Below are the current structures of the Commitments of Traders for gold, silver & USD, along with a daily chart of the silver-gold ratio and a chart of gold with correlation to USD. As you know, the SGR is a positive leading indicator to the markets and what we're calling 'Hope 09'. Silver remains constructive, with the upside target noted on the chart. Gold and USD are encountering some turbulence at resistance.

You may have noticed gold often going in the same direction as the USD recently. That is due to the fact that both markets were the recipients of scared money at varying times throughout Armageddon '08 and when said scared money gets a little braver, it thinks about chasing other stories. So to me, there is no real surprise in the correlation.

The CoTs seem to suggest this as well. All three markets are creeping toward bearish, but silver looks to be in the best shape which is a bullish sign for hope and for markets in the short term. Remember that gold got hugely over bought vs. everything else as the upside blow offs in its ratio charts show. Whether or not gold corrects in nominal terms, it is due to underperform many other things in the short term if we are indeed to have respite from the pain, as the SGR implies.