Silver Rally Isn't Over Yet: 3 Stocks Investors Should Buy

Silver prices are catching investors’ attention around the world right now. Spot silver has crossed $94/ounce amid fresh political disputes over Greenland. The metal has already gained around 30% this year, building on last year’s extraordinary increase of more than 150%.

For investors looking to ride this momentum, we suggest adding stocks like Pan American Silver Corp. PAAS, Hecla Mining Company HL and Wheaton Precious Metals Corp. WPM to your portfolio.

Geopolitics Fuel Silver’s Momentum

One important reason for this strong run is rising geopolitical uncertainty. Early in January this year, a U.S. military operation in Venezuela shook global markets, making investors nervous and driving them toward safe-haven assets like silver. At the same time, the United States increased pressure on Iran by proposing tariffs on countries that continue trading with Tehran.

Recently, U.S. President Trump escalated concerns by threatening multiple European nations with his plan to acquire Greenland. He vowed to implement tariffs rising from 10% in February to 25% by June on countries that oppose his bid.

These developments have unsettled markets and boosted silver’s safe-haven appeal, as investors seek protection during times of uncertainty.

Beyond the Safe-Haven Demand

But it isn’t just geopolitical stress that is pushing silver higher. The metal is widely used in electronics, electric vehicles and solar panels—sectors where demand has been steadily rising. The electrification of the automotive industry, particularly battery electric vehicles, has increased silver usage, while growing digitalization and artificial intelligence are creating new opportunities for the metal.

At the same time, silver’s supply is struggling to keep up with rising demand. The global silver market has been in persistent deficit, with consumption consistently exceeding mine output. This physical shortage, combined with safe-haven buying and robust industrial demand, underpins the strength of silver prices.

Signs of Caution But Long-Term Narrative Strong

While silver’s rally has been impressive, investors should keep in mind that prices have already moved up sharply. This means there could be short-term pullbacks or pauses before further gains.

That said, these ups and downs don’t change the bigger picture. The underlying drivers — geopolitical uncertainty, strong industrial demand and ongoing supply constraints — still point to more upside ahead for silver and related stocks.

3 Stocks to Ride the Silver Boom

Vancouver-based Pan American Silver is a leading silver and gold producer in the Americas, with operations in Canada, Mexico, Peru, Brazil, Bolivia, Chile and Argentina. The acquisition of MAG Silver expanded its silver reserves and added a 44% joint venture interest in Mexico’s Juanicipio mine, along with full ownership of the Larder exploration project and an earn-in interest in Deer Trail.

In the last reported quarter, Pan American Silver reported higher year-over-year revenues and record cash inflow, enabling an increase in its quarterly dividend. Strong drilling results and discovery of high-grade silver zones at La Colorada Skarn are expected to increase PAAS’ mineral resources and support long-term mine life across its operations.

The Zacks Consensus Estimate for PAAS’ 2026 sales and EPS implies year-over-year growth of 25% and 63%, respectively. Over the past 60 days, EPS estimates for 2026 have risen by 19 cents. The stock sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Idaho-based Hecla Mining is the largest silver producer in the United States and Canada, with operating mines in Alaska, Idaho and Quebec, and a developing mine in Yukon. The company also holds several exploration and pre-development projects in top silver and gold districts across North America.

In the last reported quarter, strong production and revenues, along with solid cash generation, enabled Hecla Mining to reduce debt. The company is advancing Keno Hill toward commercial production through investments in key infrastructure. Recent exploration progress includes the Polaris Project in Nevada, cleared for 2026 drilling, and the Midas Project, where initial drilling has uncovered high-grade gold along the previously untested Pogo Trend.

The Zacks Consensus Estimate for HL’s 2026 sales and EPS implies year-over-year growth of 14% and 38%, respectively. Over the past 60 days, EPS estimates for 2026 have risen 17 cents. The stock currently carries a Zacks Rank #2 (Buy).

Vancouver-based Wheaton is a streaming company that benefits from rising silver and gold prices. Instead of running mines, WPM provides upfront cash to miners and, in return, receives a portion of their future metal production at low, fixed costs. This means higher metal prices translate directly into bigger profit margins, higher revenues and stronger cash flow.

WPM holds streaming agreements on major mines, including Antamina, Peñasquito, San Dimas, Stillwater, Constancia and Blackwater. Many of these mines are expanding or ramping up production, increasing the metals Wheaton can acquire under its agreements. With a diversified mix across multiple countries, WPM benefits from long-term growth and leveraged exposure to higher metal prices without the risks of operating mines.

The Zacks Consensus Estimate for WPM’s 2026 sales and EPS implies year-over-year growth of 29% and 35%, respectively. Over the past seven days, EPS estimates for 2026 have risen 15 cents. The stock currently carries a Zacks Rank #2.

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This article originally published on Zacks Investment Research (zacks.com).

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