Silver is both a monetary metal and a material used in electrical contacts, solar cells, electronics, brazing alloys, solders, catalysts, medical uses, and other industrial applications. This node ranks securities by how directly they convert silver price, silver deficits, industrial demand, and mine-supply constraints into investable economics. The current basket read is clear: PAAS ranks first because it has local chart coverage and a filed canonical miner lane; AG, HL, CDE, SVM, EXK, ASM, USAS, and FSM are included because local chart coverage exists and the source work ties them to mined silver, but each needs a filed company lane before the report should make stronger operating claims. SLV, PSLV, and SIVR are useful physical-silver wrapper monitors, but local API coverage is missing, so they stay source-only.
What the stack is: mined silver comes from primary silver mines and from polymetallic mines where silver is recovered with lead, zinc, copper, or gold.
How demand converts: higher silver prices can lift miner revenue only if AISC, sustaining capital, project capital, royalties, taxes, energy, labor, freight, and by-product credits leave cash flow.
Where industrial demand matters: solar, electrical and electronics, brazing and soldering, catalysts, autos, medical uses, and other industrial uses can absorb silver supply, but PV thrifting and substitution can lower silver intensity.
Where investment demand matters: physical trusts and ETFs turn bullion into listed NAV exposure, with fee, custody, authorized-participant, premium/discount, and redemption mechanics instead of mine operating leverage.
Report boundary: this is a tactical report-layer page. Canonical company research stays in ../knowledge; local price coverage comes from read-only discovery daily_ohlc. Missing canonical lanes are explicit source gaps, not reasons to drop a relevant silver security from the node.
Current Setup
Hybrid silver nodeUse miners for local charts and wrappers for source-only silver NAV checks.
Nine miners have local OHLC through 2026-06-22. The physical silver wrappers do not, so the right rail should show only the miner basket.
Positive proofPAAS is the only knowledge-backed miner.
AG, HL, CDE, SVM, EXK, ASM, USAS, and FSM are chartable but need filed company lanes.
Demand checkDeficit framing is supportive but mixed.
Industrial demand has solar and electronics support, while PV thrifting and recycling can weaken the deficit claim.
Primary constraintMine costs can absorb silver upside.
AISC, sustaining capex, project capex, taxes, royalties, and jurisdiction risk decide cash conversion.
Demand sourceInvestment + industrial
Supply routePrimary + byproduct mines
Economic gateAISC, capex, royalties
Proof pointFCF, ounces, NAV tracking
Silver links precious-metal demand to industrial demand. The theme matters when physical tightness, investment demand, and industrial uses hold while mine output, byproduct supply, and recycling fail to loosen the market enough to break price support. Equity exposure still depends on whether miners convert price into free cash flow after costs and project spending.
The supportive evidence is a continued official deficit frame, listed silver-wrapper monitoring routes, and API-backed local OHLC for nine operating miners. The investable proof would be miner production and AISC staying inside guidance, PAAS and peers showing cash flow after project capital, and wrapper ounces or premium/discount behavior confirming investment demand.
The setup weakens if PV thrifting, industrial-fabrication revisions, recycling, byproduct supply, real-rate pressure, or dollar strength offset investment demand. For miners, the main dilution risk is that AISC, sustaining capex, project capex, taxes, royalties, labor, energy, freight, or jurisdiction issues absorb the silver price move.
Local coverage checks found miner daily_ohlc through 2026-06-22 and no local instrument/OHLC rows for the wrapper tickers. Live report API endpoint validation was not available because the local API server was not running during the source check.
Basket
Ranking follows the merge tournament: source-backed silver exposure first, operating relevance second, and technical timing last. The final miner order is PAAS, AG, HL, CDE, SVM, EXK, ASM, USAS, and FSM. The wrapper order is source-only: SLV, PSLV, then SIVR.
Primary silver and gold miner; the only API-backed miner in this node with a filed canonical company lane.
Local mkt cap$24.9B
Canonical laneFiled
Latest OHLC2026-06-22
Role in stack
PAAS gives the cleanest source-routed miner route. Silver price becomes economics through attributable ounces, realized prices, AISC, by-product credits, sustaining capital, and project capital.
Revenue mix
The filed lane supports silver and gold exposure, with Juanicipio, La Colorada, and Escobal as key silver evidence routes. Use the lane for segment and guidance detail rather than restating it here.
Proof burden
Q2/Q3 production, Silver Segment AISC normalization, attributable FCF, cash returns, La Colorada capital discipline, and Escobal consultation progress.
Cleanest missing-lane silver-purity name; local metadata identifies silver as the largest revenue source.
Local mkt cap$8.9B
Canonical laneMissing
Latest OHLC2026-06-22
Role in stack
AG is the pure-play silver miner candidate. The conversion path is mined silver and gold into revenue after mine costs, development spending, and Mexico operating execution.
