Silver’s having quite the moment in 2025. While everyone’s been watching gold hit new highs, silver has quietly surged nearly 47% over the past year to around $41 per ounce – levels we haven’t seen in over a decade. And honestly? This feels different from the usual precious metals rally.
What’s driving this surge isn’t just the typical safe-haven demand or inflation fears (though those are certainly helping). It’s the perfect storm of industrial demand meeting supply constraints. Solar panel manufacturing is consuming massive amounts of silver, electric vehicle production keeps ramping up, and meanwhile, global silver supply has actually declined over the past decade while demand keeps climbing.
The Silver Institute reported a supply deficit of 184 million ounces in 2023, and 2025 is shaping up to be the fifth consecutive year of shortage. When you couple that with central banks starting to add silver to their reserves – Russia just announced plans to buy $535 million worth over three years – you’ve got a recipe for sustained price appreciation.
But here’s the thing about silver stocks: they’re not all created equal. Some are pure plays that amplify silver’s moves, others are diversified miners with silver exposure, and a few are streaming companies that profit without the operational headaches. Let me walk you through the ones that have caught my attention this September.
First Majestic Silver Corp. (AG)
First Majestic has been the standout performer in the silver space this year, and for good reason. The company just reported record Q2 2025 revenue of $268 million – up 94% year-over-year – while silver production jumped 76% to 3.7 million ounces.
What I like about First Majestic is they’re a pure silver play with operations focused in Mexico, where they have established relationships and know the terrain. Their recent acquisition of Los Gatos has been paying off handsomely, becoming their largest producer and delivering over 1.5 million ounces of attributable silver last quarter.
The stock hit a 52-week high of $9.48 recently and has gained nearly 79% over the past year. At current levels around $9.40, it’s not cheap, but the company is projecting $1 billion in revenue for 2025 – which would represent 74% growth. With a strong cash position of $510 million and EBITDA hitting a record $120 million, they’re well-positioned to capitalize on higher silver prices.
Pan American Silver Corp. (PAAS)
Pan American just completed a major acquisition that transforms them into an even bigger player in the silver space. Their $2.1 billion purchase of MAG Silver, which closed in early September, gives them a 44% stake in the high-grade Juanicipio mine in Mexico.
This isn’t just any mine – Juanicipio produced 4.3 million ounces of silver in Q2 2025 alone, with silver recovery rates improving to 94.6%. Pan American now controls one of the world’s largest primary silver operations, with mines spanning from Mexico to South America.
The company expects full-year silver production in the 20-21 million ounce range for 2025, with all-in sustaining costs between $16.25-$18.25 per ounce. At current silver prices above $40, that’s serious margin expansion. The geographic diversification across politically stable jurisdictions is also appealing in an uncertain world.
Wheaton Precious Metals Corp. (WPM)
Wheaton operates a different model entirely – they’re a streaming company that provides upfront capital to miners in exchange for the right to purchase their silver (and gold) at fixed, low prices. Think of it as being a precious metals landlord.
The beauty of this model is Wheaton gets exposure to rising metal prices without the operational risks of actually running mines. They have contracts to buy silver at an average price of just $5.75 per ounce through 2029. With silver trading above $40, that’s incredible leverage.
The company returned 54% over the past year and projects attributable silver production of 20.5-22.5 million ounces for 2025. Their progressive dividend policy pays out 25% of cash flow to shareholders, making this an income play as well as a silver bet. For investors who want precious metals exposure without the mining company headaches, Wheaton is hard to beat.
Endeavour Silver Corp. (EXK)
Endeavour has been quietly building a solid business across Mexico, Chile, and the U.S. The company produced 1.48 million ounces of silver in Q2 2025 and recently completed the acquisition of the Huachocolpa Uno mine in Peru, expanding their geographic footprint.
What makes Endeavour interesting is their focus on exploration and development. They’re not just mining existing deposits – they’re actively working to expand resources and discover new ones. Their Terronera project in Mexico is currently commissioning and should add meaningful production.
The stock trades with high liquidity – nearly 13.5 million shares change hands daily – and has a market cap over $1.6 billion. They’ve announced plans to potentially raise $60 million through equity offerings over the next two years to fund growth projects. While that could create near-term dilution, the expansion should pay off as silver prices remain elevated.
Silvercorp Metals Inc. (SVM)
Silvercorp operates a unique model focused on low-cost Chinese silver mines. While single-country exposure comes with political risks, their operational efficiency is impressive. The company reported adjusted net income of $21 million and cash flow from operations of $48.3 million in their most recent quarter.
Their focus on cost control and operational excellence has created a track record of consistent cash generation even during weaker silver price periods. With silver at current levels, their margins are expanding significantly.
Wall Street analysts have a Strong Buy consensus on the stock, with a price target around $6.75 compared to the current price near $5.10. That represents potential upside of over 30%. The China exposure is either a feature or a bug depending on your view of geopolitical risks, but the operational metrics are solid.
Hecla Mining Company (HL)
Hecla is the largest silver producer in the United States, which gives them unique advantages in terms of political stability and supply chain proximity. They also produce significant amounts of gold, providing diversification across precious metals.
