I'm not sure about the extreme short run for the silver rate, but over the long run, I'm planning on acquiring more precious metals literally every month until I meet my end someday.

It's just an insurance policy, and if the US doesn't fix it's long-term deficit problem, it'll be a very profitable policy, because the silver rate today will give in to a silver price several times what it is now -- easily.

For those who have asked (two so far, unless I've missed one) about how to add positions in gold and silver, it really depends on what your goal is.

My goal is to make it automatic -- I want to own more gold and silver and the end of the month than I did at the beginning of the month, whether I thought about it or not.

Right now, I get my physical metals from SilverSaver.com, a website that I'm also affiliated with. I used an affiliate link because it allows me to keep track of who clicks on the link and signs up, and I get credit -- paid in precious metals. Every ounce helps. ;-)

SilverSaver.com allows you to automatically hook your bank account to your account, and acquires gold and silver on a regular basis. It's not cheap, but it's automatic and the minimum order can be extremely small amounts of gold and silver, and you get a discount for larger purchases. I put a good hunk of my monthly paycheck toward the site, and, well, it's been a good ride already.

I have no intention of changing my strategy really at any point. If silver and gold prices happen to fall considerably, unless we somehow move into a bipartisan "cut taxes and regulations and insane deficits" decade, I'm confident that we'll see another metals boom at some point when we're forced to pay the piper.

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Copper prices were weak during fourth quarter 2011, leading many buyers in China to stock up on the metal. Glencore International Plc, the largest publicly traded commodities supplier in the world, included this statement in the comments it released on Monday regarding the industrial metals market. Unfortunately, the picture is quite different these days.

Glencore reported that in 2011, production of the industrial metal declined. It expects this trend to continue this year until the ore to metal production cycle is "re-established." The lack of growth in supply explains the strong prices despite weak U.S. and European demand. During the second half of 2012, demand was driven by reaction to the financial crisis in Europe. When copper prices were low during 2009 and 2010, China built its inventories and by 2011, the supply had declined.

While Europe and the U.S. did not rebuild their inventories during 2011 due to uncertainty regarding Europe, China did. Price weakness during fourth quarter 2011 created the ideal situation for purchasing large amounts of this base metal. This supply was used to rebuild the pipeline for inventory and was provided to nearby locations. Then, the calendar flipped to 2012 and everything changed.

On Monday, U.S. copper futures fell approximately one percent, pressured by a reduction in the economic growth outlook for China. Concerns regarding Greek debt restructuring progress was also to blame. The metal was not the only thing affected as the euro hit a two-week low and stocks declined.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Gold dipped slightly on the news, presumably because some investors were expecting QE to some extent.

What comes next? Good question. I honestly think there's a chance that this year the Fed will start increasing interest rates during a partial recovery, which would have a huge impact on gold rates.

An 8,000-worker strike was held at the Grasberg mine from September to mid-December, but not all workers and supervisors participated. The strike ended on December 14 after workers received improved benefits and a 37 percent increase in wages. However, some of the workers who did not participate were later subjected to intimidation and violence by those who did. This resulted in the February 23 suspension of mine operations and the arrest of three workers.

As copper prices fell on markets around the globe on Monday, production resumed at the mine. Located in the highlands of Papua, Grasberg is the largest gold mine and second-largest copper mine on the planet.

Previous attempts to return operations to normal were hindered by security concerns and drawn-out disputes between unionized workers and management.

The union leader informed Reuters that though work at the mine has resumed, "solid teamwork" must be developed. This should be a partnership between workers and the company, representing a victory for all.

With production getting back to normal, the additional supply of the base metal should cause copper prices to decline even further.

What caused prices to decline in London on Monday had everything to do with China. Weak demand and over-supply lead to concerns. Last week, stockpiles reached 224,781 tons, their highest since July 2002. Data released over the weekend indicated a slowdown in exports from the giant commodity consumer during February.

On the London Metal Exchange, three-month copper prices fell 1.05 percent, landing at $8,401 per ton.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Germany held Greece's feet to the fire during the past week but Mr. Schauble recently commented that Greece was now "on the right path according to the Telegraph."

Mr. Schauble went on to say that if Greece could put its promises into effect by the close of February and responds to open issues, the second round of aid can be approved. However, will this and austerity measures keep Greece from defaulting? The initial aid package was not enough to help the country get out of debt. What would the default of Greece look like from a global perspective? People are wondering this even as eurozone finance ministers prepare to sign on the dotted line.

