Canada’s market continues to pretty much move with the price of gold. It’s a reminder that when one metal dominates the headlines, the smartest opportunities often show up in the shadows. And that’s where silver comes in. Gold producers now make up roughly 12% of the entire TSX, according to a new study by DayTrading.com. Surging on 2025’s bullion boom, the sector has become crowded, volatile, and heavily sentiment-driven.
Silver, meanwhile, still rides the same precious-metal tailwinds but with far more leverage to industrial demand, from electric vehicles (EV) batteries to solar panels. That mix of scarcity, utility, and being overlooked in a gold-obsessed market means silver stocks could quietly offer better upside. And far more room to run as investors look for the next precious metals winner hiding just off the beaten path.
WPM
Wheaton Precious Metals (TSX:WPM) gives investors exposure to silver prices without the risks of running a mine. Instead of digging ore out of the ground, Wheaton uses a streaming model that lets it purchase silver and gold from operating mines at extremely low, fixed costs. That means when silver prices rise, nearly every extra dollar flows straight into profit. It also means Wheaton avoids the operational headaches that plague traditional miners.
With 23 producing assets and 24 development projects, WPM has one of the most diversified portfolios in the precious metals industry, offering investors the upside of rising silver and gold prices with a smoother, more predictable cash flow profile. Furthermore, WPM offers a long-term growth pipeline driving its future production. Management expects a roughly 40% increase in attributable production by 2028 thanks to expansions at several partner mines, including major growth from copper and silver assets that benefit from the global electrification boom.
AYA
Aya Gold & Silver (TSX:AYA) offers something incredibly rare in the mining world: high-grade production in a politically stable jurisdiction with massive room to grow. The silver stock operates the Zgounder Mine in Morocco, one of the highest-grade primary silver mines globally, and production is expanding rapidly thanks to a major mill and capacity upgrade. Unlike many mid-tier silver names stuck fighting declining grades or rising costs, Aya is moving in the opposite direction, boosting output, improving recoveries, and driving down all-in sustaining costs as scale increases.
That puts the silver stock in a position where rising silver prices translate into outsized margin expansion, giving investors serious torque in a bull market. Furthermore, AYA offers an extraordinary exploration upside, which is something most investors underestimate. The silver stock controls a massive land package in Morocco’s prolific Zgounder Regional and Imiter corridors, and drilling results over the past two years have repeatedly hit high-grade silver mineralization that suggests the mine’s footprint could expand significantly. This puts the silver stock on track to evolve from a single-asset producer into a major growth platform, potentially unlocking years of rising production and re-rating potential.
Bottom line
With global silver demand accelerating due to solar power, electronics, and clean-energy infrastructure, silver stocks with scalable high-grade deposits are positioned to lead the next leg of the silver bull cycle. Aya and WPM are some of the few that check every box: growth, grade, jurisdiction, balance sheet strength, and long-term upside.
