Silver stocks are publicly traded companies that focus on producing silver, a metal with a rare mix of industrial and investment appeal. Silver is essential to modern technology, thanks to its unmatched electrical and thermal conductivity, which is why more than half of global demand comes from industrial uses.
At the same time, silver attracts investors for many of the same reasons as gold. It’s widely seen as a safe-haven asset that can help hedge against inflation, cushion portfolios during economic downturns, and add diversification. Here’s how to invest in silver without buying the physical metal itself.
Top silver stocks in 2026
Many metals companies produce silver, but it’s rarely their main focus. Most miners focus on industrial metals like iron ore, copper, and aluminum, with silver often a byproduct of those mines.
Precious metals miners, on the other hand, usually prioritize gold. As a result, even companies that focus on mining silver often get around half of their revenue from it. That narrows the field for investors, but a handful of silver stocks still stand out:
| Name and ticker | Market cap | Dividend yield | Industry |
|---|---|---|---|
| First Majestic Silver (NYSE:AG) | $12.7 billion | 0.09% | Metals and Mining |
| Pan American Silver (NYSE:PAAS) | $25.7 billion | 0.89% | Metals and Mining |
| Wheaton Precious Metals (NYSE:WPM) | $67.5 billion | 0.44% | Metals and Mining |
| iShares Silver Trust (NYSEMKT:SLV) | $0.0 thousand | 0.00% | Capital Markets |
NYSE: AG
Key Data Points
First Majestic meaningfully expanded its silver operations by acquiring Gatos Silver in early 2025. That deal gave it a 70% interest in the Los Gatos joint venture, a silver, lead, and zinc mine in Mexico.
First Majestic's focus on producing silver positions it to outperform silver prices. It can increase production while reducing costs, thereby growing profits faster than silver prices.
However, its business model also makes it vulnerable to operational problems and cost overruns. Mining issues, management missteps, and exposure to other commodities can weigh on a silver mining company's stock performance.
First Majestic believes it can be a long-term outperformer. It has a strong financial position, allowing it to invest millions of dollars each year in finding and developing new silver mines. It has also spent heavily to acquire other silver mines, including spending $970 million in early 2025 for Gatos Silver.
NYSE: PAAS
Key Data Points
NYSE: WPM
Key Data Points
In exchange, the company receives the right to buy some of the metal produced by the mines at fixed prices. Its vision is to be the world's premier precious metals investment vehicle. The company's portfolio features 23 operating mines and another 25 development projects.
It expects to get about 52% of its revenue in 2026 from silver, another 46% from gold, and the remaining from palladium, platinum, and cobalt. The company anticipates its production will rise from 860,000-940,000 gold equivalent ounces (GEOs) in 2026 to an average of 1.2 million GEOs by 2030 as more of its partners' development projects come online and start producing.
NYSEMKT: SLV
Key Data Points
Because the ETF holds physical silver, it tracks the price of the precious metal relatively closely. The chart below demonstrates how the price of iShares Silver Trust shares has changed with the price of silver.
The ETF has largely matched the price of silver over the long term. Investors get this solid performance for a reasonable cost since the fund's annual expense ratio is 0.5%, a good ETF expense ratio overall. It's a small price to pay to invest in silver without owning the precious metal or facing the operational risks of silver mining stocks.
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About the Author
Matt DiLallo has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
