Last month silver and gold prices each reached new highs in their ongoing bull markets that started at the beginning of this decade.

Since then, both have eased off their respective highs.

Is now a good time to buy? Is this just a pause in the ongoing, multi-year precious metals bull market?

When I look ahead at the unfolding economic crisis, unfortunately for precious metals bulls, I do not have good news.

I personally have an over-sized position in physical precious metals that I hold in my possession. I am not a gold and silver bear by any stretch of the imagination.

I am very much pro-gold and pro-silver, acknowledging them to be the very best forms of honest money the world has ever devised.

I will choose specie over fiat any day of the week.

Bullion is better than paper, and I have far, far more bullion than I do fiat currency.

But facts are facts, and I always do my best to pay attention to the facts.

And the facts are that when the stock market drops severely, professional money managers will sell anything that is liquid in order to raise cash and meet redemptions.

Gold and silver are liquid and they have always been sold by the money managers whenever the stock market takes a dive.

Some day that will change, but not this year. We are simply too early into this financial crisis and too early into this precious metals bull market for gold and silver to achieve their historic role as the ultimate safe haven.

The day will come when millions of investors seek bullion to protect their wealth instead of U.S. Treasuries.

But I am not expecting that day to come this year. Neither should you. I'm looking for significantly lower prices for precious metals later this year.

Keep your powder dry and wait for a better buying opportunity.