With the Sochi Olympics in full swing now, it seemed appropriate to write about gold and silver this week — sorry third place finishers, there isn't a futures contract for bronze, at least not that I know of.

The price action has been very different for silver and gold during the last few months and the sentiment has been heading in opposite directions as well.

Gold has been one of the most impressive asset classes during the last two months, with the price rising from the $1,186 per ounce level on Dec. 19 to the $1,275 per ounce level Monday.

It has been a nice steady climb for gold, which is comforting considering the volatile stock market we have seen of late.

In the meantime, silver has been stuck between $19 and $20.50 per ounce since the beginning of December.

The latest Commitment of Traders report shows large speculators have been lowering their bullish bets on silver for the last four weeks, while the same group has been increasing its bullish bets on gold — a trend that has been going on since mid-December.

When the trend of increasing bullish bets started, the sentiment toward gold was among the lowest readings of the past 10 years, so an increase in bullish bets isn't all that surprising.

For silver, investors have seemed to be indifferent for almost a year now, as the large speculators haven't held a net long position greater than 20,000 contracts since last February.