By Robyn W. Davis, Reuters gold is now cheap enough to be worth the premium it pays for the silver it mines.
In the U.S. gold has declined by more than half since the global financial crisis of 2008, to $1,270 an ounce.
But that decline is offset by a rise in prices of the metal, from about $1.50 an ounce in early 2012 to about $2 an ounce today.
Silver has been a major driving force behind the recent rally in gold, which was the catalyst for the first bullion ETF, Silver Lake, to launch.
The ETF seeks to track the price of silver with the aim of making it a more attractive investment for investors, said Silver Lake Chief Executive Mark Smith.
It aims to track silver prices through the first six months of the year, when silver prices were the highest in nearly a decade.
Silver is not the only commodity to see price gains in recent months.
Gold prices have also been on a tear, rising more than $400 an ounce since mid-June.
That has been boosted by the prospect of another record supply of gold, according to data from the Commodity Futures Trading Commission (CFTC).
The price of gold has been on an upward trajectory in recent years, according a Reuters analysis of data from Reuters, Goldman Sachs and Morgan Stanley.
That has led to a price rally that has seen gold rise more than 40 percent in 2016 and more than 60 percent in the past two years.
Gold rose to $4,200 an ounce from $3,900 in January.
Gold has gained nearly 70 percent over the past year and a half and is now the most popular investment, according the U and World Bank.