Silver broke $100 an ounce for the first time on record in early 2026, set several more highs, then corrected hard and now trades in the mid-$50s, near $56 an ounce. The metal is heading for a sixth straight year of supply falling short of demand. The Silver Institute projects a deficit of about 46 million ounces in 2026, as a jump in retail investment buying more than offsets a pullback in industrial use. The best silver stocks to buy right now include Wheaton Precious Metals, Pan American Silver, Coeur Mining, Hecla Mining, First Majestic Silver, SSR Mining, and Silvercorp Metals, chosen for their silver exposure, mining costs, and balance sheet strength. We screened the silver producers and streamers that trade on US exchanges and narrowed the field to seven.
How We Picked These Stocks
Roughly two dozen silver-focused companies trade on US exchanges, but most are tiny exploration names with no production and no revenue. We filtered for companies with a market cap near $2 billion or more, meaningful silver in the revenue mix, mining costs in the lower half of the industry, and a balance sheet that can fund operations without constant share sales. We excluded pure exploration plays with no producing mines. The result is seven companies that already pull silver out of the ground or collect a cut of someone else's production, ordered below by market value.
Wheaton Precious Metals (NYSE:WPM)
Wheaton Precious Metals is the largest precious metals company on this list, and it does not run a single mine. It is a streamer, meaning it pays mining companies a large sum upfront in exchange for the right to buy a fixed share of their future silver and gold output at a low set price. In April it closed a $4.3 billion deal with BHP for 33.75% of the payable silver from the Antamina mine in Peru until 100 million ounces are delivered, then 22.5% for the life of the mine. It pays 20% of the spot price for each ounce delivered.
Why it made the list: The streaming model gives Wheaton exposure to rising silver prices without the cost overruns, labor issues, and environmental liabilities that come with operating mines. Its costs are fixed by contract, so margins widen sharply when silver climbs.
The bull case: Wheaton holds streams on dozens of mines run by other companies, which spreads its risk. It pays a growing dividend tied to operating cash flow, rare for a precious metals stock.
The risk: Wheaton depends on its mining partners to actually produce the metal. A shutdown or production miss at a key mine like Antamina or Salobo hits Wheaton's revenue directly.
Key number: $4.3 billion paid to close the Antamina silver stream in April.
Pan American Silver (NYSE:PAAS)
Pan American Silver calls itself the world's premier silver mining company, and by reserves it has a strong claim. The company holds more than 450 million ounces of proven and probable silver reserves across mines in Mexico, Peru, Bolivia, Argentina, and Canada, built up through a long string of acquisitions.
Why it made the list: Pan American's silver segment reported an all-in sustaining cost of $6.63 an ounce in the first quarter, meaning it spends roughly that much to mine and sell one ounce after all expenses. That is more than $7 an ounce cheaper than a year earlier, helped by high gold by-product credits and low-cost ounces from its Juanicipio mine.
The bull case: The company runs a diversified set of mines, so a problem at any one location does not sink the whole operation. It also produces a large amount of gold, which adds a second revenue stream and pushes reported silver costs down.
The risk: Several of its mines sit in countries with political and permitting risk, including Bolivia and Argentina, where tax and currency rules can change quickly.
Key number: $6.63 all-in sustaining cost per silver ounce in the first quarter, down more than $7 year over year.
Coeur Mining (NYSE:CDE)
Coeur Mining is a US-based producer that mines both silver and gold across North America. Its main silver assets are the Palmarejo mine in Mexico and the Rochester mine in Nevada, a large open-pit operation that the company spent years and hundreds of millions of dollars expanding. In March it closed an all-stock acquisition of New Gold valued near $6.9 billion, adding the New Afton and Rainy River mines.
Why it made the list: The Rochester expansion lifted Coeur's silver output, and the New Gold deal built a much larger gold business around it. Higher production into an elevated silver price means cash flow that was not there two years ago.
The bull case: Coeur is one of the few sizable silver producers headquartered in the United States, with most of its assets in stable jurisdictions like Nevada, Alaska, and South Dakota. New Afton also adds copper, giving it a third metal to sell.
