While the Fed’s March meet led to a stall in the greenback’s north-bound march, it spread joy within broad-based commodity investing. Most investors focused in on gold taking cues from the Fed’s dovish comments over rate rising issues. Another corner of the precious metal world –silver – has also done quite well lately.

The white metal has seen extremely solid trading post Fed meet, and has actually breezed past not only the yellow metal, but also the entire precious metal space. The Fed slashed the U.S. economic growth projection (considering the central tendency method) for 2015 from 2.6−3% (guided in December) to 2.3−2.7%. The growth projections for 2016 and 2017 were also narrowed to 2.3−2.7% and 2.0−2.4%, respectively, from 2.5−3% and 2.3−2.5% (read: ETF Winners and a Loser Post Fed Meeting).

Understandably, the market took this as the deferment in the timeline of the first Fed rate hike after 2006. The greenback also endured the most awful week since 2011 and commodities soared. The ultra-popular gold ETF SPDR Gold Trust ETF (GLD) added about 4% in the last five trading sessions while iShares Silver Trust (SLV) advanced about 9.3% during the same time frame (read: Silver ETFs Outshine Gold Amid Global Sell-Off).

Actually, many investors have started to view silver as a leveraged play of gold. As per ETF securities, since 2000, silver prices increased 1.4 times the increase in gold prices on average. Investors should also note that the silver mining industry, at least in terms of its Zacks Industry Rank, is in a decent position having been ranked in the top 33% overall.

A pick-up in industrial activities thanks to a host of stimulus measures in various parts of the globe and the consequent improvement in global economic sentiments are also favorable for the price of silver as the metal has a number of industrial uses.

Already, the business morale in Germany and France has started taking root suggesting the initial success of the QE launch by the ECB. Plus, geopolitical tension over Saudi and Iran-backed Houthi rebels in Yemen in late March sapped the demand for risky assets to some extent and bolstered the need to invest in safe havens like silver and gold.

How to Play?

It seems that buying pressure is intense in the silver ETF space and given the pushback (apparently) in the Fed rate hikes, extra buying is likely. As a caveat, we would like to note that this way up in commodities may be short-lived.

Renowned investment bank Societe Generale remains clearly bearish on silver price projecting it to be sliding to around $14/ounce by the end of the current year and demand to be falling by 2.74%. The recent tailwinds are not here to stay and sooner or later, the Fed will hike key U.S. rates pushing the greenback up again (read: Forget Gold, Silver Mining ETFs Are Crashing Hard).

Thus, risk-loving investors might go for speculative silver ETF buying and hoard as much gains as possible till the party is on. Leveraged ETFs could be good options to enjoy outsized returns for a given product than the regular ETFs.

ProShares Ultra Silver ETF (AGQ)

ProShares Ultra Silver ETF looks to offer investors double the exposure of silver bullion as measured by the U.S. Dollar fixing price for delivery in London. The fund charges 95 bps in fees. The $356.9 million fund was up about 19% in the last five trading sessions (as of March 25, 2015) (see all Precious Metals ETFs).

VelocityShares 3x Long Silver ETN (USLV)

The product is structured as an ETN and is meant for a more bold play as it gives thrice the exposure of the S&P GSCI Silver Index ER. The fund charges 1.65% in fees. This $149 million ETF was up 17.1% in the last five trading sessions (as of March 25, 2015).