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Exclusive Story Silver Hits $95—These 3 Miners Could Outrun the MetalSubmitted by Chris Markoch. Publication Date: 1/23/2026. 
In Brief - Silver prices have surged more than 200% year-over-year, driven by supply constraints and rising industrial and investment demand.
- Silver mining stocks offer leveraged exposure, often outperforming the metal itself during strong price rallies.
- Pan American Silver, First Majestic Silver, and Wheaton Precious Metals are well-positioned to benefit from silver trading above $95.
The first month of the new year has put stocks on a roller coaster, reminding investors that volatility isn't going away anytime soon. But gold and silver continue to ignore the noise and move higher. In fact, as of the close on Jan. 22, the spot price of silver surpassed the $95 per ounce mark. That means silver has climbed over 213% in the last 12 months — a gain that rivals many of the hottest technology stocks. But can the rally continue, and how can investors get exposure if they don't want to own physical silver? Can the Rally in Silver Continue? That may not be the best first question. A better starting point is: Why is silver moving to new highs? Many analysts point to supply and demand dynamics. Silver is needed for applications in defense and space, as well as for many of the fastest-growing technology trends like electric vehicles and renewable energy. So, can the rally continue? Yes — there are structural reasons it can. Silver supplies are limited; it's difficult to mine, and bringing new production to market takes time. More importantly, like gold, silver is being accumulated by central banks and large private investors. These buyers aren't merely speculating. They're acquiring silver and gold because of concerns about fiscal sustainability, monetary credibility, currency debasement, and geopolitical uncertainty. Mining Stocks Give You a Leveraged Way to Own Silver For investors who want exposure to silver without the hassle of storage and security, mining stocks offer an attractive alternative. Even better, these stocks provide leveraged exposure to silver prices. When silver rises 10%, mining stocks often move 15% to 20% (or more) because higher metal prices flow directly to the bottom line. With that in mind, here are three silver-related stocks positioned to benefit from this rally. Pan American Silver Pan American Silver Corp. (NYSE: PAAS) operates one of the largest primary silver portfolios in the world, with assets across Mexico, Peru, Canada, Argentina, and Bolivia. The company produced roughly 20 million ounces of silver in 2024, making it a pure-play option for investors seeking direct exposure to rising silver prices. What sets Pan American Silver apart is its diversified asset base and operational scale. The company's flagship operations include the La Colorada mine in Mexico and Cerro Moro in Argentina. With silver prices surging past $95, Pan American's profit margins have expanded substantially. The company also produces gold, zinc, and copper as byproducts, providing additional revenue streams that help offset operational costs. For investors seeking an established operator with proven reserves and the infrastructure to benefit immediately from higher silver prices, PAAS stock offers compelling upside potential as the rally continues. First Majestic Silver First Majestic Silver Corp. (NYSE: AG) is one of the few remaining pure-play silver producers, with all operations concentrated in Mexico. The company runs three producing mines and has consistently maintained production around 12 to 15 million silver-equivalent ounces annually. First Majestic's vertical integration is notable. The company operates its own bullion retail channel, selling coins and bars directly to consumers and capturing retail premiums during price rallies like the current one. Management has also been disciplined about capital allocation, focusing on high-grade deposits and maintaining relatively low all-in sustaining costs. With silver crossing $95, First Majestic's margins are expanding rapidly. Its focused approach on silver — rather than diversifying into other metals — gives investors pure exposure to silver price movements, making it an attractive choice for those bullish on the metal's continued ascent. And here's the leveraged part: while the spot price of silver is up about 213% over the past 12 months, AG stock is up roughly 331% over the same period. Wheaton Precious Metals Wheaton Precious Metals Corp. (NYSE: WPM) operates under a fundamentally different model than traditional miners: it's a streaming company. Rather than running mines directly, Wheaton provides upfront capital to mining companies in exchange for the right to purchase silver and gold at significantly reduced prices over the life of the mine. This model offers several advantages. Wheaton avoids many operational risks, heavy capital expenditures, and permitting delays that can hinder traditional miners. The company typically maintains industry-leading profit margins — often exceeding 60% — because it acquires metals at fixed, below-market prices. With streaming agreements spanning more than 20 mines across the Americas, Wheaton provides diversified exposure without concentration risk. As silver prices climb past $95, Wheaton's existing agreements become increasingly valuable because the company continues to purchase metal at predetermined prices well below spot. For investors seeking silver exposure with lower operational risk and strong margins, WPM is a compelling option in this historic rally. WPM stock is up 143.87% in the last 12 months.
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