As U.S. Treasury yields rise, investors are increasingly looking to silver as a hard asset. Here are three silver miners that could benefit from this trend, each showing at least 13% earnings growth.
With soaring Treasury yields pushing borrowing costs higher, many investors are seeking refuge in hard assets like silver. This trend is reflected in the performance of three notable silver miners that are well-positioned to capitalize on the growing demand for silver. Below, we break down these companies and what makes them stand out in the current market environment.
Investor takeaway: Long-term investors should consider these silver miners as potential beneficiaries of rising demand and prices in the hard asset space.
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First Majestic Silver Corp
AG.TO
AG.TO
First Majestic Silver Corp
WealthAwesomeMarket cap
$14.10B
P/E
29.2x
Div. yield
0.17%
Div. / share
$0.05
52W high
$43.62
52W low
$14.39
1W change
+4.92%
Beta
2.19
Analyst Price Targets
Based on analyst covering AG · as of Sep 23, 2026
Wall Street analysts forecast AG stock price to rise 29.3% over the next 12 months.
Consensus
BullishBased on avg. target vs last close (formal rating unavailable for Canadian listings)
Avg. Target
C$34.75
+29.3% Upside
Previously C$34.50 on Sep 17, 2026
Current Price
C$26.87
Last close
Targets are snapshotted when they change. Unchanged figures keep their original date. Not financial advice.
Wealth Awesome Price Forecast
WA ModelStatistical 90-day price range based on AG's historical volatility
30-Day Vol
62.2%
Annualized
90-Day Vol
68.1%
Annualized
Trend (90d)
+47.4%
Annualized drift
90d Mean
C$31.83
Expected price
| Horizon | Expected | 68% Range (1σ) |
|---|---|---|
| 30 trading days | C$28.43 | C$22.94 – C$35.24 |
| 60 trading days | C$30.08 | C$22.20 – C$40.76 |
| 90 trading days | C$31.83 | C$21.94 – C$46.17 |
Methodology: Range is calculated using 30-day realized volatility via geometric Brownian motion (log-normal model). 68% band = ±1σ, 95% band = ±2σ. This is a statistical model, not a prediction. Past volatility does not guarantee future results. Not financial advice.
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Why These Silver Miners Are Gaining Traction
Each of the three silver miners highlighted is projected to achieve at least 13% earnings growth, driven by rising silver prices and increased demand from sectors like AI and renewable energy. This positions them well to attract investor interest as borrowing costs rise.
Bull case
- Aya Gold & Silver: This company, focused on Morocco, has a solid revenue stream from its Zgounder mine, which could benefit from higher silver prices.
- Discovery Mining: With a diversified portfolio that includes high-grade silver projects, it stands to gain from its efficient operations and cash flow from gold production.
- First Majestic Silver: Operating multiple mines in Mexico, it not only produces silver but also sells bullion directly, positioning itself well for premium margins amid rising demand.
Bear case
- Aya Gold & Silver: Production risks could impact its appeal if costs rise unexpectedly or if production levels fall short of expectations.
- Discovery Mining: The need to manage capital spending efficiently and integrate new acquisitions poses a risk to unlocking its long-term silver value.
- First Majestic Silver: A decline in premium pricing for its bullion could pressure margins and affect overall profitability.
Aya Gold & Silver (AYA.TO) Overview
Overview: Aya Gold & Silver operates the Zgounder silver mine in Morocco, generating significant revenue from its operations.
What the screen shows: With a market cap of CA$5.8 billion, Aya Gold & Silver is positioned for growth as it benefits from rising silver prices.
Risks and watch items: Investors should keep an eye on production risks and potential shifts in cost control that could impact profitability.
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Discovery Mining (DSV.TO) Overview
Overview: Discovery Mining combines Canadian gold operations with high-grade silver projects, progressing toward production.
What the screen shows: With a market cap of CA$10.2 billion, Discovery Mining's operations are supported by cash flow from gold, which fuels its silver projects.
Risks and watch items: The company must manage capital expenditures efficiently and integrate acquisitions to unlock its silver potential.
First Majestic Silver (AG.TO) Overview
Overview: First Majestic Silver operates multiple silver and gold mines in Mexico, providing direct exposure to silver production.
What the screen shows: With a market cap of CA$13.4 billion, First Majestic Silver is well-positioned to benefit from rising industrial demand for silver.
Risks and watch items: Investors should monitor premium pricing for bullion, which could significantly affect margins.
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