Silver just won't stop. A day after cracking $60, the metal pushed above $61 per ounce on Wednesday, marking yet another all-time high in what's shaping up to be one of the most explosive commodity runs in decades.
This isn't the silver market anyone remembers. For years, the metal bounced around quietly, overshadowed by gold and largely ignored by mainstream investors. But something changed in 2025. What began as a simple catch-up rally to gold has morphed into a full-blown breakout—the kind that gets compared to the late 1970s.
And those comparisons aren't hyperbole. Silver is up 112% year-to-date, on pace for its best annual performance since 1979.
Why Silver Is Having Its Moment
The setup couldn't be better for precious metals. Investors are piling in ahead of what's expected to be the Federal Reserve's third quarter-point rate cut of the year, and all eyes are on Chair Jerome Powell's press conference for clues about the 2026 policy path.
Lower interest rates are catnip for metals like silver. They weaken the dollar, crush real yields, and remove the opportunity cost of holding non-yielding assets. Silver, already the star performer of 2025, is reacting accordingly.
According to Otavio "Tavi" Costa, an analyst at Crescat Capital, silver is experiencing "a moment of profound significance." He points to long-term inflationary pressures, financial repression, and a strained monetary system as the forces driving this move higher.
Here's the wild part: even after this historic run, silver still trades nearly 80% below its inflation-adjusted peak from 1980. If you adjust for inflation, there's a case to be made that silver isn't expensive at all—it's just getting started.
The Real Action Is in the Miners
As dramatic as the move in spot silver has been, the mining stocks are where things get truly wild.
The Global X Silver Miners ETF (SIL) is up 147% this year, slightly ahead of the VanEck Gold Miners ETF (GDX), which has rallied 141%. Both funds are absolutely destroying every major equity sector, including the AI darlings and semiconductor heavyweights that dominated headlines for most of the past two years.
Silver miners, once considered cyclical laggards that disappointed more often than they delivered, have transformed into some of the most explosive equity opportunities in the entire market.
Five Silver Miners Worth Watching
Below are five companies positioned at the center of this precious metals surge. Each has meaningful exposure to silver, though their business models and risk profiles vary.
Weight in SIL ETF: 22.26%
YTD Return: +95.74%
12-Month Target Implied Upside: +23.88%
Wheaton Precious Metals (WPM) is the largest holding in the Global X Silver Miners ETF, accounting for over 22% of the fund. Shares have nearly doubled this year, climbing 96% as silver and gold prices surged.
The Vancouver-based company operates a streaming model, which means it doesn't actually mine anything. Instead, it provides upfront capital to mining companies in exchange for the right to purchase future production at preset prices. This gives Wheaton diversified exposure to gold, silver, palladium, and cobalt across four continents without the operational headaches of running mines.
Analysts see another 24% upside from current levels, making it a core holding for investors seeking silver exposure with lower operational risk.
Weight in SIL ETF: 0.83%
YTD Return: +426.74%
Median Target Upside: +23.55%
If you're looking for the year's biggest winner in the mining space, Americas Gold and Silver (USAS) might be it. The stock has soared 427% in 2025, outperforming nearly every miner globally.
Despite representing less than 1% of the SIL ETF, this Toronto-based company has serious leverage to silver, zinc, and lead production across the Americas. After rebranding in 2019, the company sharpened its focus on scaling silver output—a strategic shift that turned out to be perfectly timed.
Analysts remain bullish, with median price targets suggesting another 24% upside even after the massive run.
Weight in SIL ETF: 7.45%
YTD Return: +180.94%
Median Target Upside: +30.68%
Coeur Mining (CDE) is one of the heavyweight producers in the silver complex, with operations spread across North America.
The company's Rochester expansion has been a game changer. It's now one of the largest open-pit silver operations in North America, and it came online just as silver prices started hitting all-time highs. Talk about good timing.
Despite already being up 181% year-to-date, Wall Street analysts still see room to run, projecting another 31% surge over the next 12 months.
Weight in SIL ETF: 1.3%
YTD Return: +75.51%
Median Target Upside: +25.02%
Aya Gold & Silver (AYASF) is the purest silver play on this list. Its flagship Zgounder mine in Morocco ranks among the highest-grade primary silver assets in the world.
Unlike many miners that blend gold and silver production, Aya's limited exposure to gold makes it an attractive option for investors who want direct correlation to silver prices during this historic rally. When silver moves, Aya moves with it.
Weight in SIL ETF: 0.23%
YTD Return: +162.71%
Median Target Upside: +33.72%
New Pacific Metals (NEWP) is one of the fastest-rising exploration-stage silver companies in 2025, delivering a 163% year-to-date gain.
The Vancouver-based company is focused primarily on Bolivia, one of the world's most geologically prospective silver regions. Its flagship Silver Sand Project, along with the Carangas and Silverstrike discoveries, positions New Pacific as one of the most promising pure-play silver developers on the planet.
Wall Street analysts see roughly 34% additional upside from here, reflecting both leverage to rising metals prices and the long-term optionality embedded in its Bolivian assets.
The Supercycle Narrative
Whether this is the start of a genuine supercycle or a spectacular but temporary surge remains to be seen. But the ingredients are certainly in place: monetary easing, dollar weakness, inflation concerns, and a metal that still trades well below its inflation-adjusted highs.
For now, silver and its miners are having the kind of year that reminds investors why commodities still matter—and why, every once in a while, they can steal the show from tech stocks and everything else.
