This post includes charts of our silver producers index which contains 14 silver producers and is partially weighted by market cap.
A few weeks ago, volume (smoothed) hit a 5-year low as the index was trying to make a new low. Note how the index was supported by a 13-year trendline.
A closer look reveals that the index closed at a 7-week high and on the highest volume since September. The same can be said for the SIL ETF. Our index did not penetrate the June low (unlike SIL).