Silver exchange traded funds (ETFs) have felt more pain than most this week. It the metal that gained a whopping 82% last year finally seeing the hot streak cool?

Well, it all depends on who you ask.

No one can say what the long-term trend this year will be, but one thing is clear: in just the last 10 days, silver-related ETFs (including the physically-backed, futures and mining varieties) have declined anywhere from 10.8% (Global X Silver Miners (NYSEArca: SIL)) to 3.4% (iShares Silver Trust (NYSEArca: SLV)).

The buy and sell discipline we use for our clients involves a stop loss of 8% off the high or a dip below the 200-day moving average. Based on the trend following principles, the dip seen in silver funds is leading to some potential sell signals.

The recent declines could eventually translate into a buying opportunity, but for now, the trend looks like it’s heading south.

For more stories about silver, visit the silver category.

The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.