Gold price is riding silver's new attention wave, but is that good news?

(Kitco News) Friday's rally in precious metals saw gold rise more than 1% and silver rally more than 5% on the day. But this time around, it is gold chasing silver, as the latter sees a wave of new interest.

"We had a nice move in silver and gold. It seems like there are a lot more silver enthusiasts out there now," said TD Securities global strategy head Bart Melek.

Usually, silver follows in gold's footsteps, but not this week, analysts told Kitco News.

"The price action on Friday has nothing to do with gold. It is more due to what is going on with equity markets and the Reddit posts. There are now posts encouraging investors that there is a short squeeze on silver while suggesting much higher prices," said Kitco Metals global trading director Peter Hug. "Generally, silver reacts to gold. This time around, gold is reacting to silver."