An expanding global economy could also bolster consumer demand for jewelry and electronics, which could provide a floor for gold. Meanwhile, rising inflationary pressures will also rise in an expanding economy.

The poor man’s gold may also regain its luster as an improving economy would also trigger increased industrial demand for silver.

“CoT large speculators just went short on silver for the first time since October 2014. After that instance, it was a rough go for silver futures, which were down across the board looking six months out,” adds Schaeffer’s. “In fact, there were two times in 2014 when this group turned bearish on silver, and prior to that you’d have to go back to 2003. Looking at data since 1986, and using only one signal per month, this is just the 16th time this group has turned short on the malleable metal, per Prybal.”

Investors can tap silver equities with the Global X Silvers Miners ETF (NYSEArca: SIL) and related ETFs. SIL, the largest silver miner-related ETF, tries to mirror the Solactive Global Silver Miners Total Return Index, which is also comprised of global silver miners.

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