Revenue mix
Local instrument metadata says silver is the largest revenue source, followed by gold and base metals. Current percentages need official filing support before stronger claims.
Proof burden
File a canonical lane covering production, AISC, Los Gatos integration, San Dimas, Santa Elena, La Encantada, balance sheet, and share-count effects.
North American silver-heavy polymetallic miner with strong jurisdiction and mine-portfolio relevance.
Local mkt cap$12.5B
Canonical laneMissing
Latest OHLC2026-06-22
Role in stack
HL belongs as a U.S. and Canada silver-supply route through silver-heavy mines and by-product credits. It ranks behind AG because silver purity matters first after PAAS.
Revenue mix
Local metadata maps HL to silver, gold, zinc, and other metals. Mine-level silver revenue, AISC, grades, and reserve support need a filed lane.
Proof burden
Confirm Greens Creek, Lucky Friday, Keno Hill, Casa Berardi, silver production guidance, by-product credits, sustaining development, debt, and reserve replacement.
Scaled Americas precious-metals miner with silver assets, but broader metal mix and integration risk.
Local mkt cap$18.0B
Canonical laneMissing
Latest OHLC2026-06-22
Role in stack
CDE is the scaled silver/gold miner after the first three names. Silver converts through mines such as Rochester and Palmarejo, then through cost control and integration execution.
Revenue mix
Local metadata says revenue is mostly precious metals from gold and silver. The current silver share, Las Chispas/New Afton impact, and debt profile need source routing.
Proof burden
File current production, AISC, Rochester throughput, Palmarejo/Las Chispas mix, acquisition integration, debt, capex, and capital-return evidence.
Silver/lead/zinc byproduct route with China jurisdiction risk and useful mine-supply relevance.
Local mkt cap$3.0B
Canonical laneMissing
Latest OHLC2026-06-22
Role in stack
SVM represents the polymetallic byproduct side of silver supply. Silver economics depend on lead, zinc, gold, mine grades, costs, and jurisdiction execution.
Revenue mix
Local metadata identifies silver, gold, lead, and zinc operations, with China as the main historical route. Specific silver revenue share needs canonical support.
Proof burden
Source Ying and GC production, by-product credits, reserve life, cash cost, AISC, China operating risk, and any expansion outside China.
Smaller silver/gold/copper operator and optionality name; useful but lower confidence without source depth.
Local mkt cap$1.1B
Canonical laneMissing
Latest OHLC2026-06-22
Role in stack
ASM is a smaller silver-adjacent producer with silver, gold, and copper exposure. It ranks below larger operators because scale and source depth are thinner.
Revenue mix
Local metadata says copper is the largest revenue contributor, so silver purity is weaker than the name implies until filings support a stronger silver read.
Proof burden
File Avino, La Preciosa, Oxide Tailings, silver-equivalent output, costs, project timing, funding, dilution, and current revenue mix.
Small silver/gold operator with Galena and Cosala relevance; included with a high proof burden.
Local mkt cap$2.2B
Canonical laneMissing
Latest OHLC2026-06-22
Role in stack
USAS is a smaller operating and restart-style silver/gold exposure. The role is monitor-grade until funding, production, and cash-flow evidence are filed.
Revenue mix
Local metadata maps the company to Cosala, Galena, Relief Canyon, and San Felipe. Current silver revenue mix and balance-sheet context need source support.
Proof burden
Confirm Galena and Cosala production, silver guidance, liquidity, financing obligations, costs, share count, and whether operations can fund themselves.
Diversified gold/silver miner; kept in the basket but ranked last because silver exposure is diluted.
Local mkt cap$3.3B
Canonical laneMissing
Latest OHLC2026-06-22
Role in stack
FSM belongs as a diversified precious-metals miner with some silver exposure. It is not a clean silver-demand expression because the local profile is more gold-led.
Revenue mix
Local metadata says most revenue comes from the Seguela gold mine, with silver exposure through assets such as Caylloma. Current silver contribution needs source support.
Proof burden
File segment production, silver/gold revenue mix, Caylloma costs, AISC, capex, jurisdiction mix, and whether silver is material enough for core ranking.
Source-only wrapper monitors
These wrappers belong in the node as physical silver and investment-demand checks, but they are not chart triggers on this page because local OHLC coverage is missing.
A
SLViShares Silver Trust
Filed canonical wrapper lane; source-only silver NAV, ounces, AP flow, fee, premium/discount, and custody monitor.
TreatmentSource-only
Canonical laneFiled
Local OHLCMissing
Role in stack
SLV separates silver price and investment demand from mine operating risk.
Revenue mix
No operating revenue. Economics are bullion value per share less fees and any premium or discount to NAV.
Proof burden
NAV tracking, ounces, creations/redemptions, premium/discount, AP functioning, fee drag, custody, and bar-list confidence.
B
PSLVSprott Physical Silver Trust
Closed-end physical silver trust comparator; useful for premium/discount and redemption-structure checks.
