I came across an interesting chart this week from Casey Research showing the massive volatility in silver market. We have just experienced the second largest decline of the last 50 years (close to 70%). While it certainly possible we could go much lower from here with a deflationary, scramble for cash like event, I am personally steadily accumulating physical silver at these mid-teens prices (silver is about $15 today).
After four relentless years of price declines people begin to forget there was ever a time when silver rose in price and begin to believe steady declines will last forever.
On the other end of the spectrum you have U.S. stocks which have been rising relentlessly for six straight years. People forget there was ever a time when U.S. stocks declined in price and believe the market will always rise, without interruption.
My belief is there will be a day, relatively soon, when the performance of these assets diverge considerably. Every day that passes until we reach that point will bring more people comfortably into the "safe" warm waters of U.S. stocks and away form the "danger" in precious metals or cash.
For more see: The 6 Year U.S. Stock Market Rally Relative To History & What Comes Next