The silver price had its best January start in more than thirty years, climbing 17 percent so far this month. Silver ETFs have boasted three weeks of gains so far this year. Precious metals analysts cite the European Central Bank's expansion of its bond-buying program, a weakening euro and collapsing oil prices as underlying factors in silver's price gains.
"Silver will benefit from all the stimulus measures and rate cuts being announced aggressively by the central banks," Caroline Bain, a commodity economist at Capital Economics Ltd. in London, told Bloomberg news. "The stimulus measures will at some point boost usage of the metal." Bain expects the price to rise to $20 by the end of 2015.