Analysts say that gold's momentum may well carry silver along with it, offering investors a less expensive way to add precious metal to their portfolios.

Gold has outperformed silver in recent months, but silver has gained 140 percent in the past year, while gold has gained only 50 percent.

"I think the outside chance of more upside....is actually pretty high, as we see more momentum coming in to alternatives to gold," Paul Heffner, CEO of investment management firm Gen2 Partners, told CNBC.

Heffner says the price of silver could rise by 15 percent if gold rises to $2000 an ounce, bringing silver to $50 n ounce — a target other analysts agree it could easily reach.

Gavin Wendt, Senior Resources Analyst at Mine Life, is one of these. "Silver tends to lag the performance of gold," says Wendt. "I think we are at that point now where we are most likely to see some further buying in the silver price, which could well take it up to $50."

Famed investor Jim Rogers has already bought all the gold and silver he plans to buy now.

“I do not like buying anything going straight up,” Rogers told India’s Economic Times. “I like to buy something going down.”

“So if and when gold goes down, I hope I am smart enough to buy more and I would buy silver the same way.”