Top 5 Silver Mining Stocks for 2023 Watch List

silver coins stacked in front of mining truck

If you are interested in silver stocks, then it is important to know which silver mining stocks are the ones worth pursuing. 

While it might seem easy to look it up online, most silver mining companies will want to sway you over to their side – and they will use a lot of different methods to do it.

Figuring out the best mining operation to buy mining stocks in can be a daunting process if you are unprepared. 

However, all it takes is some patience and a decent understanding of how silver stocks work. The more you know, the easier it becomes to find stocks that you can rely on.

Are Silver Mining Companies a Good Stock Investment?

Silver stocks in silver mining companies are equities – you're buying shares in the company rather than the precious metals themselves. However, this does not make them bad, and choosing the right company in the mining industry can make a huge difference to your stock value.

Many of the best mining company options are fully available on the New York Stock Exchange (NYE), allowing many investors to dabble in silver mining. Compared to investing in physical metals, it can be a lot faster, more liquid, and easier as a whole. Those that are more risk adverse, might choose to invest part of their metals capital into junior minors and other more speculative mining plays on the Toronto Stock Exchange (TSX).

If done correctly, most investors can see silver mining becoming a major part of their portfolio. However, like all stocks, changes in share price are not always predictable, and the future results of your investments will not always be clear.

Compared to other precious metals, silver is more volatile but also in relatively high demand since it gets used in a lot of products, including clean energy systems and electric vehicles, silver mining companies have an important place in modern economies.

This makes silver miners a popular place to turn and a good alternative to investing in physical silver. While other metals, such as zinc, have their own markets, silver is one of the most well-known and popular alongside gold. 

What Makes Good Silver Mining Stocks?

As you might expect, silver stocks can vary quite heavily from company to company. While silver prices can impact it slightly, you need to be more focused on silver production – how effectively a company can produce more silver.

This becomes important for any company you choose since there can be several factors that influence how much silver they're able to produce and the value of their silver stocks as a whole.

If you are wanting to build your own list of potential investments, then you need to understand how to measure silver stocks against one another. Their value in the present can be just as important as future and past performance.

Remember: there's nothing wrong with looking at your options and comparing multiple different stock choices ahead of time. The more you prepare, the better your investments will be.

While it should be obvious, it is also best to stick to businesses on official stock exchanges that are approved by major central banks. You don't want to trade with any shady companies that may not be as official as they seem.

Production of Silver

Silver prices make a difference, but like many precious metals, the silver mines are the important part. Operations with more (and richer) silver mines tend to see higher silver stocks overall.

This is because a silver company needs to own silver mines to actually carry out their mining. If silver miners have nothing to mine, they are not producing silver and therefore aren't adding value to their stock.

For example, top silver stocks often come from a mining company with easy access to industrial metals and a large supply of physical silver to mine.

This applies to any precious metals mining company, too. If a company mines gold, then having more gold mines (that still have gold in them) allows them to produce more gold bullion, leading to healthy stock.

It can also be important to think about the base metals themselves. Silver is in high demand, and silver demand will remain high due to its use in industrial applications and solar systems. This means that the price of silver will reflect this demand.

5 Great Silver Mining Stocks to Consider

The top silver stocks on the market are always changing, as is the market cap of each mining company. However, it is important to understand the world's largest producer of silver isn't always the most effective stock option – you need to do proper research.

Remember that a lot of silver mining groups want to gain exposure in the silver stock market, whether they only produce physical silver or a range of precious metals. 

It is important to look at more than just the company description but also the entire history of its producing silver and other metals.

First Majestic Silver Corp.

First Majestic Silver (AG) is one of the largest silver producers in Canada and is also available for US investors. As a joint silver and gold mining company, it offers a range of mining stocks to choose from, as well as shares in the company itself.

Investors often choose companies like this for the staying power since companies like First Majestic Silver aren't going anywhere any time soon.

Pan-American Silver Corp.

Pan-American Silver (PAAS) has nine mining operations across America alone. While it might not be one of the largest producers in the world, Pan-American Silver still contributes a lot of precious metal to the economy.

Depending on the current price of silver and the company's performance, Pan-American Silver can be a great investment, especially if you catch it as the shares dip to a lower price than average.

Hecla Mining

Hecla Mining (HL) is the oldest precious metals company on the New York Stock Exchange and produces a huge amount of American silver.

This alone makes it an appealing option for investors, even if the initial share price will be quite high. A company this prolific can be hard to make investment decisions about, but as one of the earliest companies of silver miners, it has staying power and a lot of mines under its belt.

The net income of Hecla is high, as you would expect. However, this can also limit its growth – as the second-largest group of silver miners in the US, there isn't much more it can expand towards. Even so, it is a popular investment option for a reason.

Fortuna Silver Mines

Another Canadian company, Fortuna Silver Mines (FSM), operates gold, copper, zinc, lead, and silver mines in a range of locations. This means that the price of silver is far from the only thing impacting the company's performance and stock price.

With more trade involved in the company's operation, you can expect spot prices to change more frequently, allowing for some interesting investment options regardless of the current silver price.

Wheaton Precious Metals Corp

Wheaton Precious Metals (WPM) handles trade in a range of metal types, mainly silver, and gold. Rather than operating mines themselves, they give other mining companies funding in exchange for rights and raw precious metal.

This makes them an alternate investment option that can still be a great choice, even if the company description is not exactly a mining company in the conventional sense. The company has a strong position in the market, allowing it to keep pace with mining businesses.

Which Mining Silver Stocks Should I Choose?

While you could spend hours looking around the London stock exchange for silver ETFs worth using, it's important to use common sense and explore your options on your own.

The price of silver, rising interest rates, the cost of other commodities, and even the investment advice that you are given might all influence where you start your search. 

However, you need to lead yourself towards stocks and shares that actually fit with your goals and comfort level.

For example, are you in the market for only silver stocks, or would stocks for things like copper, lead, and zinc be suitable as well? This changes the kind of market you're aiming for, giving you a different focus when you are looking for the right company to invest in.

There are multiple ways to tackle silver ETFs. You might use a system like the iShares Silver Trust (SLV) to explore your share options and compare different silver ETFs, or move outside of focused options like the iShares Silver Trust and explore a range of precious metal investment options.

Consider the industrial and precious metals that you want to focus on, too. Copper, zinc, gold, silver, and lead – all of them have their own specific uses and markets, and some companies overlap between multiple metals while others focus on one specific precious metal choice. These days, quite a few gold miners also produce silver as a byproduct through the same mine, which provides additional diversity in assets.

This is important to consider when looking for a silver miners ETF or stock choice that you can rely on. Do you want a silver miners ETF focused purely on silver, or do you also want to break into the gold mining market and invest in gold companies? Either way, be sure to use some common sense when looking at the options you have available. Even if a full technical analysis of a silver mining operation isn't possible, you can still look at the data you do have to compare your options more closely.

However you decide, 2023 looks to have a promising outlook for the silver market as a whole. Those who have a diverse portfolio of silver assets, whether its silver mining stocks, silver ETFs, silver physical bullion, and/or even IRA-approved silver coins and bars within a dedicated silver IRA account, might look back in 2024 and beyond, glad they took action in early 2023.

Risk Disclosure: Any investments into alternative assets, including precious metals, such as gold, silver, platinum, and palladium, come with an inherent risk, where you could end up making less money than what you put in. Before investing your hard-earned cash, be sure to speak with licensed professional financial advisor first. Always remember that past performance is not an indication of future returns.

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