Silver demand is on the way up already in November, and it’s still looking like a solid opportunity for today’s investor. The price of silver has skyrocketed, only coming down slightly in the last few weeks. So, does this mean there’s an opportunity to be had? Rather than going out and buying a bunch of silver bars, let’s look at two solid silver stocks to pick up instead.
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PAAS
Pan American Silver (TSX: PAAS) stands out as one of the best silver mining stocks to buy in November. It offers what few others in the sector can: scale, diversification, and stability in a notoriously volatile space. It’s one of the world’s largest publicly traded primary silver producers. The company holds operations across North, Central, and South America, and it’s well-positioned to benefit from the metal’s dual appeal as both an industrial input and a safe-haven asset.
Financially, the silver stock is entering a stronger position after a few transformative years. In 2023, Pan American completed its acquisition of Yamana Gold’s Latin American operations. This move boosted its production capacity and resource base significantly. That deal gave the silver stock immediate access to high-quality gold and silver assets like the Jacobina and El Peñón mines. These are properties with low costs and long mine lives. In its most recent quarterly report, Pan American delivered record net earnings of US$189.6 million. Furthermore, silver production hit 5.1 million ounces, and gold production was over 178,000 ounces.
Importantly, Pan American maintains a healthy balance sheet. Its all-in sustaining costs (AISC) for silver sit around US$19.69 per ounce. Therefore, every uptick in silver prices above that level directly boosts margins. With silver recently hovering in the US$50 range and analysts projecting further upside, Pan American is well-positioned to convert that tailwind into profit growth.
FSV
Fortuna Silver Mines (TSX: FVI) looks like one of the best silver mining stocks to buy in November, and looks like a steal trading at 10. times earnings. Unlike many junior miners still searching for stability, Fortuna has evolved into a mid-tier producer with a balanced portfolio of gold and silver assets spread across multiple jurisdictions.
Fortuna’s recent results underscore just how strong its operations have become. In its latest quarterly report, the silver stock delivered US$73.4 million in free cash flow, up US$16 million from the last quarter alone. Net income rose to US$123.6 million, and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) jumped to US$130.8 million, reflecting tight cost control and improved efficiency. These results show that Fortuna isn’t just benefiting from higher metal prices—it’s actively improving its margins and profitability.
One of Fortuna’s biggest strengths is its ability to grow production organically. The Séguéla gold mine, brought online in 2024, is already exceeding expectations. It now produces more ounces at lower costs than originally forecast. Meanwhile, the silver stock continues to invest in exploration at its silver-rich San Jose and Lindero mines, extending mine lives and expanding resources. This growth pipeline is being achieved without over-leveraging the balance sheet.
Bottom line
Both of these silver stocks offer growing capital, all while improving margins and bringing costs down. If you’re looking to benefit from the rise in silver prices, these are certainly the two I’d go for first.
