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What would be the signs of a bubble in silver?
If markets were perfectly efficient, the price should reflect everything that is currently known about the future of a commodity.  If it is known that silver is currently under-valued, then investors would be buying it -- driving the price up.  Conversely, if silver is currently over-valued, then investors would be selling and the price would be going down.  Added to that is emotion.  If the price is currently trending up, then people expect it to keep going up, and the price continues to rise.  Until enough people think it can't go any higher and start selling, which drives the price down.  Since this is driven by emotion, it cannot be predicted when this will happen.