On Silver's Slide and EM Sensitivity

It's interesting to see $SI absolutely getting hammered today, down nearly 5% and now trading around $22.1. Given its industrial demand component, I'm starting to wonder if this kind of sharp correction in a key commodity isn't a stronger canary in the coal mine for broader EM slowdown than, say, a slightly softer $CPI print would indicate. Are we too focused on inflation data when the real-economy indicators, like metals getting whacked, are screaming something else for emerging markets? Change my mind.