The risk: Coeur carried heavy debt through the Rochester build-out, and it has now stacked a large acquisition on top. Integrating New Gold while keeping costs down is an execution test.
Key number: The New Gold deal is expected to raise Coeur's gold production by about 80%.
Hecla Mining (NYSE:HL)
Hecla Mining is the largest primary silver producer in the United States and one of the oldest mining companies in the country, founded in 1891. Its flagship Greens Creek mine in Alaska and the Lucky Friday mine in Idaho give it more US-based silver output than any other public company. Its Keno Hill mine in the Yukon is ramping up and is one of the sources of new Canadian silver supply this year.
Why it made the list: Hecla produces a larger share of America's silver than any competitor, which matters as the government and defense contractors look to secure domestic supply of critical metals. Greens Creek is among the lowest-cost silver mines in the world.
The bull case: A heavily US-weighted asset base shields Hecla from the foreign tax and permitting risks that hit miners operating in Latin America. The company also produces gold, lead, and zinc.
The risk: Hecla's mines are old and deep, and the Lucky Friday operation has faced labor disputes and safety stoppages in the past that cut production.
Key number: The largest primary silver producer in the United States, mining since 1891.
First Majestic Silver (NYSE:AG)
First Majestic Silver is the purest silver play among the larger producers, generating roughly two-thirds of its revenue from silver. The company runs several mines in Mexico and added output through its purchase of Gatos Silver, owner of a stake in one of the highest-grade silver mines in the world.
Why it made the list: Because so much of its revenue comes from silver, First Majestic moves more closely with the silver price than diversified miners do. That makes it a direct way to bet on the metal.
The bull case: The company reported record quarterly revenue in early 2026 as production rose and prices surged, and its cash flow jumped sharply. The Gatos deal added a high-grade, low-cost ounce stream.
The risk: Heavy concentration in silver and in Mexico cuts both ways. A drop in the silver price or a change in Mexican mining law would hit First Majestic harder than its more diversified peers.
Key number: Roughly two-thirds of revenue comes from silver, the highest share on this list.
SSR Mining (NASDAQ:SSRM)
SSR Mining was once known as Silver Standard Resources, and it still runs a meaningful silver business through its Puna operation in Argentina. Today the company is a diversified precious metals producer that mines gold as well as silver across the Americas and Canada. In June it completed the sale of its 80% stake in the Çöpler mine in Türkiye to Cengiz Holding, collecting about $1.49 billion in cash.
Why it made the list: The Puna operation in Argentina is a low-cost, open-pit silver mine that gives SSR steady silver output, while the company's gold mines provide a second source of cash. The Çöpler sale removed a long-suspended asset and left the balance sheet unusually flush.
The bull case: SSR now carries a large cash position and a light debt load, giving it room to expand or buy assets. The silver from Puna offers direct exposure to the metal.
The risk: SSR is weighted more toward gold than silver, so investors wanting pure silver exposure get a diluted version here. Putting the Çöpler cash to work well is now the main test for management.
Key number: About $1.49 billion in cash collected from the Çöpler sale in June.
Silvercorp Metals (AMEX:SVM)
Silvercorp Metals is the smallest company on this list, and it is one of the most silver-focused. The company runs profitable silver, lead, and zinc mines in China and has expanded into other projects, funding its growth from cash flow rather than constant stock sales.
Why it made the list: Silvercorp has a long record of producing silver at low cost and turning a profit even when prices were far below today's levels. It holds a sizable cash balance and pays a small dividend, unusual for a company this size.
The bull case: Low costs and a clean balance sheet mean Silvercorp generates strong free cash flow, the money left after running and maintaining the business, when silver prices are high.
The risk: Nearly all of Silvercorp's producing mines sit in China, which carries currency, regulatory, and geopolitical risk that larger peers operating in the Americas avoid.
Key number: A debt-free balance sheet funded by decades of low-cost silver production.
