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 concentrate on industrial metals like iron ore, copper, or aluminum, with silver often showing up as a byproduct.
Precious metals miners, on the other hand, usually prioritize gold. As a result, even companies that mine silver often earn only a small portion of their revenue from it. That narrows the field for investors, but a handful of silver stocks still stand out:
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 -1.22%) 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
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
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.
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.
Weighing these benefits and risks is essential before adding silver stocks to your portfolio. With demand coming from investors, consumers, and industry alike, silver is playing a growing role in the global economy. For the right investor, silver mining stocks or silver-focused ETFs could be a useful way to add diversification.
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