Related: Soaring Silver ETFs to Snap Up as Metals Shine

However, increased technological efficiency has reduced the amount of silver required in newer solar panels. The amount of silver used in solar cells has been reduced by 5% to 6% every year. Nevertheless, Andreas Liebheit, head of the photovoltaic business at Heraeus, the German technology group, argued that the diminished requirements have been offset by growth in the overall market of 20% per year.

“A convincing break of the top-side trend-line puts this view at risk, but again, as said yesterday, there isn’t much room for silver to run before running aground with resistance,” adds DailyFX.

Traders looking to profit from silvers downside can consider the ProShares UltraShort Silver ETF (NYSEArca: ZSL)

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