Figure 1 is a weekly chart of the i-Shares Silver Trust (symbol: SLV).
Figure 1. SLV/ weekly
With a close below two key pivot levels, SLV is toast. There is nothing bullish about this chart. In addition, the range expansion of last week's price bar and close below the 40 week moving average are ominous signs as well. The zone from 33.35 to 33.75 is resistance.
The significance of the selling in silver? Silver is an industrial metal, and I would defer to copper.