Eric Swarts - Gold & Silver Reflation Trade

Over at Market Anthropology Erik Swarts makes a call for bottoming in commodities and the precious metals. Having pointed to the 2011 top, and stood aside since, not suckered by the interim bounces like so
many, Swarts has more credibility than most, looking across all markets not just the precious metals.

The Fed's taper that many precious metals bulls fear and bears embrace will likely be the confirmation that reflation in world-wide growth, the key ingredient missing over the last two years - is the next chapter for the markets to chew on. With China and emerging markets now knocking on overhead resistance, we feel that the commodity sector expressed through its most emotional proxies of silver and gold, will once again begin leading the next reflationary leg higher.

He doesn't discuss the likeliehood of a last plunge down which seems to be a widespread view.