Silver has officially become the story of late 2025. The metal has nearly doubled this year, pushed higher by supply deficits, a softer dollar, and renewed anxiety over the health of the U.S. economy. Last week, SLV (the largest silver ETF) logged three straight 2.5%+ daily gains, something that has only happened five times since the fund launched in 2006. In four of those cases, the move occurred at or near a major peak.
That doesn’t mean silver is done—far from it. Momentum like this often signals the beginning of a broader rotation, especially when macro forces line up. Hybrid vehicle sales continue to rise (boosting platinum-group metals demand), institutional buyers are back, and expectations for a more dovish Federal Reserve in 2026 have added fuel to the fire.
But after a year of “hockey-stick” charts, investors have to be selective. Many high-quality names still offer asymmetric upside—especially those with strong balance sheets, stable production, or leverage to rising silver prices through exploration or royalty streams.
Below are five silver-focused ideas worth watching across the sector: an explorer, two producers, one royalty/streaming company, and a diversified ETF for lower-volatility exposure.
First Majestic Silver (AG) — High-Beta Silver Producer With Major Torque
First Majestic is one of the purest plays on silver, and its stock performance reflects that direct exposure. Shares trade around $16 and are up roughly 165% year to date after tracking the surge in spot silver almost tick for tick. AG has historically amplified silver’s moves in both directions, which is exactly what has played out this year as investors piled into high-beta miners.
Operationally, First Majestic continues to focus on increasing output from its core Mexican assets. When silver prices are strong, AG’s margins expand rapidly, which is why traders often treat the stock as a leveraged silver vehicle. The setup remains compelling as long as metal prices stay elevated.
Pan American Silver (PAAS) — A Steadier, Diversified Global Producer
Pan American Silver trades around $44 and is up about 108% year to date. Unlike some higher-risk silver miners, PAAS benefits from large, diversified operations across the Americas, along with meaningful gold by-product revenue. The company has been a major beneficiary of rising silver prices while maintaining a more balanced risk profile than the highest-beta names.
After integrating acquisitions and expanding output in Mexico and South America, PAAS is positioned to continue generating strong cash flow if silver prices remain firm. For investors who want meaningful silver exposure without taking on extreme volatility, this is one of the more stable options in the sector.
Wheaton Precious Metals (WPM) — Lower-Risk Streaming Exposure
Wheaton Precious Metals trades around $108 and is up roughly 86% year to date. As one of the world’s largest precious-metals royalty and streaming companies, WPM provides leverage to silver prices without the operational risks faced by miners. It collects metal from partner mines at fixed costs, which preserves margins even when expenses rise across the industry.
Wheaton has benefited from higher silver and gold prices throughout 2025 and remains a go-to option for investors who want exposure to precious metals with a smoother ride than traditional miners.
Discovery Silver (DSV) — Deep Value Explorer With Long-Term Potential
Discovery Silver is a smaller exploration-stage company with a major asset in Mexico. Unlike producers, explorers do not benefit directly from rising metal prices in the short term, which is why many of them still trade at depressed levels despite silver’s breakout. DSV sits in that deep-value category.
The company’s Cordero project is one of the largest undeveloped silver deposits globally, giving it long-duration optionality if silver remains strong into 2026 and beyond. This is not a short-term trade but a speculative long-term bet for investors who want torque at an early stage of the value curve.
iShares Silver Trust (SLV) — The Simplest Way to Capture Silver’s Surge
SLV trades around $53 and is up nearly 100% year to date and more than 20% in the past month. For investors who want silver exposure without mining-company volatility, SLV is the most straightforward option. It reliably mirrors the price of physical silver and has the liquidity and scale that active traders prefer.
In a year when single-stock moves have been extreme, SLV’s direct exposure offers clarity and simplicity. It also avoids operational risk, geopolitical risk, and execution risk that come with mining stocks. For conservative investors who still want to participate in the metal’s strength, SLV remains the cleanest vehicle.
