Silver has yet to reach its past high of $50 an ounce, leaving a lot more space for the metal to move. The gold/silver ratio at 45 is also slightly lower than the 46 at the start of the week -- typically, the lower the ratio, the higher the silver price and vice versa.
If silver is going to outpace gold and head higher "it would have to happen in the next couple of weeks," says Morgan. "If it doesn't make a new high in that time frame, I would expect it to have a high level consolidation ... in the $27 to $30 or maybe even $25 to $30 range.
Silver's recent move hasn't left all analysts bullish. Jon Nadler, senior analyst at Kitco.com, doesn't necessarily think that silver closings above $30 point to another rally.
"The $30.50 resistance mark was touched