Gold may have topped last week but silver is still going strong. It looks like it will hit $39 today.

There is a cycle top due for silver this week. So that means a short-term top may arrive any day now. But silver is so strong that it may keep going anyway. Regardless, $39 is likely to be strong resistance and we can expect some retracement from there.

Longer term, silver may be looking at $41.50, possibly after a lull this month. The biggest danger at present to silver is weakness in gold and the mining stocks. But since equities seem to be strong, that could outweigh the negative influence of gold.

We might also see a short-term top in equities this week. The QE2 orgy continues, but how much longer? If QE3 doesn’t arrive in timely fashion, I’d hate to see the temper tantrum Mr. Market would throw!