Even as precious metal investors seem to be taken in by the superior performance of silver over gold, some analysts have raised the voice of caution, saying gold will soon outperform silver.

Gold is underperforming because it has taken a back seat to risk assets. With stocks performing well the mainstream can ignore Gold. Yet, when stocks begin to hit resistance, Gold will regain leadership and outperform both stocks and Silver, Jordan Roy-Byrne wrote in Daily Markets.

That may not happen in the next week or month but we believe it is coming soon.

He reasons that silver is outperforming gold as a risk asset and that its better performance has nothing to do with monetary reasons. Gold on the other hand has a better risk-reward setup over the medium term.

Also, he points out other downsides, such as the fact that silver remains a whopping 34 percent above its 200-day moving average.

In four and a half months Silver gained over 70%. The market will digest that move before beginning another impulsive but sustainable advance.