While the dollar is down around 3% year-to-date, not all dollar-denominated assets are rallying and in fact, silver is now the biggest loser among the precious metals.

Palladium's recent resurgence has pushed it back above silver for the year (though still in the red) as Gold and Platinum remain in the green for the year.

All of this has happened as hedge funds have abandoned their long positions in silver. As Bloomberg points out, hedge funds and other large speculators cut their long position in silver futures and options for a sixth straight week in the longest string of declines since August 2014.

Notably, the net speculative positioning across silver futures and options is near its lowest level in 20 years...

All of which might be useful timing as Silver is back at a historically important level of cheapness relative to Gold...