Best Silver Stocks to Watch in 2026

TradingKey - Silver has a uniquely dual nature that is reflected in its use in the modern world through both the use of silver as a resource for manufacturing and through its application to technology due to its superior properties of electrical and thermal conductivity compared to all other metals in existence. Approximately 60% of the world's demand for silver is generated by manufacturing and industrial companies. 

The characteristics of silver are also appealing to investors for the same reasons that draw them to invest in gold - as a safe haven for wealth, as a hedge against inflation, and as a hedge against declines in the market. 

For investors who would still like to participate in silver investing but do not wish to hold physical silver (including coins, bars, etc. ) or store their holdings, there are several avenues available to them. This can range from investing in companies whose primary business is mining, refining, or distributing silver, to investing in mutual funds and exchange-traded funds (ETFs) that track indexes comprised of companies involved in the silver market.

Investment Grade Silver Stocks for 2026

Many mining companies mine silver, but it is not at the forefront of many of their operations. For many of the world's larger metal producers, their main focus has been on mining industrial metals (such as copper, iron, and aluminum), and they view silver as a minor by-product of their operations.

For investors in precious metals, gold has always been seen as the more profitable investment option. Therefore, because of the large number of precious metal mining companies focused on gold, and the fact that so few mining companies focus exclusively on silver, many specialized silver-only mining companies are rare. In fact, even those companies that are focused on silver typically only derive a small part of their total annual revenues from silver.

Because of all of these restrictions, the number of publicly traded silver mining companies available for investment is limited. However, in 2026, a few public silver mining companies are still in the market: First Majestic Silver (AG), Pan American Silver (PAAS), Wheaton Precious Metals (WPM), and iShares Silver Trust (SLV).

First Majestic Silver: A Leader in Pure-Play Silver

The First Majestic Silver Corp. is a silver mining company that produces silver for the silver mining industry. In fact, approximately 57% of the total revenue of First Majestic comes from the sale of silver. This makes it one of the largest producers within the silver mining industry. 

First Majestic is headquartered in Canada but is primarily engaged in operations in Mexico, as Mexico is the world's largest silver producer. To date, First Majestic has three operating mines; it also has several other exploratory silver mines under development in Mexico. 

First Majestic has a 70% interest in the silver-lead-zinc joint venture Los Gatos Project in Mexico, and also holds a substantial interest in a gold-producing mine, Jerritt Canyon, which is located in Nevada. 

First Majestic has established its own minting division, known as First Mint, to manufacture silver bullion, ingots, coins, medallions, and all other forms of silver for retail consumers.

First Majestic Silver's main strategy for increasing profits is through the growth of silver production and a reduction in operating expenses, which should result in quicker profit realization than relying upon silver prices being higher due to demand.

A company with an exclusive focus on one commodity, such as silver, can develop a risk profile similar to that of other mining companies, which are subject to significant operational risks, unanticipated cost increases, and a lack of controls over its management systems. In addition, companies that have commodity-centric operations are also exposed to price fluctuations in other commodities and changes in economic or market conditions, which can negatively impact their performance.

First Majestic Silver believes that it has an opportunity to outperform the market over time and will continue to make investments of millions of dollars each year in the search for and development of new silver mines. In addition, First Majestic has made significant investments in acquiring other companies, including the acquisition of Gatos Silver for $970 million in Q1 2025.

Pan American Silver: Global Production Powerhouse

Pan American Silver is the world’s leading silver mining company, having become the largest in the world through multiple acquisitions. 

Pan American Silver announced the closing of a $2.1 billion acquisition of MAG Silver in March of 2025 to add a significant ownership interest in the high-grade Juanipio Silver Mine to their already large silver mining portfolio. 

Today, Pan American Silver operates 10 producing silver and gold mines throughout North America and South America, and it has many sources of potential growth in the silver space through developing projects, including La Colorada Skarn, Escobal, and Navidad. Collectively, these assets contain a substantial amount of reserves: 452 million ounces of silver and 6.3 million ounces of gold.

