Silver is set for a run this fall, perhaps up to $65 per ounce, which would be a gain of more than 50 percent over its current level, the chief economist of said Monday.

Thomas Paterson suggested the white metal was ripe for a run, in part because it recovered well after a big drop in the spring.

It just stabilized so well after the May decline from $50 per ounce, said Paterson, noting that the price has hovered above $40 per ounce. Silver is a better play than gold for the next three to six months. I could see a quick run to $65 or so.

There may be other reasons for optimism about the price of silver.

Paterson's outlook coincides with the beginning of the Indian wedding season, a period in which families typically purchase precious metals as part of the nuptial ceremonies, thus creating a lift to prices.  However, with gold a near record levels, buyers are looking more closely at silver than at gold.

At the current prices of gold, that level of jewellery in gold has really disappeared, David Lamb, managing director for jewellery at the industry-funded World Gold Council, told Reuters ahead of the fair.