Unless stock prices sell off further these premiums on the metals are more indicative of a bottom formation than anything else.
But that is a big 'if' given the risk aversion sparked by the disorder in Europe.
For long term investors, this is relatively meaningless, a great deal of noise.
Someone asked me today what will break these paper games. I do not know, but in the short term the markets are very much at the mercy of the big trading desks, given the wild, loosely regulated nature of the US markets.
I am including an interview with the Gold and Silver Daily charts tonight that suggests that the wild speculation in West Texas Intermediate crude futures markets caused the large world producers to decouple from its price, and to migrate instead to other vehicles like Brent.
I will not be surprised to see New York and London lose the same status in the metals if this nonsense continues.