Wednesday and Thursday of this week was enough for gold and silver investors to experience sea sickness. Up 3% one day, down 5% the next, with no short-term end in sight. Oil prices were less volatile and the dollar was down and up as well.

Wednesday's biggest gold  stocks were Agnico-Eagle (NYSE:AEM), Kinross Gold (NYSE:KGC) and Yamana Gold (NYSE:AUY). Of the silver stocks , Pan American Silver (Nasdaq:PAAS) was the biggest upside winner with Silver Wheaton (NYSE:SLW) and Hecla Mining (NYSE:HL) tied for second.

The same stocks led the way downward on Thursday, with Yamana down the largest percentage among the golds and Pan American Silver falling the most among the silver miners.

The Pan American lowered its 2008 silver forecast because of higher production costs.

In a research note published Thursday, Canaccord Adams analyst Steven Butler said the delayed opening of a new Argentina mine and production costs in Peru prompted the company to lower guidance in July, but the revised cash costs were higher than he anticipated.

Butler, we are told, maintained a "Buy" recommendation on the stock but lowered the 12-month target price to $45.25 a share from $46. That would be a remarkable gain from its present price below $26 per share.

Expect more of this volatility in this sector in the remaining weeks of the summer. It wouldn't surprise us if we all looked back 6 months from now and regretted not "backing up the truck"...whether you prefer owning the physical, tangible assets or the companies that pull it out of the ground.