As gold was looking to gain some lost ground post the release of the Federal Open Market Committee, some analysts are placing their bets elsewhere.

Silver prices hit a two-week high on Thursday, further extending gains the metal has made over its more talked about counterpart, gold. So far this month, the metal has been outpacing the yellow metal - with silver futures up 3.35% compared to gold at 0.8%.

"Silver looks really good. And it will continue to outperform gold," said market watcher Todd Horwitz, founder of "I think near-term, we will see $18.50-$19 silver. The bear market for the metals is over and as equities will sell-off, that money has to go somewhere. We will see higher prices for silver."

The precious metal is having a very good week, due to several factors that include safe-haven demand, a weakening U.S. dollar index, chart-based buying, and Federal Reserve members without a clear consensus on the inflation outlook.

A key indicator of silver's strength is the gold/silver ratio - basically the amount of silver it takes to purchase one ounce of gold. The ratio has fallen from just under 77 at the start of the month to 75. For commodity investors, this ratio is key when deciding the right and not so right time, to buy or sell their precious metals.

"The silver bulls have regained the slight overall near-term technical advantage. The next upside price breakout objective is solid technical resistance at $18.00 an ounce," Horwitz said.

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This article is commentary by an independent contributor. At the time of publication, the author held TK positions in the stocks mentioned.