This week, gold and silver showed renewed strength, with mining shares leading the move and some stocks gaining around 20%. Many believe the bottom is already in. I think that is possible, but I am still leaving room for one more sharp move lower before the next major advance.

At current levels, I believe both metals are in attractive buying zones. My buying zone for silver is $60 or less, and for gold, $4,000 or less. Could they go lower? Absolutely. But I believe these levels offer good value.

What stands out most is that mining stocks are beginning to outperform the metals themselves, which is something we often see during a strong precious-metals bull market.

I also took a closer look at COMEX and LBMA gold inventories. COMEX gold stocks have been trending lower, while the LBMA still appears to have a relatively healthy available supply. Silver remains a different story, with supply continuing to ebb and flow amid several years of market deficits.

Looking ahead, I believe gold could move back above $5,000 and silver into the high $80s or $90s before the end of the year. No one knows exactly how this will unfold, but I continue to believe we are entering the final and potentially most powerful phase of this precious-metals bull market.

My view remains that the next couple of years could be extremely important for gold and silver, particularly as growing pressures within the monetary and financial system begin to force much larger changes.

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