From a financial perspective, Pan American Silver has a very strong balance sheet and a significant amount of financial flexibility due to the large cash flow generated from its operations. 

The company generates significant amounts of free cash flow that can be used to fund growth projects while providing capital returns to its shareholders in the form of dividends and stock buybacks. For investors who wish to access the silver market at the company level with size, reserves, and financial flexibility, the strength of Pan American Silver's balance sheet, coupled with the long term upside to silver, will create a strong investment case.

Wheaton Precious Metals: Low-Risk Silver Exposure via Streaming

As a streaming company rather than an operator of mines, Wheaton Precious Metals approaches silver differently. 

Wheaton offers up-front cash to miners such as Pan American Silver and First Majestic for developing their mines and receives an agreed-upon percentage of total production at fixed prices in return.

Wheaton's business model is designed with the long-term goal of being the best precious metals investment available anywhere in the world. Wheaton currently holds a portfolio of 23 operational mines and 25 development projects.

Wheaton earns revenue from multiple metals, including gold (59%), silver (39%), and a small amount from either cobalt or palladium (1%).

Wheaton expects to see production increase from 600,000 ounces to 670,000 oz GEO in 2025. As new projects are added, Wheaton projects its average production will be about 950,000 oz GEO from 2030 to 2034.

Wheaton has existing contracts through 2029 for the buying of silver at a price of $5.75 per ounce, and any time the market price rises above this level Wheaton will earn additional profits.

Wheaton's streaming business produces a lot of cash and this cash will be reinvested to create new streams and pay out dividends. The dividend policy of Wheaton allocates 25% of the cash flow of Wheaton to shareholders, which is the highest payout in the industry.

Additionally, investing in Wheaton is less risky than investing in a mining company, since Wheaton does not own or operate any mines, so it does not have to deal with many of the risks and potential cost overruns of a traditional mining operation. Therefore, investors can still profit from the increase in silver prices and the growth potential of the industry without the same level of risk as investing in a mining company.

iShares Silver Trust: Easy Access to Physical Silver Prices

The iShares Silver Trust focuses directly on physical silver. The trustees' goal is to duplicate the price of silver by purchasing silver bars stored in London's and New York's bank vaults. 

Because of this tracking method, the price of silver generally tracks closely to the trust's price. Long-term, the trust's price movement has been very similar to that of silver. 

Investors can invest in SLV at 0.50% annual expense, or at a relatively good cost for an ETF. For those who would like to invest in silver without having to own and store physical silver or take on the operational risk associated with investing in silver stocks, this trust is an easy way to obtain silver exposure.

Should You Invest in Silver Stocks in 2026?

A lot of investors have found many benefits associated with owning silver.

Historically, investors think of silver as a hedge against inflation, making it an attractive investment during periods of economic uncertainty.

In addition, one of the reasons that investors are interested in silver is due to the growing number of applications for silver in manufacturing, particularly regarding the increasing use of solar panels and electric vehicles.

Some investors purchase silver by investing in various financial instruments. Compared to owning physical silver bars, this provides investors with more accessible options for buying silver.

While investing in silver provides a number of benefits, an investor should keep in mind that there are also risks that an investor may be exposed to when investing in silver.

In addition to the fluctuation of the silver commodity market that may occur due to changes in the economy, inflation, and potential worldwide conflict, another factor influencing the price of silver is the popularity of digital currencies and how they may influence the purchasing decisions of potential investors looking for new possibilities in the investment arena, such as silver.

Many companies involved in silver mining have the potential to experience sudden operational difficulties along with increased production and/or other operational expenses, which may negatively impact the price of their company's stock relative to the price of silver.

Therefore, it is critical to properly assess both advantages and disadvantages when deciding whether to include silver mining stocks in a portfolio.

As investments in silver have been increasing from multiple sources - such as individuals and businesses - silver is continuing to be a growing contributor to the global economy. Depending on your personal investor profile, investing in silver mining stocks or royalty/streaming companies, or in ETFs that are devoted specifically to silver, can provide excellent options to increase diversification within your portfolio and obtain additional exposure to the metal.