I agree with S3052. Silver could fall hard, lower than it did in late 2008, for the same reason as late 2008: people will be selling everything to get their hands on USD, to pay their USD-denominated debts.
On the other hand I've been waiting for it to happen for quite awhile now. This credit implosion is taking it's sweet time to arrive.
Actually, it's been happening all around us gradually over the past two years. The budget crises in the many states are a side-effect of this. Hell, the very recession itself is a
side effect. This is one reason why the value of the USD has been fairly stable despite the near doubling of the M1 monetary base, because as the M2 is collapsing (Monetary base plus credit outstanding) due to defaults and the attitude of austerity the FedReserve has been printing new money at almost the precise pace that credit has been destroyed. This, of course, cannot continue; as the balancing effects are relatively short term. As soon as we hit bottom in the recession (which I still doubt we are very near) the velocity of money will increase towards the mean and the long term effects of all that debasement is going to be felt in earnest by the public, and the value of the USD then has only one direction that it can go. I have no idea when to expect this, and I doubt that anyone else does either.