Make no mistake: This is speculation pure and simple, and wild speculation at that. Some people may say they have "reasons" for buying now -- inflation, the Fed, the dollar's decline -- but you can hedge against all of those without buying silver.
No, the only real reason anyone's buying silver now is because they think the price is going up soon, and they don't want to miss the boat. That's the very definition of speculation, and it always ends very, very badly.
This article writer recently got a full color glossy ad that touted silver as "the single greatest opportunity of our time." In other words the bubble might soon burst and the price of silver will go back down to the mid-$30s. I love watching for bubbles and this one certainly qualifies. I mean silver is at multi-decade highs and cannot stay that high forever no matter how much "dollar hedging" or "inflation hedging" is out there.
The thing that solidified it for me is that silver miners seem to be going down. In other words people are in a mania to buy the metal but don't want to own the people that take the metal out of the ground. In other words there is no rationality to the market and it is just speculation now.