The spot price of silver has climbed $5 in a little over a month as we move into the final days of July. It has been a long time coming for gold’s little brother, but silver stocks are now on the march. A plunging US dollar and uncertainty on the economic front are both bullish signs for silver going forward.
Fortuna Silver (TSX:FVI)(NYSE:FSM) is a top silver miner based in Vancouver. Its shares have climbed 77% in 2020 as of close on July 29. The company’s results were middling in the first quarter of 2020. However, Fortuna is certain to benefit from the massive boost in silver’s spot price going forward. It also possesses a very strong balance sheet.
Wheaton Precious Metals (TSX:WPM)(NYSE:WPM) is also a Vancouver-based precious metals producer. Shares of Wheaton have climbed 90% so far this year. In Q1 2020, the company saw its attributable gold equivalent production rise over 180,000 ounces. Meanwhile, it posted record silver production at one of its top mines. Silver ounces sold increased 14.8% from the prior year.
Like Fortuna, Wheaton also has an excellent balance sheet. This is a top precious metals stock to target in this friendly environment.
Silvercorp (TSX:SVM)(NYSE:SVM) is one of my favourite silver producers. The company possesses a huge footprint in China. In addition to a flawless balance sheet, Silvercorp last reported silver production of 1.8 million ounces in the first quarter of fiscal 2021. The stock has been historically volatile, but it is a great target as the spot price of silver surges.
