I agree that some of the better than expected economic data is pushing silver higher. A barometer I like to use with silver is the price of base metals. This shows how the industrial component of silver is influencing the price. Ticker symbol: DBB is the most user-friendly gauge of demand for industrial metals. SLV has moved closely along with DBB in the last 5 trading days if you take a look at the charts.
Additionally, SLV has broken its 50-day moving average to the upside (it was below it all throughout April). This may entice the technicians to buy a little, too. I’ve seen some people see a cup and handle pattern, which can be interpreted as bullish.
Overall, the fundamentals and the technicals are lining up quite well for silver bulls. I think silver is one of the best “reflation” investments out there.