If you’re thinking about investing in silver, you’re not alone.
Silver has had a strong year, hitting a record high above $120 per troy ounce in January before settling back to its current price around $76 as of early June, roughly 120% above where it was a year ago.
[Sign up for stock news with our Invested newsletter.]
Why Are Silver Prices High?
Demand for the precious metal is outstripping supply as ore grades and production slip at key mines. Meanwhile, the energy transition toward silver-heavy solar panels and the artificial-intelligence boom with its sophisticated electronics that use silver are boosting demand for the hybrid industrial-precious metal.
“Physical demand continues to grow with the rapid development of green energy infrastructure, particularly photovoltaic systems and next-generation AI-enabled equipment,” says John Murillo, chief business officer with B2Broker, a global fintech solutions provider for financial institutions.
Silver vs. Gold as an Investment
Silver is a hybrid because, unlike gold, it is widely used in industry while also serving as a financial metal that investors buy as a store of value or a safe haven in times of economic uncertainty.
“The nature of silver makes it unique. On the one hand, a currency hedge and a store of value; on the other, an industrial commodity,” says Steve Maitland, founder of gold and silver IRA research firm Maitland Wealth.
One of silver’s financial uses is as a diversification play against the U.S. dollar.
“Silver can provide diversification from a potential decline in the dollar’s purchasing power in a time-tested real asset that, along with gold, has been a recognized store of value since the dawn of civilization,” says Alex Riedel, head of client portfolio management at Advyzon Investment Management.
Worries about the dollar have been driven by continued concerns over U.S. deficit and debt metrics, Federal Reserve interest rate policy and inflationary pressure from rising oil prices due to the conflict in the Middle East, he says.
Risks of Investing in Silver
Investors should be cautious about silver, as with any commodity investment.
Dual demand from financial and industrial sectors coupled with a smaller market than gold can make silver prices quite volatile, which means the price for mining stocks can also be volatile.
“The silver market is small relative to gold, which allows it to behave like the latter on steroids amid any momentum in the market,” Maitland says. “But be prepared to face brutal volatility.”
Additionally, mining companies come with operational risk, such as flooding at mines or failure to secure a key permit.
“However, the potential reward is higher gains, as miners provide leveraged exposure to the silver price,” says Vince Stanzione, CEO at First Information, a publisher of educational materials related to financial spread betting and derivatives trading. “I remain very bullish on silver. It has strong industrial demand and is also seen as a store of wealth, often called ‘poor man’s gold’ because it’s more affordable.”
5 Silver Mining Stocks to Buy in 2026
With that in mind, here’s a look at five top silver mining companies:
| Silver Stock | Forward Dividend Yield | All-in Sustaining Cost | Investing Catalyst |
| Fresnillo PLC (ticker: OTC: FNLPF) | 2.9% | $12.90 to $27 per ounce | High margins as silver prices shoot up. |
| Pan American Silver Corp. (PAAS) | 1.1% | $13.88 per ounce | Broad geographical footprint reduces regional risk. |
| Wheaton Precious Metals Corp. (WPM) | 0.6% | N/A | Stable margins insulated from mining inflation. |
| Silvercorp Metals Inc. (SVM) | 0.2% | $17.35 per ounce | Strong balance sheet and record revenue growth. |
| First Majestic Silver Corp. (AG) | 0.2% | $23.81 to $25.31 per ounce | Active expansion and future growth reinvestments. |
Fresnillo PLC (OTC: FNLPF)
Stanzione points to this silver miner, which operates large projects in Mexico and primarily produces silver, along with gold, lead and zinc.
All-in sustaining costs, a key mining metric, at its major mines in Mexico last year ranged from $12.90 to $27 per ounce, giving the company plenty of margin as silver prices have shot up.
That margin has proven important for Fresnillo as silver production has been slipping along with ore grades. Still, the company expects to produce 42 million to 46.5 million ounces this year, and 45 million to 51 million ounces each in 2027 and 2028.
[READ: 7 Best Silver ETFs to Buy in 2026]
Pan American Silver Corp. (PAAS)
This silver mining company has operations in Mexico, Guatemala and South America, giving it a broad geographical footprint that is important in case one jurisdiction becomes problematic because of, say, permitting issues.
Still, Latin America can be politically unstable, and Maitland warns that this is a risk with Pan American. However, he still believes it is a strong company.
Pan American has an all-in sustaining cost of $13.88 per ounce for silver, as of last year, and proven and probable silver reserves of more than 450 million ounces.
“This is the gold standard of direct mining plays,” Maitland says. “The company has surpassed its own 2025 production guidance and is sitting on a war chest to invest in exploration amid the ongoing bull cycle.”
Wheaton Precious Metals Corp. (WPM)
This company is a bit different from a traditional mining company. It doesn’t operate mines itself; rather, it purchases future metal production from miners and pays a discounted price for that metal when it’s delivered.
The company has these streaming deals with 22 operating mines and 28 development projects throughout the world, helping reduce the risk of a single deal not panning out as expected if a mining company can’t deliver. Those mines are involved in gold, silver, palladium, platinum and cobalt, so Wheaton isn’t a pure-play silver company. However, about half of the company’s $901 million in revenue in the first quarter came from silver, giving it significant exposure to the metal.
Maitland likes the margin stability offered by Wheaton. “While miners are under pressure due to inflation in labor and equipment prices, WPM’s margin structure is unaffected,” he says.
Silvercorp Metals Inc. (SVM)
Murillo points to this mining company that he says “benefits from a strong balance sheet and continues to be an interesting operating efficiency story.” In particular, he likes the company’s strong operating margin growth since the beginning of the year.
For its most recent quarter, Silvercorp reported record revenue of $147.4 million. Nearly 80% came from silver, with the company’s average realized price at $78.60 per ounce, well above its all-in sustaining cost of $17.35.
First Majestic Silver Corp. (AG)
Murillo also points to this silver company, saying its investment case is supported by active expansion of operations. The company has a capital expenditure budget this year of $213 million to $236 million for expansionary projects across its portfolio and plans to reinvest in future growth with continued exploration and development activities at three of its mines.
Year to date, 66% of the company’s revenue comes from silver produced at four mines in Mexico. Those mines produce with an all-in sustaining cost of between $23.81 and $25.31 per ounce, giving the company plenty of margin with current silver prices.
More from U.S. News
10 Best Growth Stocks to Buy for 2026
7 Best Defense Stocks to Buy Now
7 Best Semiconductor Stocks to Buy for 2026
5 Best Silver Stocks of 2026 originally appeared on usnews.com
Update 06/02/26: This story was previously published at an earlier date and has been updated with new information.