Anticipating the approval of the Barclays Silver ETF, silver prices were at their highest in more than 22 years and are expected to move even higher if the investment fund is approved, according to MarketWatch.

"Lots of speculation regarding the Barclays ETF is just driving prices higher. There is still a lot more upside potential," said James Moore, precious metals analyst at

Since the star of this year, silver has gone up 18%. Last Friday, it hit $10.43 an ounce.

"There is little evidence that the rally this year is really justified from a fundamental point of view," Wolfgang Wrzesniok-Rossbach, head of precious metals marketing at Germany's Heraeus, said.

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