NEW YORK (TheStreet) -- The recent improvement in gold prices has revived investor interest in silver. While precious metal pros will buy silver and silver miners, typically it is below milk, bread, eggs and gold on their shopping list. Silver bulls often point to the 1974-1980 run in silver to $50 from $1.50 per ounce as aggressive buying by the Hunt family captivated bulls. Gold, by comparison, rallied only to around $850 from $100 per ounce in the same time period.

In the past 12 months, Silver Standard Resources  (SSRI) has rallied to around $7 and retreated. The selloffs first stopped at $4, but recently buyers became more aggressive and paid $5. A breakout over the recent highs could precipitate a rally to the $10 area, projecting the height of this pattern upward from the breakout point.

Pan American Silver  (PAAS - Get Report) has a less compelling chart, but it does show four tests of the $6 level with the On-Balance Volume line (OBV) inching upward. We can see that $6 is now decent support and the improving OBV line now shows that volume is heavier on up days. Aggressive traders could consider a small initial long probe with a sell stop below $6.

Silver Wheaton  (SLW) has attracted attention from hedge fund guru Ray Dalio in recent months, but the chart needs further base building before I would recommend a long position.

If you don't want the risk of owning a mining company, you can look at an interest in the metal through the ETF, iShares Silver Trust  (SLV - Get Report) , see chart above. SLV is still in a downtrend and the OBV line is not yet showing us that new accumulation is under way. We would stand aside on the SLV for now.