TreatmentSource-only
Canonical laneMissing
Local OHLCMissing
Role in stack
PSLV monitors physical silver trust demand and discount behavior, not mine supply.
Revenue mix
No operating miner revenue. The useful evidence is bullion backing, MER, premium/discount, and redemption terms.
Proof burden
Needs a canonical lane and local OHLC before chart treatment; until then use official Sprott sources only.
C
SIVRabrdn Physical Silver Shares ETF
Lower-fee physical silver ETF comparator; useful for wrapper cost and tracking comparison.
TreatmentSource-only
Canonical laneMissing
Local OHLCMissing
Role in stack
SIVR compares physical silver ETF fee and tracking mechanics against SLV and PSLV.
Revenue mix
No operating miner revenue. The relevant evidence is NAV tracking, fee, liquidity, creation/redemption mechanics, and custody.
Proof burden
Needs an official source bundle, canonical lane, and local OHLC before moving beyond source-only monitor status.
What Confirms Or Weakens
AreaWhat confirmsWhat weakens or invalidatesWatch next
01Node thesisDeficit becomes investable
What confirms
Official silver balance updates keep a deficit while investment demand and industrial uses absorb supply without a large recycling response.
What weakens or invalidates
Industrial fabrication is revised lower, PV thrifting accelerates, recycling rises enough to loosen supply, or real rates and the dollar pressure investment demand.
Watch next
Silver Institute updates
USGS context
PV loadings
Recycling
02Miner economicsPrice reaches cash flow
What confirms
Realized silver prices, mine output, grades, by-product credits, and costs leave free cash flow after AISC, sustaining capex, project capex, taxes, and royalties.
What weakens or invalidates
AISC, energy, labor, freight, sustaining capital, project capex, taxes, royalties, or dilution absorb the silver price move.
Watch next
PAAS AISC
AG filings
HL guidance
CDE integration
03Supply mixPrimary and byproduct mines
What confirms
Primary silver and byproduct silver output remain constrained while Mexico, U.S., Canada, China, and Latin America mines meet cost and reserve evidence.
What weakens or invalidates
Lead-zinc, copper, or gold byproduct supply grows enough to loosen silver, or weak base-metal economics disrupts polymetallic mine plans.
Watch next
SVM byproducts
EXK ramp
ASM mix
USAS funding
04Wrapper demandNAV and flow route
What confirms
Silver-wrapper ounces stabilize or grow, premium/discount behavior stays orderly, and AP or redemption mechanics keep market price close to NAV.
What weakens or invalidates
SLV redemptions continue, PSLV discounts widen, SIVR lacks liquidity or source support, or fee/custody concerns dominate the silver price move.
Watch next
SLV ounces
PSLV discount
SIVR fee
AP mechanics
05Stale conditionRefresh trigger
What confirms
Local OHLC remains current and no material silver balance, miner filing, production, AISC, wrapper-flow, or guidance update has arrived since this page was built.
What weakens or invalidates
A new trading session, official filing, Q2 result, production update, Silver Institute revision, ETF filing, or API coverage change arrives before refresh.
Watch next
daily_ohlc
company lanes
wrapper OHLC
report API
Source Trail
Local Knowledge
PAAS security lane for source-backed miner evidence, guidance proof burden, AISC, FCF, La Colorada, and Escobal routing.
../../../../../knowledge/wiki/lanes/security/slv.md for source-backed wrapper mechanics. It is rendered as a path here, not a chart-triggering article link, because local wrapper OHLC is missing.
Read-only discovery status showed local daily_ohlc through 2026-06-22 for PAAS, AG, HL, CDE, SVM, EXK, ASM, USAS, and FSM.
Read-only discovery status showed no local instrument or daily_ohlc rows for SLV, PSLV, or SIVR, so they are source-only until coverage is backfilled.
Selected-security chart route template: /api/securities/{ticker}/chart?frequency=weekly&window=3y&as_of=latest. The chart package is expected to derive weekly bars from daily_ohlc and show 20-week EMA, 100-week EMA, and volume.
Live selected-security API validation could not be completed because the local report API server was not running during this build.
External Official Sources
Silver Institute 2026 outlook for deficit, investment demand, industrial demand, mine supply, recycling, and PV-thrifting context.
Company filings, annual reports, MD&A, technical reports, and investor presentations are required before promoting missing-lane miner claims beyond the basket labels on this page.
Source Gaps
Missing canonical company lanes: AG, HL, CDE, SVM, EXK, ASM, USAS, FSM, PSLV, and SIVR.
SIVR still needs an issuer-page source route before the page should say more than low-fee physical silver ETF comparator.
Deferred expansion names: SLVR, SIL, SILJ, MAG, GATO, SILV, VZLA, WPM, DOLLF, and AYASF. They need coverage or source work before core inclusion.