Bars of 1000 gram silver are seen in this picture illustration at a precious metal refinery in Istanbul
Silver has been unable to hold on to its gains and the picture looks bearish. A break below 38.00 is likely to see further selling. Reuters

Silver prices and the shares of silver mining companies, which did not appreciate as much in recent weeks as gold-related assets, rose Monday along with the price of gold and the broader U.S. stock market.

In late morning trading, spot silver rose 23 cents to $39.45 and on the CME Comex silver for August delivery rose 37 cents to $39.47 per ounce.

Silver Wheaton Corp. shares jumped 2.8 percent, to $38.25, Pan American Silver Corp. climbed 39 cents to $29.55, Coeur d'Alene Mines Corp. added 62 cents, or 2.3 percent, to $26.31 and Silvercorp Metals Inc. was up 13 cents to $9.29.

The S&P 500 rose 11.64 to 1,190.45 and the Nasdaq Composite increased 12.7 to 2,520.71. Gold on spot and futures exchanges rose above $1,740 per ounce.

Silver exchange-traded funds also added value. The iShares Silver Trust rose 34 cents to $38.45 while ProShares Ultra Silver increased 3.35 to 206.05.

The gains in silver, which gets about half its demand from industrial customers, reflect optimism about the economy sparked by Google's decision to buy Motorola Mobility for $12.5 billion in cash. That is because corporate deal making in general signals to investors that corporations that have been sitting on large piles of cash may be beginning to put that cash to work.

In another deal, Toronto-Dominion Bank bought a Canadian credit-card portfolio from Bank of America.

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