5 Best Silver Stocks in 2024 Reviews | A Full Guide to Purchasing Considerations

January 22, 2024 | Editorial Team

Do you want to invest in silver and are wondering what the best silver stocks are?

Silver has been a precious metal for thousands of years. Today, silver stocks are an investment vehicle that can offer investors a way to leverage their silver holdings while benefiting from potential future price increases.

Silver is commonly used in manufacturing, but there’s more than just manufacturing. Many companies need silver for production processes such as photography and electronics, which means they depend on it. That makes investing in silver stocks worth considering!

Check out our list below of some top silver stocks to consider while investing your money!

Our recommendation:

Top 5 Best Silver Stocks Companies for Investing in the Market

Investing in silver is becoming a popular trend among investors and companies alike for many reasons. The best silver stocks listed below are the best silver stocks to invest in.

1. Pan American Silver (NASDAQ: PAAS)

Founded in Canada, Pan American Silver is a producer of precious metals such as silver, gold, zinc, and copper. For this reason, this firm imports silver, which has a wide range of real-world applications, such as electronic components, thermal energy, and solar power generation.

Pan American Silver ranks as the world’s second-largest silver producer. It has mines in Mexico, Peru, Canada, Bolivia, and Argentina, all of which it operates. It is based in Vancouver, British Columbia, and has been running mines throughout Latin America for the past 25 years.

Exploration, extraction, processing, refinement, and reclamation are some of the company’s mining activities. During the coronavirus frenzy of last year, the Pan American Silver stock took a blow. Even though the firm is presently valued at C$8.5 billion, silver production generates less than 30% of the total income for the company.

Analysts (see fundamental and technical analysis) expect sales growth of 30% and EPS growth of 7.7% this year, but those projections now appear low. Continuing its commitment to returning money to shareholders, Pan American Silver recently announced a 7 cents per share dividend.

2. First Majestic Silver (NYSE: AG)

Another well-known silver stock among precious metals investors is First Majestic Silver Corp. Given Mexico’s geopolitical stability, Majestic Silver Corp. is well-positioned to grow its business there.

For this reason, First Majestic is concentrating its efforts in Mexico. The firm in Mexico is now operating three mines, and several additional silver mines are in the planning stages.

The company’s mining operations are centred on doing things ethically. They also make their gold coins. The company does other things, too, like exploring and developing new mines.

As First Majestic continues its recovery from the pandemic’s initial salvo, early figures show sales of $117.9 million, up 21% from a year earlier, for the quarter ending Dec. 31, 2020.

3. Fortuna Silver Mines

Fortuna Silver Mines, a Canadian mining business, specializes in silver mining. If your investment portfolio includes precious metals, this silver stock is a must-have.

The silver mining history in West Africa and the continuing activity in Burkina Faso, Mexico, Peru, and Argentina make this stock worth investing in.

The firm owns and runs silver, lead, zinc, and gold mines. They generated $16.2 million in profit in the second quarter of this year. They also sold far more than the previous year. The reason for these results is that more people bought gold and silver. They also got higher prices for them.

This silver stock trading does not disappoint its investors, even on the NYSE, as it continues to offer excellent profits.

4. Wheaton Precious Metals

Wheaton Precious Metals, one of the world’s prominent metal streaming firms, is listed on the NYSE under the symbol WPM. WPM focuses on diverse exposure, low-risk initiatives, and crystallizing value settlement through extracting precious metals from high-quality mines.

Mining projects that yield precious metals such as gold, silver, and cobalt are at the show’s center. Wheaton Precious Metals owns and manages more than twenty-one mines in the United States, Canada, and Mexico. The company also has operations in Brazil, Sweden, and Greece.

With an 18 billion dollar market value and earnings per share of $0.95, the mining company is a solid investment. Its low price is $18.66, and its high price is $57.89 and pays a yearly dividend of $0.48 per share. It trades more than 1.4 million shares every day (see best preferred Canadian shares). Wheaton Precious Metals also produced $861 million worth of sales in 2019.

5. SilverCorp Metals

SilverCorp Metals is a company established in Canada but conducts business in China. The company sells precious metals, including silver, zinc, and lead. This silver stock is one to keep an eye on in 2022, according to reports.

It is safe to say that China’s leading silver miner is a good investment for investors. It has many successful projects, and the company’s development is quick.

SilverCorp Metals has done an excellent job with its high-quality development initiatives. That’s why investors need to own this stock.

Are Silver Stocks a Good Investment?

Silver is becoming more critical in our economy. People use it for industries, consumers, and as an investment. Many portfolios might benefit from adding silver-focused equities and ETFs in silver sector. Unlike stocks, ETFs (see best Canadian ETFs) represent shares in more than one company in a single package. Canadian banks ETFs are also worth keeping your eyes on, but we already talked about top ETF options in another post.

To get back on topic of silver, today, the price of silver has gone up a lot. It’s gone up by 55% in just a year. Silver is going up because people have been buying it for use in solar panels and electric cars, and it is also used for jewelry.

People like to buy silver stocks instead of silver coins and bars because they can make more money. For example, if the price of silver goes up, people who own the stocks will make more money than someone who owns the coins or bars.

Investors can avoid the hassles and risks of owning physical silver. This means they don’t have to store it, insure it, or deal with its risks of being stolen.

