Silver has best week since 2016, but gold or bitcoin are better bets

Silver could be about to lose its shine.

The precious metal just wrapped up its best week since 2016, sparking renewed interest in the precious metals market after hitting a new 2019 high on Thursday. Gold, which had been steadily rising, followed suit, climbing to a six-year peak on Friday before cooling off.

But not everybody’s betting that silver’s boost will hold.

“I think it could fade,” Jim Iuorio, a veteran futures and options trader, said Thursday on CNBC’s “Futures Now.” “It does have a history of lagging behind gold and then catching up all at once. This is obviously one of those instances, but I think something fundamentally has to change for it to chew through those old highs, in my opinion.”

Iuorio, who is managing director at TJM Institutional Services, had his eye on the $16.20 level, which he said would be key in determining the viability of silver’s recent rally.

“If it goes back below it and trades [at] $16.15, it will have rejected those highs,” Iuorio said. “I…