Silver's wild price fluctuations compared to other precious metals is why traders' often refer to it as the devil's metal.
Or in today's parlance: Like gold on crack.
The CPM Group's closely watched 2014 Silver Handbook released last week notes total supply declined 2.5% in 2013, hampered by reduced recycling of the precious metal. Global output has essentially returned to 2010 levels.
While total supply is likely to remain stagnant in 2014, every major category of demand is expected to increase except photography.
In a new note, the research team at ETF Securities predict that the silver price, which has been drifting lower is in for a sharp reversal:
"Silver was the only precious metal to end last week with an YTD loss.
"Downside support for the silver price is near US$19/oz. and 30-day volatility is the lowest in a decade.
"Historically this has often been a precursor to a price rally":
Image of El Diablo statue near Potosi silver mine in Bolivia by Mr.Fink's Finest Photos