Who is doing all the trading?

Keep in mind that 80% of the trades are done by high frequency trading computers.

What does this chart really mean?

First it represents the general collapse of asset value but it also represents a quest for value in safe investments.

All the precious metals are trading in sympathy with each other.

It also reveals a shortage of liquidity. People are selling silver, a safe asset, in order to materialize cash which is required to pay down debt.

In summary the fall in silver is characteristic of a generalized credit collapse.

Its down but not out but there is market sentiment here.