In January, I wrote a brief blog post showing a picture of the price of silver vs. gold [1], making the case that the white metal was inexpensive, relatively speaking. Here's an updated, one-year snapshot:

In that January post, the gold/silver ratio stood near a 10-year high at 75-- meaning an ounce of gold could buy 75 ounces of silver. While that gap has started to close-- the ratio has dipped into the 60's recently, currently standing around 70-- silver still looks cheap on a relative basis.

If you're bullish on gold, physical silver is still worth a close look as a substitute.