 Hello, welcome to this week's CMC Markets Commodity Snapshot. This week we're looking at silver. Now the price has come down pretty strongly since breaking $26 an ounce and it's just hit some important price levels on the chart so we want to look and see if there's any respite for silver coming our way. Now popular explanation for silver's decline is much the same as the other commodities where a strong US dollar has really hammered all the commodities that are denominated in US dollars. Another part of it for silver is it has its own supply demand dynamics whereby a lot of the demand in recent times has come from ETFs, exchange traded funds, who are trying to replicate the price of silver through the commodity and through silver related shares. There is demand for those ETFs. There's not been an outflow of funds from these ETFs like has been sitting gold. So that's been generally supportive but that demand has slightly waned towards the end of this year and so the increased production of silver means there's an oversupply of silver. The oversupply is adding further weight to prices. Now the reason many long term investors are holding onto silver is the monetization of the metal and the reason this is happening is that debt based currencies, fiat currencies are gradually being debased and so people are turning to metals as an alternative source of currency. Now that's a longer term fundamental view on the metal but at some point there has to be a floor in prices where this fundamental picture has come back into the fore. So let's have a look at prices and see, let's have a look at the price chart and see where that could be. So what we're looking at here is a much longer term perspective on silver, not necessarily for trading in the longer term but when prices are trading down at below their 52 week lows you have to look back in the past to see where this decline might end. We are at such a level at the moment which comes in right on that round number about $15 per ounce. As you can see prices did bounce off there a fair few times in the past and it was that level before prices accelerated up towards $50 an ounce in 2008. But we are back down here again. Should this level fail we may be looking at $9 per ounce but should we get a bounce from here we may even get back up to those lows that we recently broke through around that kind of 1850 mark. Okay that's the end of this week's CMT Markets Commodity snapshot. We were of course talking about silver. Keep an eye on these ETF outflows for silver. Obviously keep an eye on the central bank particularly in the US for any further debasement of currencies which would help the metals. But aside from that let's watch this key price level that's been mentioned and good luck trading.