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Trader who called gold collapse sees this for silver

While gold's tumble caught all the attention Wednesday, its lesser sibling silver is also marking new lows. But one trader who accurately called the bullion breakdown doesn't see silver suffering the same fate. In fact, he sees the selloff as a short-term buying opportunity.

"Silver looks bad but it hasn't broken down as much as gold," technical analyst Todd Gordon said Wednesday on CNBC's "Trading Nation." Silver prices are down 7 percent year to date while gold is down 8 percent.

According to Gordon, it's silver's relationship to the stock market that makes it more attractive than its yellow counterpart. "Silver has more of an industrial use than gold," said Gordon, founder of TradingAnalysis.com. "Therefore silver should fare better than gold as it serves as an industrial metal producing a closer relationship to the direction of the stock market."

Gordon believes that as stocks begin to stabilize post-Apple earnings, and the U.S. dollar rally begins to subside, silver could find a near-term bottom at the $14 level.

"Technically, we see this double bottom here right around the $14 level, so if you're going to get into silver you need two things: the double bottom to hold and you need stocks to hold," said Gordon. "Short term we could see silver rally to $15.50."

Meanwhile, gold bugs continue to feel the wrath of bullion's decline. Gold fell for the 10th straight day Wednesday, marking its longest losing streak since 1996.

And just last week, Gordon told "Trading Nation" that a strong dollar and potential Fed rate hike later this year will continue to put pressure on gold going forward.

"Gold serves as an inflation hedge as well as a safety trade in volatile markets, neither of which play at the current time," added Gordon.

Both metals closed lower Wednesday. Silver dropped a quarter of a percent, while gold fell 1 percent.