Silver stocks are also a way to invest in companies that are mining. You can buy them, and then they will give you money. It’s good because it helps you to diversify your investments.

silver cubes with letters making PRICE word

How to Invest in Silver

You can buy silver in different ways. It is available for people to buy as coins, bars, jewelry, and antiques. People can also buy it on digital trading platforms, making it easy to trade with other people.

There are many sizes and designs of silver coins. The Royal Mint is well-known for making Britannia coins. Recently, the Queens Beasts range of bullion coins has become popular too. Silver bullion coins are more affordable for investors and collectors alike because of their lower starting prices.

As a result, some investors choose silver since it allows them to acquire a wider choice of themes and designs. Silver bars are another option, and they’re popular among investors who want to buy in bulk.

silver bars and coins stack

Features to Look For in a Silver-Stock Investment

Longevity: Silver is a relatively consistent performer in economic downturns, which makes silver-stock investments worth considering. 

Regulation: For the best silver-stock investment, look for companies that comply with government regulations.

Amount of Production: An essential factor in the best silver stocks is the amount of production. The best silver-stock investments will be in companies with high production capability, representing a leading advantage over other silver-producing companies.

Earnings-per-share: This refers to how much money a company is making and its financial stability. This number tells you how profitable the company is. If it has a higher EPS, this means that each invested share is more beneficial.

Scarcity of Natural Resources: The best silver stocks are regulated and scarce in their natural resources.

P/E ratio: This is how much money you can earn per dollar invested into a company. The best silver-stock investments will have a low P/E ratio, which means the company has a high EPS and is growing.

Is Physical Silver Better Than Stocks?

Silver has become a popular investment tool for people seeking to diversify their portfolios. Silver is like other precious metals, but it has various uses. Silver can be used in many industries, including manufacturing and medicine.

Silver is something people buy to use in products or for jewelry. It has a lot of demand because it is used in so many things. That means that when the economy isn’t doing well, it will be easier to sell silver than other metals because people need silver for most of their stuff. This means that the price of silver will stay strong.

Silver is like gold. It can also be used as a hedge against inflation or to store value.

One drawback to investing in silver is that it does not produce income or cash flows, which is why a beginner investor should maybe think twice when investing in them. The price of silver coins may vary due to fluctuations in the market. But unlike stocks, silver coins cannot pay dividends or interest payments.

Are Precious Metals a Good Investment?

Precious metals are suitable for protection. They have value, they are safe, and they will never go up in price. That means that you can’t make it anymore. Their unsteady insurance covers financial and political/military upheavals.

Many people invest in different things called stocks (see undervalued stocks) and bonds. They are usually not very connected, but they become less risky when you add precious metals like gold. A little bit of gold can help lower risks if your portfolio is too volatile or too risky. On the other hand, ETFs and Index funds usually offer similarly low risk for investing in. You can also simply keep your cash in your TFSA and let it generate interest income, but we wrote about these topics elsewhere.

Do Silver Stocks Do Well After a Recession?

After a recession takes place, it is common to see silver stocks perform well. During an economic slowdown, investors often take advantage of the opportunity and sell their hard assets such as gold and other precious metals to purchase cheaper options.

Silver is less expensive than gold, making it an attractive option for those who want to invest in the markets but don’t necessarily have the capital required to purchase large amounts of gold.

Additionally, silver is used in many industries, giving investors access to multiple markets that they can potentially take advantage of.

Silver stocks are up for the year, but long-term performance has been lacklustre. Investors should keep this in mind when looking at these investments and determining whether they will benefit their investment strategy.

Other Great Silver Stocks Right Now

While the silver market has been lacking in recent years, investing in top silver stocks can be a great way to take advantage of this industry. If you are considering investing in one of these companies, here are the four best options right now.

Endeavour Silver (NYSE: EXK)

Endeavour Silver Corp is another top silver company that is listed on the New York Stock Exchange. The company has operations in Mexico, including one of the largest silver mines in the world.

As with many older mining companies, Endeavour Silver Corp has had some difficulties over time. The company has had to close mines in the past due to falling metal prices.

However, Endeavour Silver Corp has come back stronger in recent years and has not experienced this problem for several years.

Coeur Mining (NYSE: CDE)

This mining company is from the United States. It operates in Nevada, Idaho, Mexico, and Chile too.

The company has made some significant acquisitions recently, including SilverCrest Mines and AAM-Vale S.A. That means that this company is overgrowing and could be worth looking into as an investment opportunity.

Hecla Mining (NYSE: HL)

Hecla Mining is another option for investors who are looking to invest in silver stocks. This mining company operates in Montana and has resources in Greece, Mexico, and Chile.

This company is focused on silver but also produces other minerals like lead, gold, and zinc.

MAG Silver (NYSE: MVG)

MAG Silver (NYSE: MVG) is a Canadian-based silver mining company and the only pure-play silver miner listed on the New York Stock Exchange.

Investors like this stock because it has a great management team with extensive experience in the mining business. Furthermore, MAG’s numbers look good with high margins, ROE, and price per share.

The Bottom Line

To sum up, silver mining stocks constitute a significant part of the share market as they focus on silver mining companies and silver as a precious metal. The best silver stocks can give you an insight into investing your riches in the right place, given that silver has always served as a saviour for all. Be it inflation or economic downfall. Silver runs the business while gold is the star.