Silver has surged 18% since the start of August, making it the most appealing precious metals asset to trade. The surge may not be over, either.

"Silver certainly gives you more alpha," Rick Rule, chairman of Sprott USA, said in an interview. "If you're buying silver... to preserve your purchasing power over time or maybe to get a little alpha over the gold trade -- the gold precious metals trade -- then by all means this is a fair time to be in the market."

Gold mining stocks were mixed on Friday. Shares of Newmont Mining ( NEM) were falling 2%, while shares of Royal Gold ( RGLD) rose 1.2%.

Among volume leaders, Barrick Gold ( ABX) was off 2.2%.

Gold ETF SPDR Gold Trust ( GLD) was up 0.21% to $131.96 a share, while iShares Gold Trust ( IAU) was down 0.32% to $13.28.

-- Written by Joe Deaux in New York.

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