Sector Overview
The silver story in 2026 is a story of two forces pulling in opposite directions. On the demand side, industrial buyers are cutting back, and solar panel makers are the main reason. Manufacturers keep finding ways to use less silver per panel, or to swap it out entirely, so industrial fabrication is set to fall about 2% to a four-year low near 650 million ounces even as solar installations keep growing. At the same time, coin and bar buying is forecast to jump 20% to a three-year high, more than making up the difference.
That gap is the core of the bull case. Supply is actually rising, with total output heading for a decade high above one billion ounces and recycling topping 200 million ounces for the first time since 2012. It still is not enough. The market has now leaned on above-ground stockpiles for six straight years, drawing down more than 760 million ounces since 2021, which leaves the physical market thin and prone to sharp moves. Silver also tracks gold, which set records of its own early in 2026 before easing back, and investors comparing the two can read our guide to the best gold stocks.
One caution separates silver from gold. Roughly half of silver demand comes from industry, so a sharp slowdown in manufacturing or solar installations can hit the price harder than it would hit gold. Silver also tends to swing more violently in both directions, as the drop from above $100 to the mid-$50s this year showed, which is why position size matters. StoneX's third-quarter outlook has silver finishing the year between $55 and $60 an ounce, a forecast that treats the correction as a reset rather than the end of the cycle. Investors drawn to the broader metals supercycle can read our breakdown of the best copper stocks, and those weighing these miners against steadier payers may want our list of the best dividend stocks.
What to Watch
Second-quarter results: Pan American reports after the close on August 12, with Coeur, Hecla, and First Majestic following in the same stretch, and the numbers will show whether high prices are reaching the bottom line.
Coeur's integration: The first full quarters with New Afton and Rainy River will show whether the New Gold deal delivers the promised gold and copper output without cost surprises.
Industrial demand data: Watch the next Silver Institute survey and quarterly solar figures, since faster substitution away from silver in panels could narrow the deficit and cap prices.
Gold and the rate path: Silver rarely moves far from gold for long, and gold is holding above $4,000 an ounce even after June inflation cooled without moving the Fed. Futures traders have flipped from pricing rate cuts to a possible October hike, and a sustained rise in real rates is the clearest near-term threat to both metals.
Bottom Line
Silver stocks are an amplified bet on a metal in a multi-year supply deficit. The streamers and large miners on this list offer lower-risk exposure, while the pure plays and smaller names move harder in both directions. This list suits investors who already hold core positions and want commodity exposure they understand, sized to account for silver's habit of swinging fast.
Frequently Asked Questions
What is the best silver stock to buy right now?
There is no single best pick, because it depends on how much risk you want. Wheaton Precious Metals offers the lowest-risk exposure through its streaming model and a growing dividend, while First Majestic Silver gives the purest bet on the silver price with about two-thirds of its revenue from silver. Pan American Silver sits in between as the largest dedicated silver miner.
Are silver stocks a good investment in 2026?
Silver broke above $100 an ounce for the first time on record early in 2026 before a sharp correction that left it in the mid-$50s, and the market is heading for a sixth straight annual supply deficit, which supports prices. The main risk is that roughly half of silver demand is industrial, so a manufacturing slowdown can pull the price down quickly. Silver stocks tend to move more sharply than the metal itself, in both directions.
What is the difference between a silver miner and a silver streamer?
A silver miner like Hecla or First Majestic owns and operates mines, taking on the costs and risks of pulling metal out of the ground. A streamer like Wheaton Precious Metals pays miners cash upfront for the right to buy a share of future production at a fixed low price. Streamers have steadier costs and lower operating risk, while miners offer more direct exposure to rising prices, with profits that climb faster than the silver price.
Which silver stock pays a dividend?
Several silver stocks pay dividends, though yields are usually small because miners reinvest in production. Wheaton Precious Metals pays a growing dividend tied to its operating cash flow, and Silvercorp Metals and Pan American Silver also pay modest dividends. The live table above shows current yields for each name.
Is it better to buy silver stocks or physical silver?
Physical silver gives direct ownership of the metal with no company or operating risk, but it earns no income and carries storage costs. Silver stocks can rise faster than the metal when prices climb because their profits grow at a multiple of the silver price, and some pay dividends. They also carry mining and company risk that physical silver does not.
