Silver stocks are publicly traded companies focused on producing silver. This precious metal is unique. It's essential for many industrial applications and is the best electrical and thermal conductor of all metals, making it highly valued for electrical applications. Because of that, more than half of silver's demand comes from the industrial sector.
Silver is also highly valued by investors because it shares many of the same investment characteristics as gold. Silver is a safe-haven metal that can help investors hedge against inflation and weather an economic downturn. It can also help provide investors with more portfolio diversification. Here's a look at how to invest in silver without buying the physical precious metal.
Top silver stocks in 2026
Many companies in the metals sector mine silver. However, most mining companies focus on producing industrial metals, such as iron ore, copper, and aluminum, often producing silver as a byproduct.
Meanwhile, companies that mine precious metals tend to focus on gold. Consequently, although many companies mine some silver, it often contributes a relatively minor portion of their revenues. While these factors limit the available silver investment options, a few top silver stocks stand out:
| Name and ticker | Market cap | Dividend yield | Industry |
|---|---|---|---|
| First Majestic Silver (NYSE:AG) | $9.2 billion | 0.11% | Metals and Mining |
| Pan American Silver (NYSE:PAAS) | $23.4 billion | 0.83% | Metals and Mining |
| Wheaton Precious Metals (NYSE:WPM) | $57.0 billion | 0.53% | Metals and Mining |
| iShares Silver Trust (NYSEMKT:SLV) | $0.0 thousand | 0.00% | Capital Markets |
1. First Majestic Silver
First Majestic (AG -4.17%) is one of the purest plays on silver in the mining sector. The company gets an industry-leading 57% of its revenue from silver. Although it's a Canadian company, First Majestic focuses on Mexico because it produces more silver than any other country in the world. The company currently operates three mines in Mexico and has several others under development.
NYSE: AG
Key Data Points
First Majestic also operates the Jerritt Canyon Gold Mine in Nevada. Additionally, it has a 70% interest in the Los Gatos joint venture, which owns the Los Gatos silver, lead, and zinc mine in Mexico. In addition, First Majestic owns and operates a minting facility, First Mint, which produces silver bars, ingots, coins, and medallions that it sells to the public.
First Majestic's focus on producing silver positions it to outperform the price of the precious metal. It can increase production while reducing costs, which should grow 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 the performance of a silver mining company's stock.
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.
2. Pan American Silver
Pan American Silver (PAAS -3.89%) bills itself as the world's premier silver mining company. It has grown into one of the largest silver-focused companies by market cap through a series of acquisitions. In 2025, the company closed its latest deal, buying MAG Silver for $2.1 billion. The deal gave it a stake in the large-scale, high-grade Juanipio Silver Mine.
NYSE: PAAS
Key Data Points
That deal will add to its already robust silver portfolio. Pan America has 10 producing silver and gold mines across North and South America. It also has several silver growth catalysts, including potential projects at its La Colorada Skarn, Escobal, and Navidad mines. These mines give it substantial silver and gold reserves (452 million and 6.3 million ounces, respectively).
Pan American Silver stands out for its rock-solid balance sheet. It has a strong financial position with lots of liquidity. In addition, its business generates free cash flow, enabling it to fund expansions while returning cash to investors via dividends and share repurchases. The combination of financial strength and long-term upside to silver makes Pan American Silver a potentially compelling option for investors.
3. Wheaton Precious Metals
Wheaton Precious Metals (WPM -2.01%) is a streaming company for precious metals. Instead of operating physical mines, Wheaton provides mining companies (including Pan American Silver and First Majestic) with cash to cover portions of their mine development costs.
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 gets about 59% of its revenue from gold and roughly 39% from silver, with the rest coming from palladium (1%) and cobalt (1%). The company expects its production to rise from 600,000-670,000 gold equivalent ounces (GEOs) in 2025 to an average of 950,000 GEOs from 2030 to 2034 as more of its partners' development projects come online and start producing.
NYSEMKT: SLV
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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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Is investing in silver stocks right for you?
There are many reasons to consider investing in silver stocks. Some benefits of buying these stocks include:
- Silver is an inflation hedge.
- It's a potential safe-haven investment.
- It's benefiting from growing industrial demand. (The fast-growing solar energy and electric vehicle (EV) industries are two notable industrial demand drivers.)
- Easier to own than physical silver.
However, the silver stocks also have their drawbacks.
- The price of silver can be volatile, ebbing and flowing as economic, inflationary, and geopolitical fears rise and subside.
- The rise of cryptocurrencies could affect investor demand for silver.
- The potential for mine cost overruns could cause a silver mining stock to underperform its price.
Investors need to consider both the benefits and drawbacks of silver stocks before adding one to their investment portfolio. As a unique precious metal with industrial, consumer, and investor demand, silver is playing an increasingly important role in the economy. As a result, silver mining stocks and silver-focused ETFs could be attractive additions to many portfolios.
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