Yahoo Finance·2026-02-14 22:43Precious Metals Market Overview - Precious metals, particularly silver, have seen significant price increases due to geopolitical tensions and industrial demand, with the iShares Silver Trust rising 160% in the past year [1] - There is a multi-year shortage of silver, with demand consistently outpacing supply, a trend expected to continue into 2026 [1] Silver Mining Companies First Majestic Silver - First Majestic Silver is a traditional mining company operating in Mexico and the U.S., involved in all aspects from exploratory drilling to excavation [5] - The company acquired Gatos Silver, gaining a 70% interest in the high-grade Los Gatos mine, with 57% of its revenue derived from silver as of the third quarter last year [5] - First Majestic is a leveraged play on silver prices, benefiting from fixed operational costs, but faces risks if silver prices drop or mining costs rise [6] Wheaton Precious Metals - Wheaton Precious Metals operates under a streaming model, financing mining companies without owning physical mines [7] - The company provides upfront payments to mining firms in exchange for the right to purchase a percentage of the produced precious metals at a predetermined price [8] - In the third quarter, Wheaton's average cash cost of silver was $6.35 per ounce, offering cost predictability and protection against inflationary pressures [8]