Actually that is usually how it works. In times of panic, everybody converts to cash. Portfolios (see stock indices), precious metals (see gold last week).

You load up in peaceful times. At least, that's what big money did over the last years. Charts speak for themselves. Also, look what happened ~10 years ago. Many retailers bought the top because their hairdresser told them about the insane value of gold.

And silver is an industrial metal, and the price confirms it. It hasn't been a precious metal in recent history. You'd have to go back decades.