The anticipated approval of the $170 billion Greek bailout package is designed to prevent chaos from resulting on March 20, the day Greece is required to make a debt repayment. However, comments stemming from Berlin, Brussels, and Athens have not ruled out possible Greek default. As recently as last Wednesday, scheduled discussions between the finance ministers were canceled due to the fear that they would result in failure.

Russia is one country that stands to lose a lot if Greece defaults. Europe is its largest trading partner and euros represent approximately 40 percent of its foreign currency reserves, according to The Moscow Times. Verno Capital chief strategist Roland Nash reported that a forced default resulting from a lack of agreement presents huge risk. The stock market would decline dramatically and if a global sell-off occurred, Russia will be the largest seller.

The mere hint that an uncontrolled default was possible led Russian markets to falter last week. Any disorderly form of default could trigger a financial crisis not witnessed since 2008. There would be few worldwide safe havens, none in Russia. Russian market players would need to be defensive and individuals who did not need to be in Russia should stay away. Russian banks could be affected, causing small, private banks to require support from central banks.

According to Wermuth Asset Management founding partner Jochen Wermuth, there is up to a 40 percent chance of a disorderly Greek default. The events resulting from default would play out at a rapid pace and Russia would not be the only country affected. Many nations, including those outside the euro zone, are keeping a close eye on the Greek issue. As a global economy, the consensus is that Greece is irrelevant. The issue pertains to the contagion.

If Greece defaults, it could force the country to exit the euro zone, increasing problems for other nations riddled with debt including Ireland, Spain, Italy, and Portugal. In addition, a financial crisis that resulted in another European or U.S. recession could affect the price of oil, causing it to decline, which is bad news for Russia in particular, where the break-even price for Urals crude is approximately $120 per barrel.

On the other hand, a well-anticipated, planned default could increase the Russian market without impacting the price of gold too much, said Mr. Nash. A voluntary restructuring of Greek debt could cause a relief rally on the markets that have priced in a worst-case situation, to a degree. According to some analysts, stakeholders in the debt restructuring of Greece have too much on the line to permit anything other than a planned default. They are doing what they can to prevent free-falling equity markets and issues with the global financial system from becoming reality.

Though many experts support the purchase of this metal, it is difficult to take a stand against such a successful investor. Mr. Buffett is not called an oracle for nothing and his bank balance illustrates the number of times his predictions have been correct. However, that does not change the fact that gold prices have been skyrocketing, making gold bugs very happy. This creates a dilemma for anyone thinking about investing in the metal.

Mr. Buffett uses the traditional arguments against gold including the fact that over time, it underperforms stocks. He says the metal is a bubble that has inflated itself and it offers no inherent value to investors. As far back as 1998, he stated that this precious metal had no "utility" and noted that anyone observing from Mars would wonder why the human race was so fascinated with it according to GoldSeek. As he was stating these things in a speech at Harvard, the price of the metal was just $300 per ounce. If he had invested only a million dollars, a pittance for him, he would now have $5.7 million, an annual return over 13 percent.

In his Harvard speech, Mr. Buffett conveyed the impression that it is strange to pay people to guard this metal that comes from the ground. Others believe that it makes sense to protect the golden metal because it is both rare and valuable. Investors safeguard their holdings from theft and the metal protects them from the devaluation of fiat money, banking collapse, and inflation. However, like most other investments, there is risk involved.

Analysts studying the U.S. Dollar Index note a move below the critical resistance line, which should lead to another significant decline. The value of the Index is currently just above the resistance line, which is declining. However, there has not been confirmation of the breakout. From a long-term view, there was no change during the past week because daily movements have not been large enough to be visible from a two-decade standpoint. Though the long-term situation is still a bit unclear, it appears to be leaning toward bearish.

From the short-term vantage point, however, the situation is not as bearish. During recent days, the dollar has been slowly edging higher. Analysts say this trend could continue for a while, as history reveals a pattern during 2010 that is playing out almost identically today. The next local top could be in or may be experienced quite soon. The rally during the past month has not featured a meaningful correction. This indicates that a local top will soon be formed because it is not possible to move higher for an indefinite period without corrections.

The Japanese Nikkei and Dow Jones Industrials have reached key resistance levels, indicating a pause or end to the recent rally within these markets. Within the Broker Dealer Index, which is a proxy for the financial sector, the bullish implications are over the medium, not short, term. Important resistance lines are looming or have been reached in the general stock market, creating a bearish outlook for the short-term. With both short-term drivers in the precious metals sector offering bearish influences, gold is likely to decline, but not very much.

The impact on the rate of silver throughout the world is likely in a similar position. If there's to be a small correction, expect one in a few days.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.