Silver prices these days seem to be unstoppable. But it’s not just the physically-backed silver exchange traded funds (ETFs) leading the charge higher.

No, Global X Silver Miners (NYSEArca: SIL) is up 19% in the last month, and it’s more than holding its own against the physical ETFs like iShares Silver Trust (NYSEArca: SLV) and ETFS Physical Silver (NYSEArca: SIVR), both of which are up more than 22% in the last month.

Just as gold miners see their profit margins increase when gold prices are high, silver miners enjoy similar benefits. Global X’s fund is also a good play as an alternative for investors who aren’t interested in physically-backed or futures-based options. [Silver ETFs: Catch ‘Em On the Rebound.]

The ETF Professor on Benzinga reports that SIL  is one year old today and has almost $500 million in assets under management. In the last year, the fund has gained 106.9%.

That may have you asking whether it’s too late to join the party. Some analysts so no: silver miners and silver prices still have plenty of upside left.

One thing to consider, says Murray Coleman for Barron’s, is the U.S. dollar. As long as it remains weak, it could spur more interest in silver and keep prices going in the direction they have been all along.

If you want to own this fund, it’s above its trend line, a buy signal. You can offer yourself some downside protection by having an exit strategy if silver’s rally is starting to wind down. [4 Silver ETFs for Bullish Sentiment.]

Tisha Guerrero contributed to this article.

The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.