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Silver (TVC: $SILVER ) has been on a raging bull run over the last two years.

The price of the grey coloured metal has risen an astounding 426% since the beginning of 2024, jumping from $23 U.S. to a record $121 U.S. per ounce during that time.

Until last year, silver's price had not made a new all-time high since 1980, when it briefly touched $50 U.S. an ounce.

The current rally in silver is being driven by safe-haven demand among investors as geopolitical risks intensify.

Silver also benefits from being both an industrial metal used to make electronics and a precious metal used to make jewellery.

Some analysts say that the current rise in silver's price is also being driven by speculation among individual retail investors.

Regardless of the reasons for the parabolic move higher, now is a great time to own the stocks of companies that mine for silver.

And one of the best bets is small-cap stock Discovery Silver Corp. (TSX: $DSV ).

Based in Toronto, Canada, Discovery Silver owns the world's largest undeveloped silver deposit located in Mexico.

This fact has sent DSV stock soaring. Over the past 12 months, the company's share price has increased a staggering 753%, including a 40% gain already this year.

Discovery Silver also owns and operates a sizable gold mine in northern Ontario, Canada. Gold is on a bull run of its own, having more than doubled its price over the last two years.

Twelve months ago, DSV stock was trading for less than $1.50 per share. It's now changing hands near $12.

Despite the massive move higher, Discovery Silver's market capitalization is only at $9.40 billion, making it a small-cap stock.

There's no dividend and, as one might expect, the valuation is at nosebleed levels after the massive rise in the share price. DSV stock is currently trading at 307 times future earnings.

The valuation might make some investors think twice. But Discovery Silver looks like a great way to play the current stampede in silver's price.