The gold-silver ratio tested 89 recently, the highest level since 1993, as silver still fails to show signs of life, but this may be a good opportunity to buy the metal, said Bill Baruch, president of Blue Line Futures.

Spot silver closed at $14.41 an ounce on Wednesday, having stayed relatively flat during the trading session.

"I think there's going to be a lot of value down here. We could see $14 [an ounce], it's an eyelash away basically, given some of the moves we've seen over the last year, but be ready to buy down there. I think there's a couple of ways to look at it, and right now, if it doesn't get to $14, a nice way to get some exposure is to look at selling $14 puts," Baruch told Kitco News.

He added that investors should look out for the bottom to form, as the "bottom" is not so much a point as it is a process.

$14 an ounce is also significant as a potential floor for silver because that level is close to the cost of production for many silver miners, according to Baruch 

Should silver see its price swing upwards from the bottom, investors should be prepared for gold to move higher as well, Baruch said.

"I like gold just a little bit more right now because it's been more constructive this year and for the landscape on the global macro side as well," he said. "Gold has a lot of support down at $1,255 [an ounce]."

Baruch maintains his $1,400 an ounce gold price projection and said that the main thing that is currently holding gold from realizing that level is the Chinese Yuan.

"The Yuan has weakened over the past two weeks - really, the month of May, 2.5% - and that's really hurt gold, and not only that, but you're getting a failure at $1,300 and a lot of those bad memories from people that were trying to buy gold on that dip last year, and they're not going to get in front of a trade war right now with gold," he said.

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This article is commentary by an independent contributor. At the time of publication, the author held TK positions in the stocks mentioned.