Silver Mining Stocks Are Undervalued In 2026

*Below is my 5-minute analysis on silver miners equity prices for 2026

The price ratio of silver miners to silver is at some of its lowest levels in history, roughly at the same values as it was in the 2000’s. The ratio is currently sitting on a support from 2014-2015 inside of a multi-year upward price channel. Alongside the macroeconomic and geopolitical fundamentals, this setup’s potential upside gain justifies the limited downside risk. Unless silver experiences a large medium-to-longterm pullback, silver mining equity prices are set to increase against the price of silver. For this to happen, there are 3 high-level scenarios:

1️⃣ Silver price remains above ≈$88: silver miners appreciate more than silver

2️⃣ Silver price remains above ≈$83: silver falls in price, miners fall less or increase

3️⃣ Silver price remains above ≈$70: silver falls in price, miners fall less (more likely) or increase

Given the increasing demand for physical silver combined with currency debasement driven by refinancing needs, I don’t believe silver’s spot price will experience a pullback to lower than the ≈$70 level in 2026. Pullbacks below ≈$70 are more likely to trigger a larger sell-off in silver miners, potentially even pushing the ratio further down, meaning that silver mining stocks fall in price more than silver.

Silver producers/miners, royalty and streamers can be a great source of diversification and even "hedging" of your silver investments without ever leaving the commodities sector. You can further diversify your exposure to other metals by acquiring fund units and/or equities in producers, royalty and streamers that focus on more than two metals (e.g. there are companies mining gold, silver and copper).

A few days ago, I wrote a post about how gold miner prices are set to breakout. But silver is not gold. Silver miners will be more volatile than gold miners, but given a positive correlation between gold and silver prices, they will tend to follow the gold miner’s direction. After all, most gold mining companies mine silver and vice-versa (silver is often mined as a byproduct of other metals like gold, copper, lead and zinc). The attached chart shows the ratio between the price of Hecla Mining and Pan American Silver, so it doesn’t include all silver miners, but you’ll find a similar structure in silver equity-based indices against the spot/futures price of the metal.

In the longer timespan (e.g. 3+ years), miners may underperform the underlying metal. This analysis is written with a focus on the current price levels with a timeframe of 1 year from now. Given that this article was written in January 2026, you can consider this as a guide for the remainder of 2026. Physical silver is not the same as silver miners. The mining sector is exposed to an array of risks distinct from the metal, with the highest one currently being the geopolitical risk in the form of armed conflict (destruction, supply chain disruption) and legal changes (sanctions, tariffs, export/import limits). Thus, even if the price of the physical metal goes up, miners price can collapse. The same risks can put upwards pressure on the metal and downward pressure on the miners simultaneously. I don't believe these risks will materialize sufficiently for miners by the end of 2026, and given the upside price pressure on commodities, miners will also ride that price wave up.