Silver went on an epic run from October 2008 to April 2011, rallying nearly 500% over a short 2 and 1/2 years. The move certainly got the attention of the speculators and many bought aggressively as silver prices surged higher. As with all great speculative advances, the buy-side eventually got overcrowded and folks got greedy as hot money piled into what is quite a small and volatile asset. Trouble soon arrived. Silver topped for the move in May 2011 at just under $50, and then spent the next three years in free-fall, declining by -63% in total to $19. Today, the silver chart is starting to look interesting once again. Silver is stabilizing around $19/oz and the propensity by speculators to drive the price lower looks like it is coming to an end.