Geopolitical tensions are often good news for gold and bullion-backed exchange traded funds. That scenario is playing out once again as the SPDR Gold Shares (NYSEArca: GLD), the world’s largest gold ETF, is trading modestly higher Monday and is now up 4.1% over the past five trading days.

Silver ETFs are not being left behind. Actually, silver is doing the leading. Over the past week, four of the top-six non-leveraged ETFs are the PureFunds ISE Junior Silver Small Cap Miners/Explorers ETF (NYSEArca: SILJ), Global X Silvers Miners ETF (NYSEArca: SIL), iShares Silver Trust (NYSEArca: SLV) and the ETFS Physical Silver Shares (NYSEArca: SIVR). [Silver Miners Lead Metals Rally]

Over the past week, SIVR and SLV are up an average of 6.4% and more upside could be on the way.

“With its strong correlation to gold and wide industrial usage, investors are becoming more optimistic on silver. Evidenced by the latest PMI data, global manufacturing activity is rising, industrial demand for the metal is also looking more positive and another supply deficit this year will help tighten the market further,” said ETF Securities in a new research note.

A recent decline in silver volatility was a tell that the white metal was on the cusp of a rally. In May when the gold/silver ratio was residing at its highest levels since 2010, silver volatility was spotted near its lowest levels in a decade, indicating limited downside risk. [Silver ETFs Regain Lost Shine]

Since May 29, SIVR and SLV are up 9.5%.