Gold tumbled the most in 11 weeks as the Federal Reserve refrained from taking more stimulus measures and as a stronger dollar curbed demand for alternative assets. Silver plunged more than 7 percent.

George Soros, who famously called gold “the ultimate bubble” several years ago, evidently feels the yellow metal has yet to reach bubble territory

Courtesy of Tuesday’s central bank action, nearly all participants in the weekly Kitco News Gold Survey expect the gains gold posted this week to continue into next week.

Considering the fundamentals underlying the raging bull market in silver and the confident predictions of, in some cases, another double in the silver price, at least, by spring from industry peer James Turk of Goldmoney, as well as other hard money heavyweights,

The silver price could explode higher in coming months.

Morgan Stanley’s 2012 gold price forecast is $2,200 an ounce. For silver it is $50 and for platinum it is $1,829.

Central bank action on Wednesday to ease severe funding strains for the world’s private banks may help cushion a brewing global credit crunch but it only buys some wiggle room for governments trying to resolve the euro debt crisis and keep banks lending.

The ­­­potent cocktail of inflationary pressures in the emerging world and the European sovereign debt fiasco left investors searching for a safe haven—they looked for it in gold.

Could he return us to gold with the stroke of a pen?

“The market is discounting a cut of $2 trillion, so if it’s less than $1.5 trillion, we will see gold prices surge and rise higher than $2,500,”