Silver’s remarkable advance into the final weeks of 2025 has not merely lifted the metal itself—it has broadened across miners, royalty companies, bullion funds, and leveraged silver proxies in a way rarely seen in the past decade. Investors watching this sector cannot help but ask whether the trend still offers opportunity or whether this is a moment that calls for caution. The Stock Trends framework provides the clarity required to navigate this environment with discipline rather than emotion.
The first and most striking observation from this week’s Stock Trends universe is the breadth and duration of Bullish trend classifications among silver securities. Many of the sector’s key vehicles—such as SLV, PSLV, CEF, HUZ, SVR, and the TSX bullion trust SBT—remain deeply entrenched in Bullish territory. These are not fleeting classifications. Several of these instruments have sustained uninterrupted Bullish status for well over half a year, with CEF surpassing the one-year mark. Such longevity reflects persistent demand and investor accumulation that is not easily dismissed.
Among individual miners, the picture is equally compelling. Discovery Silver (DSV-T), Aya Gold & Silver (AYA-T), Silvercorp Metals (SVM-T), and Americas Gold & Silver (USA-T) all continue to uphold firm Bullish classifications. Their rising relative strength rankings confirm what the trend indicators already suggest—these stocks have been dependable leaders within the Canadian resource space throughout the autumn and into early winter. The juniors and developers have participated too: Silver Elephant (ELEF-T) and Vizsla Silver (VZLA) have advanced meaningfully, reflecting renewed interest in higher-beta opportunities.
On the U.S. exchanges, the same theme persists. Pan American Silver (PAAS), First Majestic Silver (AG), Endeavour Silver (EXK), and Hecla Mining (HL) all display Bullish trend structure, with recent 13-week price strength revealing the sector’s breadth. Silver-linked exchange-traded funds also tell the story clearly. SIL, the senior-miners ETF, and SILJ, its junior-miners counterpart, both maintain steady Bullish trends, while PSLV and SLV reflect bullion’s underlying leadership.
But while the indicators confirm a healthy and sustained uptrend, Stock Trends methodology demands a forward-looking assessment as well—one that the Stock Trends Inference Model (ST-IM) provides. The Trend Indicator captures prevailing market behaviour and sentiment; the ST-IM complements it by offering a probabilistic outlook. Rather than predicting in a simplistic sense, the model evaluates how securities with similar indicator profiles have behaved over multiple future horizons and uses that history to infer the likely range of outcomes over the weeks ahead.
This week’s model output for silver securities paints a nuanced portrait. Among the large universe of Bullish silver stocks and ETFs, only a small number meet the rigorous conditions required to qualify as Stock Trends Inference Model (ST-IM) “Select” candidates—those securities where the trend indicators and modelled forward return distributions align to form a statistically favourable expectation for the coming weeks. In essence, the Select designation is reserved for those stocks and ETFs where Stock Trends is not only observing strength, but also judging that strength to carry an above-average likelihood of continuing relative to typical market behaviour.
ST-IM Select Silver Opportunities
| Symbol | Security | Exchange | Category | Stock Trends View |
|---|---|---|---|---|
| AGQ | ProShares Ultra Silver | NYSE | Leveraged silver ETF (2x) | Highest-octane silver exposure; strong Bullish trend and leadership, suitable for tactical traders who follow signals closely. |
| SILJ | Amplify Junior Silver Miners ETF | NYSE | Junior silver miners ETF | Diversified play on junior silver miners; captures high-beta segment of the silver cycle with ongoing Bullish profile. |
| EXK | Endeavour Silver | NYSE | Mid-cap silver producer | Focused miner with consistent Bullish trend and positive ST-IM outlook; combines operational leverage with model support. |
In the silver sector, the list of Select names narrows to three: ProShares Ultra Silver (AGQ), Amplify Junior Silver Miners ETF (SILJ), and Endeavour Silver (EXK). These securities distinguish themselves not only in their ongoing Bullish trends but also in the model’s forward-looking assessment. Each shows a high probability—relative to the broad market median—of outperforming typical 13-week random return behaviour. In Stock Trends terms, they offer a convergence of trend structure and positive expectancy.
AGQ, being a leveraged instrument, represents the most aggressive of these opportunities. Its trend profile has been exceptionally strong, and its relative strength ranking places it among the highest-performing securities in the entire Stock Trends universe. Such instruments, however, demand respect: leverage magnifies opportunity and risk in equal measure. AGQ is best suited for investors with a tactical mindset and the discipline to respond promptly if the trend indicator eventually deteriorates. It is not a passive holding but a position that must be managed in close alignment with the Stock Trends signals.
SILJ, by contrast, offers diversification within the junior-silver space while retaining substantial upside participation. It reflects the broad resurgence in junior exploration and development equities—an area that historically amplifies the direction of the underlying commodity. For investors seeking an aggressive but less concentrated exposure than individual developers, SILJ stands out as one of the model’s most constructive silver-related options. It gives access to the junior segment’s potential while smoothing out some of the idiosyncratic risk inherent in single-company bets.
EXK, meanwhile, presents a more focused, company-specific opportunity. As a mid-cap miner with operational leverage to rising silver prices, Endeavour Silver has shown consistent and well-supported trend behaviour. Its Stock Trends profile reveals a solid Bullish classification and sustained positive relative strength. The ST-IM’s positive forward-return characteristics reinforce the technical story observed in its price action, marking EXK as a miner where both the trend indicators and the probabilistic model point in the same constructive direction.
