"Silver on the other hand while being similar to gold is also an industrial commodity that is continually being used up."

My reasoning is as follows. Silver production is still bigger than industrial silver demand. If investment demand were to top out and investors were to sell their hoarded silver into the market, silver supply will be a combination of annual production and disinvestment. So the silver price would gown, not implode.

You are right, gold has no industrial demand, but the chance of gold becoming part of a new gold standard is bigger than silver becoming part of a new gold/silver standard.

If people will regain confidentiality in currencies like the dollar and Euro without any real gold/silver backing (an unlikely scenario), then gold will plunge harder than silver.