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Gold isn’t the only hot metal this year.

Silver has rallied 15% just this week, adding to a nearly 30% gain for the year. The commodity on Thursday morning hit its highest level since September 2013. In a note Thursday, Citi credited improving inflation measures as one reason behind the move.

Bill Baruch, president of Blue Line Capital, expects more gains.

“I love the precious metals and have always said that you need a portion of your portfolio at minimum in precious metals, so silver has some room to run here,” Baruch said on CNBC’s “Trading Nation” on Thursday.

Baruch says the charts suggest $26 per ounce could be the next hurdle, a level of resistance stretching to 2011 that could now become support. If it moves past that, he says “$30 could be in the cards, too.”

A move to $30 marks more than 30% upside from current levels. It traded at $22.78 on Thursday evening. 

He added that new buyers should be cautious and wait for a pullback, while current holders should be the ones to take advantage of the move higher.

“I always say you cannot chase silver, and gold for that matter, when everybody else is screaming for it. That’s when you want to be capitalizing on silver and gold that you already own,” he said. Buyers “need to be patient, you need to wait for these prices to come back in.”

Gina Sanchez, CEO of Chantico Global, breaks down the forces behind the move higher in silver.

 “Silver is technically a precious metal but it has its foot in both the camp of precious and industrial metals. So part of what’s driving this is the continued expectation of … stimulus and its store of value and so similar to gold, it’s been pushed up,” she said during the same “Trading Nation” segment.

Its use as an industrial metal has also contributed to gains as investors bet on a recovery in the second half of the year, Sanchez said.

“Certainly stimulus will keep driving it, but you also have to believe that the economy is going to recover and recover very strongly in the latter half of this year to buy these prices,” Sanchez said.

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