A strong headline GDP release last Friday may bode well for silver demand, said Will Rhind, CEO of GraniteShares.

Rhind said that one reason silver has not performed well is due to China's lower than expected demand, but with GDP numbers showing strength in the U.S. economy, this trend may reverse course.

"Part of the reason why silver hadn't really been doing much is that we expected China to ease and that would be positive for the silver market in terms of stimulating demand, but of course that has slightly changed a little bit with China [focusing] more on reforms rather than outright easing," Rhind told Kitco News.

On the strong economic data, Rhind said that he was a little bit surprised.

"I think it's a little bit of a surprise to the upside, to be honest with you. I think that most probably what's happening is that inflation expectations are starting to get ratcheted up again," 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.