingly and shockingly rose from 107,046 to 110,911 for a gain of almost 4000 contracts. The silver longs have Houdini like shackles on their "feet" and" body" yet they continue to rise slowly and surely. These new longs are not speculators but investors who know that silver has been depleted globally and they are taking on the likes of JPMorgan. December will be quite a battleground."

http://harveyorgan.blogspot.com/