Silver mining stocks look like a solid opportunity in December even after a rally. The metal tends to gain momentum late in the year. This occurs as industrial demand forecasts firm up and investors rotate toward undervalued precious metals. Many silver stocks still trade at steep discounts despite rising spot prices. Now, December becomes a sweet spot where seasonality, tightening supply, and renewed investor interest can align. So let’s consider a few.
PAAS
Pan American Silver (TSX:PAAS) is one of the world’s largest and most diversified primary silver producers. It has operations across Mexico, Peru, Bolivia, Argentina, and Canada. The silver stock offers investors broad exposure to both silver and gold through a portfolio of long-life, low-cost mines, along with a pipeline of development projects that provide meaningful future growth. PAAS is well known for its disciplined balance sheet, operational scale, and ability to weather commodity cycles. It does this far better than smaller pure-play silver miners, making it a cornerstone name in the precious metals space.
In its most recent earnings, PAAS posted stronger production results and improving margins as metal prices strengthened and integration of acquired assets continued. Revenue hit a record $884.4 million as both silver and gold output rose. Meanwhile, cost controls helped narrow earlier margin pressures. The silver stock also reaffirmed guidance and reported record cash flow generation as well. This gives investors confidence that it can continue reducing debt and funding growth projects without stretching its balance sheet.
PAAS stands out as one of the best silver stocks to buy in December because it offers the perfect mix of size, stability, and upside torque when silver prices begin to move. December often marks the start of stronger seasonal demand and renewed investor interest in precious metals, and Pan American’s diversified, low-cost production gives it significant leverage to rising prices. All while avoiding the operational risks that smaller miners face.
AG
First Majestic Silver (TSX:AG) is one of the few true primary silver producers with nearly all its revenue tied directly to silver prices. The silver stock operates several high-grade mines in Mexico and is known for its “pure play” approach. This means it gives investors exceptionally strong leverage when silver prices rise. First Majestic has also built a reputation for operational innovation, vertical integration, and disciplined expansion. This helped it remain one of the most recognizable names in global silver mining.
In its most recent earnings, First Majestic reported record silver-equivalent production, up 96% year over year. This was driven by improved throughput and stronger grades at key Mexican assets. Net earnings strengthened on the back of firmer metal prices. The silver stock continued focusing on cost reductions and operational efficiencies to protect margins. While some quarter-to-quarter volatility is normal for a high-torque silver miner, the results reaffirmed First, Majestic remains tightly aligned with silver price movements. Plus, it’s positioned to benefit quickly when the metal gains momentum.
AG stands out as one of the best silver mining stocks to buy in December as it offers some of the highest direct leverage to silver prices on the TSX. If silver rallies, First Majestic tends to outperform its peers dramatically due to its pure-play production profile. That makes the silver stock one of the most compelling, high-torque ways to play a potential silver breakout heading into year-end.
Bottom line
Silver often lags gold during big rallies and then plays catch-up, especially when manufacturing, solar production, and electronics orders improve heading into the new year. Yet when it comes to ending the year strong, nothing seems to shine brighter than silver stocks. And among them, these two look to be the best options on the TSX today.
