A move to $17 an ounce would be a significant increase from silver’s current levels around $13 per ounce. The silver market is in a surplus this year thanks to slack demand, but the market is expected to be more balanced in 2019.

“But, this year’s surplus is a temporary phenomenon, added Strachan, who cited weak investor demand, increased mine production, and slowing photovoltaic demand as the three main reasons behind the surplus,” according to Kitco.

Investors have added nearly $82 million to SLV this year.

Looking ahead, silver and other precious metals may continue to face an uphill struggle as the Federal Reserve is expected to keep hiking interest rates, which makes non-yielding assets like commodities less attractive.

For more information on the silver market, visit our silver category.