The company’s U.S.-based operations include the Greens Creek mine in Alaska and the Lucky Friday mine in Idaho. These are established, long-life assets in stable jurisdictions – exactly the kind of mines you want to own in an uncertain world.
Hecla has been investing in production expansion and exploration to grow their resource base. While they haven’t had the explosive growth of some peers, their steady approach and geographic advantages make them a solid core holding for silver exposure.
Coeur Mining, Inc. (CDE)
Coeur operates silver and gold mines across North America, with properties in the U.S., Canada, and Mexico. Their focus on operational efficiency and cost reduction has been paying off as margins expand with higher silver prices.
The company has been disciplined about capital allocation, focusing on their most profitable operations while exploring expansion opportunities. Their North American focus provides geographic stability while still offering meaningful silver production growth potential.
Coeur isn’t the flashiest name in silver, but sometimes steady and profitable beats exciting and volatile. They’ve built a sustainable business model that should generate solid returns as long as silver prices remain elevated.
Fortuna Silver Mines Inc. (FSM)
Fortuna operates mines in Peru, Argentina, and Mexico, providing diversified exposure across major silver-producing regions in Latin America. They’ve been expanding production and exploration activities, with several growth projects in their pipeline.
The Latin American focus offers exposure to some of the world’s richest silver deposits, though it comes with jurisdictional risks including potential regulatory and political changes. That said, Fortuna has been operating in these regions for years and has strong local relationships.
Their growth trajectory looks promising as new projects come online and existing operations expand. For investors comfortable with emerging market exposure, Fortuna offers compelling upside potential in a rising silver price environment.
MAG Silver Corp. (MAG)
Note: MAG Silver is in the process of being acquired by Pan American Silver in a $2.1 billion deal that closed in early September 2025. This analysis reflects the company’s value proposition prior to the acquisition.
MAG Silver owned a 44% stake in the Juanicipio mine, one of the world’s highest-grade silver operations. The mine produced 4.3 million ounces in Q2 2025 with silver recovery rates of 94.6% and ongoing optimizations improving efficiency.
The acquisition by Pan American valued MAG’s assets at a significant premium, reflecting the quality of their Juanicipio stake. For investors who missed the takeover opportunity, this validates the value of high-grade, well-operated silver assets in the current market.
SSR Mining Inc. (SSRM)
SSR Mining is a diversified precious metals producer with exposure to silver, gold, and base metals. Their global footprint includes mines in the Americas and Turkey, providing geographic diversification across multiple commodities.
While not a pure silver play, SSR offers leveraged exposure to precious metals broadly while reducing single-commodity risk. They’ve been pursuing production expansion and acquisition opportunities to grow their asset base.
For investors who want precious metals exposure but prefer diversification over pure silver leverage, SSR provides a balanced approach with upside to multiple metal prices.
The Silver Outlook
Looking ahead, several factors support continued strength in silver prices. Industrial demand keeps growing – solar panel manufacturing alone could consume 85-98% of current global silver reserves by 2050. Electric vehicle production is ramping up globally. And 5G infrastructure buildout requires massive amounts of silver for electronic components.
On the supply side, the picture remains tight. Many new mining projects have been delayed, and existing mines are struggling to increase output. The five-year supply deficit shows no signs of ending, which should keep upward pressure on prices.
Then there’s the monetary angle. With central banks adding silver to reserves and inflation concerns lingering, silver’s role as both an industrial metal and store of value becomes more attractive. Expected rate cuts throughout 2025 should reduce the opportunity cost of holding non-yielding assets like precious metals.
Price forecasts for silver range from conservative targets around $45-50 per ounce to more aggressive predictions of $60+ by year-end. Goldman Sachs sees $35 as a floor, while some analysts think we could see new all-time highs above the 2011 peak of $49.55.
Risks to Consider
Silver stocks aren’t without risks. The sector is notoriously volatile – these stocks can swing 5-10% in a day based on metal price movements alone. Economic slowdown could hurt industrial demand, while a stronger dollar typically pressures precious metals prices.
Geopolitical risks matter too, especially for companies operating in Latin America or other emerging markets. Mining is capital-intensive and subject to environmental regulations, permitting delays, and labor issues.
Interest rate policy remains a wildcard. While rate cuts are expected to benefit silver, any shift toward higher rates could reduce precious metals’ appeal relative to yielding assets.
The Bottom Line
Silver’s surge to decade-high levels reflects fundamental supply-demand imbalances that aren’t likely to resolve quickly. Industrial demand continues growing while supply remains constrained, creating a favorable environment for silver miners.
Among the stocks above, First Majestic offers pure silver leverage with strong operational momentum. Pan American provides scale and diversification after their MAG Silver acquisition. Wheaton delivers precious metals exposure without operational risks through their streaming model.
For conservative investors, consider starting with the larger, more established names like Pan American or Wheaton. Those comfortable with higher volatility might prefer pure plays like First Majestic or Endeavour Silver.
Either way, silver’s time in the spotlight isn’t over. The combination of industrial demand growth, supply constraints, and monetary factors suggests this bull market has room to run. Just remember – silver stocks amplify metal price moves in both directions, so position size accordingly and be prepared for the ride.
