From its high about 22 months ago, silver has plunged a little over 42 percent from that time, and is down in 2013 by 5.8 percent in just over a couple of months.
With investment and industrial demand strong, and supply weak, it is only a matter of time before a bottom is found and the price of silver makes a big move.
Investors have been a little wary lately because of the downward pressure on the white metal, but they are also aware a bottom is forming, and they don't what to be caught chasing the price as it moves up.
For some reason analysts are believing the mainstream media reports about a global recovery, even as data show it is holding at best. The job numbers released are largely from part-time jobs rather than full-time, and the numbers are almost surely to be significantly downwardly revised.
But even if the global economy is growing, that is positive for the industrial side of silver demand, which supply would be hard to meet. Analysts at this time are mostly looking at the price movement of silver as they perceive it is going to respond to investment outlooks.
Even there it seems they are wrong, and silver won't be held back too long, although as with all commodities, especially this volatile one, it's impossible to accurately pinpoint when that will happen. Personally I don't think it's going to be long before we see silver prices shoot up again.
Gold gets a lot of attention as to being bought up by central banks, but these same banks have also been the biggest buyers of silver over the last year, and so far in 2013 they have made the largest silver purchases in 49 years (1964).
When looking at numerous investment and financial firms, the majority of them see silver prices this year rising to a range of $33 an ounce to $37 an ounce.