On the supply side, silver miners are finding less deposits and producers are expanding into new projects, which suggests that silver could be in shorter supply ahead. [Silver ETFs on the Mend]

Another issue to consider is the dollar. Silver, like other commodities, is priced in U.S. dollars and some currency traders expect the greenback to resume its uptrend. That could be a drag on the precious metals complex.

iShares Silver Trust

Tom Lydon’s clients own shares of GLD.