At $5 an oz no mine could operate, no new silver would be produced and lead to a shortfall of available metal. No one who has purchased Eagles at $40+ would give them away for $5. Anyone with 'tonnes of junk silver' would sit on it rather than give it away. Available silver would dry up, prices would go up and it would return to the $50 level.
I will buy all the $5 silver I could afford, bring it on!