Silver can be considered a hybrid market, part precious metal and part industrial metal.
Both technical and fundamental analysis of the silver market result in a bearish conclusion.
Long-term investment traders continue to hold a net-long futures position leaving silver open to increased pressure from long liquidation.
The silver market is interesting. It can be considered a hybrid market, part precious metal (with gold) and part industrial metal (with copper). In this way, it reminds me of May winter wheat contracts, Chicago (SRW) and Kansas City (HRW), that tend to straddle the line between old-crop and new-crop fundamentals. Given this, silver (as well as May winter wheat) also shows characteristics of middle child syndrome, getting lost in the attention paid to King Gold (one of the 3 Kings of Commodities) and Dr. Copper (an honorary degree for its use as an economic indicator). The only thing Silver is known for is being the Lone Ranger's horse (though you have to be of a certain age to get that reference).
