The metals may have fallen off the front page but gold is having a good year. Despite several near technical breakdowns, the yellow metal has risen in-line with the S&P 500, up over 8% year-to-date. For it's part the most popular Silver ETF (SLV), has gained over 17%.

While impressive, these are rear view figures. What matters to investors is where we go from here.

Charles Nenner, noted market forecaster and founder of CharlesNenner.com, says both silver and gold are poised to make runs at old highs. He says he sold gold around $1,900/oz. last year in anticipation of a bearish phase.

"The cycle was down into April," Nenner says, but reversed at the beginning of this week, a couple weeks early.

"People had to be shaken out," he says in reference to last year's run at all-time highs. "It cannot be that everybody makes money on gold."

Now that we've culled the overenthusiastic masses Nenner is looking at a rise to the $2,500 level in the next 12 to 18 months. And his outlook for silver is even brighter."It's almost time to get bullish again," Nenner says, "about two weeks or so." From there, he's looking for a move to all-time highs, and possibly beyond. Silver is going back to $50 but "that doesn't mean $50 has to be the end."

Despite his enthusiasm for the metals Nenner cautions the general public not to repeat the events of last year when the late-comers got burned.

"The small investors get in at the end and then the big guys are selling again," Nenner warns. "That has to change. People have to be educated better."

Are the metals headed back to all-time highs or is it too late to join the party? Let us know in the space below or Tweet me @Jeffmacke.