Silver is underpriced. This might seem an odd statement taking into account recent rally, however 'gold/silver' ratio is far higher normal (75-80 against 20yr average 65-70). As a result I expect that it would be re-rated against gold.
My bullish outlook on Silver prices is based on expectations the USD will weak in the long-term, as well as demand from industrial and silver-specific sectors will be strong and improve the growth of the Silver prices. Also I expect more stable investor demand on the metal, therefore I don't leave room for a negative outlook on the Silver prices.