Weekly Silver chart, still in uptrend

Even with the huge pullback in Silver in May, the trend is still up.  You can see that after the peaks in 04, 06 and 08, Silver recovered, consolidated and produced a new high. 

This recovery and consolidation may be a bit different this time around.  It took years before the Silver price produced a new high after the top was achieved. With QE2 ending and various European countries approaching fiscal default (Greece / Spain), both Gold and Silver may see new highs before the end of this year.

The Federal Reserve has already mentioned that the economic recover has been satisfactory so far (with the exception of employment) and there is no plans for another stimulus package. Watch the financial markets going into July and we will see for sure if QE2 has no effect on the financial markets and on the economy.  If the financial markets continue it's downwards trend (Since the start of May), this administration may need to talk behind closed doors with Mr. Bernanke.  There is a presidential election in 2012 and Obama may not look so good when everyone's 401k's are cut in half again.

With QE3 (or whatever they will call it), the debasement of fiat currency continues...  There will be some forces that will attempt to keep the PM's down, but worldwide demand will take over and higher prices will be inevitable.