Silver is up over 11 percent while gold has gained just 5 percent since June 1. Silver is still trading at half of its 2011 peak, but is now the time to buy?
That would depend on the economy, said Gina Sanchez, founder of Chantico Global. "Silver is an interesting metal because it has a few more factors than what tends to push gold," she said.
Dovish Federal Reserve policy and a weak dollar as well as geopolitical tensions may help silver, but "silver is actually used for industrial uses and so it has economic sensitivity," said Sanchez, a CNBC contributor. "One of the concerns is that we may be seeing a slower economic recovery than was projected at the beginning of the year. We see a number of revisions downward."
Thus, what benefits gold may be a double-edged sword for silver, Sanchez said. "If you actually see a fallback in demand for silver from industrial sources, silver may be potentially at risk," she added. "When you're buying silver, it is not the same as gold. You have to remember that."
Steven Pytlar, chief equity strategist at Prime Executions, sees the technicals as telling investors to stay away from silver. "We think it's probably not a great purchase here," he said. "Silver has gotten overbought."
(Read: Gold rises to 2-month high as S&P falls, platinum up)
Silver has traded in a range between $18.90 and $22 per ounce since November. It closed on Tuesday at $20.92. "It's more likely to find resistance there at $22 and potentially continue to move sideways," Pytlar said. "We wouldn't be advising silver at this time."
Pytlar is neutral on precious metals in general. "They can't decide if they want to be inflation-hedges, or going along with the general economic trend, which is still positive."
To see the full discussion on silver, with Sanchez on the fundamentals and Pytlar on the technicals, watch the above video.