"Silver prices have returned to the levels seen before the financial crisis that started in 2008, and before quantitative easing (QE) was introduced," noted Scotiabank analysts in a recent report. "It might, therefore, well be into the process of discounting the prospects of an end of the QE. For now, however, that seems to be one of the reasons behind the price weakness."

"The absence of geopolitical concerns has enabled investors to move out from bullion metals and enter in the dollar index, boosting optimism for the US economy, thus making bullion lose its shine. Technically, silver is moving in a negative direction by breaching its previous lows. Currently quoting at the level of $17.72, silver is expected to move back down to $14 levels over the short term,'' the report noted.

Silver to $14/oz, but discounting QE end