The price of silver has skyrocketed, reaching record highs of over $120 per ounce this year, up from around $40 in September. The iShares Silver Trust has gained around 220% in the past 12 months, outperforming the S&P 500’s 15% increase. Investors are turning to silver and gold due to concerns about stock valuations.

However, the rally in silver might be driven more by hype than fundamentals, resembling a meme investment. The price of silver and the iShares Silver Trust dropped after President Trump’s Federal Reserve Chair nominee announcement. Buying into a parabolic move like this could increase risk, as it’s hard to predict where the peak might be.

While the iShares Silver Trust is usually a good diversification option, the current meme-like movement in silver poses increased risk. With silver’s inflated value and high volatility, it may not be a safe-haven investment anymore. Consider investing in dividend stocks or low-volatility options for portfolio diversification.

The Motley Fool’s Stock Advisor team identified the 10 best stocks to buy now, and iShares Silver Trust didn’t make the cut. Past recommendations like Netflix and Nvidia have produced significant returns. Stock Advisor has a total average return of 942%, outperforming the S&P 500’s 196%. Join an investing community for individual investors to access the latest top 10 list.

Read more at Yahoo Finance: Is It Too Late to Buy This Surging Silver ETF?