Yes, he is. Keep in mind, Prechter likes gold and silver. However, he isn't bullish on the right now. I happen to agree that deflationary pressure through the massive buildup in credit that has been used to purchase assets and then used as additional leverage is going to bring everything down with it. How much something comes down depends on how big the bubble was for that asset class. Silver is both a precious metal and an industrial metal, and it is therefore subject to more violent swings than gold.

When the recession/depression resumes, gold, silver, and nearly every other asset class (except the dollar) will go down in value. Silver will go down more because it is in a much larger asset bubble than the more modest gold. Eventually, gold and silver will have their day, but that is likely a number of years down the road and there are going to be better prices to purchase it at when no one else wants it. That is when to buy, not when everyone is bullish.