have always thought, and continue to think, that silver is a more difficult precious metal to 'figure out' than is gold. This is because:
approximately 70% of all new silver mined results as a by-product from the mining of based metals and other precious metals;
as I see things there has to be a relationship between the macro-economy and the mining of base metals, such that the macro-economic condition as it varies over time has to affect the the demand for, and hence the by-product supply of, physical silver over time.
That said, you might want to read a recent article that broadly discusses the build-up of silver usage in industrial applications including:
anti-bacterial, appliance, catalytic, clothing, consumer electronics to list but a few such applications; and,
increasing uses of physical silver in energy, food and water applications.
We are facing declining rates of growth in the developed and developing economies, which as I see things the financial markets currently seem to broadly be disregarding. Declining rates of economic growth suggest serious economic headwinds going forward. ...