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In this video we look at silver's outperformance of other precious metals over the past month, and the revenue and operating growth expectations, valuations and upside to consensus target prices for the largest companies in the sector.

Transcript:
In this video we look at silver’s recent outperformance of other metals.

Silver has outperformed the other precious metals over the past month, closing a widening gap from over the first six months of this year, with it now up 26% versus 39% for platinum and 36% for gold.

The key driver has been continued supply constraints for the metal, with LBMA inventories having recovered 11.3% from a March 2025 low, but still -32.9% down from a mid-2021 peak, and the market is expected to see a large deficit for the fifth consecutive year.

Two of the three largest global silver producers, Mexico and Peru, report monthly output of the metal, and yoy growth has trended down in the year through to the most recent June 2025 data for both.

The rising silver price has driven substantial gains for all the largest market cap silver companies, which are up between 50 and 300% so far in 2025.

This has been driven by strong revenue and operating growth assumptions for most of the major silver companies in 2025, but growth is expected to be more moderate in 2026.

This has driven up price to book valuations substantially, with some companies jumping to over 3.0x and no longer clearly inexpensive, but some still at relatively low levels under 2.0x, with most of the stocks now above their consensus targets.

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