Is silver a precious metal or an industrial commodity?

This is a chart of the price of silver divided by the CRB commodities index. It shows that Silver is rising strongly compared to the CRB index. All moving averages are in bullish alignment. The 200 week average is steadily climbing. Silver is outperforming the CRB. I think this indicates that silver is regaining its status as precious metal. The MACD has recently crossed over.
This might simply mean that commodities are going to crash, but silver holds its own. That would be the deflationary view. It's a question. In last fall's deflationary collapse, silver fell harder and faster than just about everything. That might change. There is less silver than gold in the world today. The bullish case for silver is stronger than ever.