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, doesn't necessarily think that silver closings above $30 point to another rally.

"The $30.50 resistance mark was touched Wednesday . The camp over at Elliot Wave analysis looks at that touch as the last go-around for silver in a large overall declining wave." Nadler says if a pullback brings prices to mid-$27 then silver could head much lower.

South Korea didn't raise key interest rates, as many were expecting, which usually would have given a boost to the precious metals. The U.K.'s core producer price index rose 3.2% year over year pointing to higher inflation, which should have also helped the complex. But none of those factors led to higher prices.

Gero pointed out that gold was suffering more from a tug-of-war between short covering and traders selling extra long positions.

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