Fundamentally, one would think that both Gold and Silver should buck the trend especially with European debt. Add in the TARP program and QE2 and both Gold and Silver should be much higher than they are currently trading at. (The 'paper' spot price)
Based on the past 10 years, the summer Gold slump has provided a good buying opportunity for those long term investors. Buying the lows in the summer months and holding has paid off handsomely over the last decade and this summer should be no different.