Beyond the Select names, many silver miners and bullion ETFs still project constructive outlooks, even if they fall short of Select status. DSV, SVM, AYA, PAAS, AG, SLV, PSLV, CEF, SVR, and HUZ all remain viable components of a silver-oriented portfolio. Their trend classifications remain firmly Bullish, and their relative strength continues to elevate them among the top-performing categories in the Stock Trends universe. The ST-IM suggests that while the steepest gains may already have been realized, the forward return profile for many of these securities remains moderately favourable. These are not dismissed by the model; they are simply understood as positions where most of the easy upside has already been earned.
Leading Silver Miners & Developers
| Symbol | Company | Exchange | Profile | Stock Trends View |
|---|---|---|---|---|
| DSV | Discovery Silver Corp. | TSX | Developer with large-scale silver project exposure | Extended Bullish trend and strong momentum; a key TSX name in the silver development space. |
| AYA | Aya Gold & Silver Inc. | TSX | Growing producer with silver and gold exposure | Newer Bullish phase emerging after prior consolidation; notable for investors seeking growth potential in producers. |
| SVM | Silvercorp Metals Inc. | TSX / NYSE | Established low-cost silver producer | Stable Bullish trend with strong relative strength; a core equity holding for silver exposure. |
| USA | Americas Gold & Silver Corp. | TSX | Producer with silver and gold operations in the Americas | High-beta participant in the silver rally; Bullish trend but with typical volatility of turnaround names. |
| ELEF | Silver Elephant Mining Corp. | TSX | Speculative silver explorer/developer | Strong recent price moves with shorter trend history; appropriate for speculative capital within a diversified portfolio. |
| VZLA | Vizsla Silver Corp. | TSX-V | Junior explorer with high-grade silver focus | Participates strongly when risk appetite for juniors is robust; best used as a complement to senior and mid-cap exposure. |
| PAAS | Pan American Silver Corp. | NYSE / TSX | One of the largest primary silver producers | Maintains Bullish trend and sector leadership; anchors many institutional silver allocations. |
| AG | First Majestic Silver Corp. | NYSE / TSX | Primary silver producer with strong retail following | Reasserts Bullish characteristics in this cycle; offers direct operational exposure to silver prices. |
| HL | Hecla Mining Company | NYSE | Long-established U.S. silver producer | Participates in the broader silver trend; useful as a U.S.-domiciled core holding among producers. |
This leads naturally to the practical question: how should investors position themselves now? Stock Trends doctrine guides investors to respect the trend until it ends, and the trend in silver is not showing signs of deterioration. Investors with existing positions in SLV, PSLV, CEF, SIL, SILJ, or strong TSX miners such as DSV and SVM are justified in maintaining those holdings so long as the Bullish classifications persist. For new entrants or those seeking tactical allocations, the ST-IM Select names— AGQ, SILJ, and EXK—represent the areas where the indicators and the trend-derived modelling align most constructively.
Core Silver Bullion & ETF Exposure
| Symbol | Security | Exchange | Focus | Stock Trends View |
|---|---|---|---|---|
| SLV | iShares Silver Trust | NYSE | Unlevered bullion proxy | Core silver exposure; long-standing Bullish trend and strong relative strength versus the broad market. |
| PSLV | Sprott Physical Silver Trust | NYSE / TSX | Physical silver trust | Structural Bullish profile; suitable as a core holding for investors seeking physically-backed silver exposure. |
| CEF | Sprott Physical Gold and Silver Trust | NYSE / TSX | Gold & silver bullion trust | One of the longest-running Bullish trends in the group; combines precious metals diversification with consistent leadership. |
| SVR | iShares Silver Bullion ETF | TSX | Canadian-listed bullion ETF | Strong Bullish trend and high relative strength; core TSX vehicle for direct silver exposure. |
| HUZ | BetaPro Silver ETF (unlevered) | TSX | Silver bullion ETF | Participates fully in the silver uptrend; suitable as a Canadian-listed core silver position. |
| SBT | Purpose Silver Bullion Trust | TSX | Closed-end silver bullion trust | Long-duration Bullish trend; useful for investors preferring a trust structure over an ETF wrapper. |
| SIL | Global X Silver Miners ETF | NYSE | Senior silver miners ETF | Broad-based equity exposure to primary producers; anchors the mining side of a silver allocation. |
There is, however, a parallel principle in Stock Trends: long and extended trends should be monitored closely, especially where volatility is elevated. Silver’s advance has been powerful, and some of its more speculative participants have enjoyed rapid appreciation. Investors may therefore benefit from balancing their silver allocations between the more stable bullion vehicles— SLV, PSLV, CEF— and a more selective weighting toward the higher-beta opportunities validated by the ST-IM. Core positions in bullion and senior miners can anchor the exposure, while selective participation in AGQ, SILJ, and EXK provides an overlay of growth potential.
The Stock Trends framework does not attempt to anticipate reversals—it responds to them. As long as the Bullish classifications persist, and leadership remains intact, silver continues to merit its place among the market’s dominant themes. But investors should remain watchful. When silver eventually softens, the indicators will reveal it clearly, and the disciplined investor will act accordingly. The combination of trend status changes, deterioration in relative strength, and unfavourable ST-IM readings will signal the time to reduce or exit.
For now, silver’s story remains one of strength—broad, durable, and still offering pockets of opportunity. Stock Trends indicators confirm it. The ST-IM highlights where the probabilities are most favourable. Together, they provide a roadmap through a marketplace that rewards conviction balanced by discipline. For investors prepared to respect both the power of the current trend and the lessons of past cycles, this silver phase still offers a meaningful, if more nuanced, opportunity set.
Stock Trends information is part of the base information I review before making a trade.
