Mass psychology plays a key role in forming trends in precious metals. The specific about precious metals is that they tend to form extended fifth waves in case of greed or fear of inflation. Silver has been trending down since 2011 and has lost its value by more than 50%.
The first mania in silver formed an extended fifth wave and got retraced a 100%. History rhymes itself, so we expect to see a similar development. Extended fifth waves usually get retraced by a 100% and manias end below their starting point.