Silver has caught fire since hitting a low in mid-March. The iShares Silver ETF has soared 75% since March 18th. That may not beat the mega-cap tech stocks that look more and more like a bubble every day, but it’s still a compelling move. And, silver may have a lot more room to run.

If the ratio of gold to silver reverts to its long-term average versus gold, silver prices could rise another 65%, assuming no change in the price of gold.