Gold climbed 70 percent from December 2008 to June 2011 as the
central bank bought debt and held interest rates near zero percent in a bid to
shore up growth.
Economists projected that Fed’s decision to purchase almost $4 trillion of bonds would cause runaway inflation, and Gold being a hedge against inflation, Gold price started rising.
1) There was no inflation due to Fed's bond buying.
2) Crude oil prices are going down due to concerns rising global supplies and slowing demand. This is also restricting inflation.
In short Gold and Silver prices are likely to go down further.