Currently in silver, far from crazy dresses (3,3,4)
I believe the answer is:
all the rage
'currently in' is the definition.
(all the rage means currently fashionable)
'silver far from crazy dresses' is the wordplay.
'silver' becomes 'Ag' (Ag is the chemical symbol for silver).
'far from crazy' becomes 'all there' (as opposed to 'not all there').
'dresses' is an insertion indicator (dress can mean cover).
'ag' put inside 'allthere' is 'ALL THE RAGE'.
(Other definitions for all the rage that I've seen before include "ultra-fashionable" , "The in thing" , "most desirable now!" , "Very popular (informal)" , "Fashionable" .)