Silver could fall much lower, but this is not due to a shortage of silver according to one expert.

Producers have yet to see a "fracking" moment in the precious metals space, and there are plenty of players in the market innovating to worry about a shortage in silver, said Marin Katusa, chairman of Katusa Research.

"There's all these new emerging markets that haven't had the capital that we've had. For example, look at the fracking revolution. All that money went in and so much production came in. We're not the only ones with technology and the ability to do it. China's doing it. China's a major producer, China produces more gold than America," Katusa told Kitco News on the sidelines of the Silver & Gold Summit, "there's going to be no shortage.

Katusa said that it is not impossible for silver to fall to $10 an ounce if it makes the transition away from being an investment asset.

"What if silver transforms...you have to question yourself, what if silver now becomes more of an industrial metal. You look at solar, and the millennials aren't buying. Silver is money but if you look at it, it's the currency of gentlemen, and perhaps there's fewer gentlemen in the world today," he said.

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