Silver is the Top Performing Asset in 2016

5:49 AM

August 9, 2016 -- The precious metals markets were relatively quiet on Monday, as both gold and silver ended the day's session essentially unchanged from Friday's closing prices.

Both metals had been hit hard last Friday following the stronger-than-expected U.S. jobs report. The S&P 500 and the DOW Jones Industrials are still hanging around their all-time highs, which has resulted in a pretty good headwind for the gold and silver bulls.

Although gold has dipped slightly to a two week low, silver continues to show resiliency and has encountered strong buying in the mid $19-range. The white metal has spent virtually all of the last six weeks trading between $19.50 and $20.50.

That means silver is still the top performing asset in 2016, having posted a 43% gain so far this calendar year. If the white metal can continue holding at these levels through the month of August, then many analysts are looking for higher silver prices in the fall -- generally a good time of year for all of the precious metals.

Live prices at show gold currently trading at $1,334.30 per ounce on the global market, and silver is coming in at $19.68.

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