What Do Soaring Silver Prices Mean for These Silver Stocks?

1. Dolly Varden Silver Corp., Irving Resources Inc., and Regency Silver Corp. are billboard sponsors of Streetwise Reports and pay SWR a monthly sponsorship fee between US$3,000 and US$6,000. In addition, Regency Silver Corp. has a consulting relationship with Street Smart an affiliate of Streetwise Reports. Street Smart Clients pay a monthly consulting fee between US$8,000 and US$20,000.
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The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

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John Newell Disclaimer

As always it is important to note that investing in precious metals like silver carries risks, and market conditions can change violently with shock and awe tactics, that we have seen over the past 20 years. Before making any investment decisions, it's advisable consult with a financial advisor if needed. Also the practice of conducting thorough research and to consider your investment goals and risk tolerance.

Silver has been on an impressive upward trajectory this year, more than doubling in value, breaking multiple records, and outperforming gold, Chloe Taylor reported for CNBC on December 11.

Since the start of the year, the metal, often referred to as the "Devil's metal" because of its volatility, has increased to new highs with spot silver recently trading around US$61.96 an ounce after reaching a record high of US$62.88 during Wednesday’s session, according to the report. Just a day earlier, silver crossed the US$60-an-ounce threshold for the first time.

Silver futures have also experienced significant gains, climbing 113% throughout 2025 and exceeding US$61 for the first time this week, the report said. Factors such as supply constraints, demand for safe-haven assets, and silver's importance as an industrial metal have all contributed to its strong performance, allowing it to outpace gold this year.

Part of silver’s growing appeal is its expanding role in key industrial sectors, according to Paul Williams, managing director of gold and silver supplier Solomon Global, who spoke to CNBC.

"Silver's dual identity as both an essential industrial resource and a store of value continues to draw in retail and institutional buyers," Williams told the network. "For individuals who see gold as increasingly out of reach but want exposure to the ongoing precious-metals boom cycle, silver is proving — and I believe will continue to be — a compelling alternative. All the major tailwinds for silver remain in place; however, we should expect increased volatility."

Silver is a vital component in products across various industries, used in the production of electrical switches, solar panels, and cell phones. It also plays a role in the hardware and infrastructure supporting the AI boom, Taylor wrote.

"Silver's superior electrical and thermal conductivity properties are increasingly essential to the technological transformation driving the global economy," the Silver Institute noted in a report published Wednesday. "As a result, global industrial demand for silver is set to increase as demand from key technology sectors accelerates over the next five years. Industries such as solar energy, electric vehicles and their infrastructure, as well as data centers and artificial intelligence, will drive industrial demand higher through 2030."

The 'Safe-Haven' Effect

The first record high was reached ahead of an anticipated interest rate cut by the US Federal Reserve (which the Fed followed through on). At the same time, demand from the technology sector for the precious metal remained robust, reported Osmond Chia for BBC on December 9.

When interest rates are lowered, traders typically purchase assets like silver because the benefits of holding cash in the bank or buying short-term bonds diminish, explained Yeow Hwee Chua from Nanyang Technological University, according to Chia's report.

"That naturally shifts demand toward assets viewed as stores of value, including silver," he said.

The move into so-called "safe haven" assets has also been a key factor in gold reaching new record highs in recent months, as it crossed US$4,000 an ounce for the first time. Silver's rally could also be seen as a "spillover effect" from the surge in gold's value, as investors seek more affordable alternatives, noted OCBC bank analyst Christopher Wong. Gold has gained more than 50% this year, partly due to significant purchases by central banks. The prices of platinum and palladium have also risen this year.

Experts say the value of silver has been driven up as strong demand from the technology industry outpaces supply. This has helped more than double silver's value this year, allowing it to outperform other precious metals, including gold.

"Silver is not only an investment asset but also a physical resource," and more manufacturers are finding a need for the material, Kosmas Marinakis from Singapore Management University told the author.

The precious metal, which conducts electricity better than gold or copper, is used in the production of goods like electric vehicles (EVs) and solar panels. Experts predict that increasing sales of EVs will further boost demand for silver, while advanced batteries for these vehicles will require even more of the metal. However, it is challenging to quickly increase silver supplies since most global output is a by-product from mines primarily extracting other metals like lead, copper, or gold.

A 'Crazy-Busy Week'

The rise in silver prices might not be finished just yet, reported Matt Richardson for CBS News on December 11.

For example, the precious metal reached a new record high this week, climbing above US$64 per troy ounce on Thursday, as reported by American Hartford Gold. The records follow previous highs in October when silver was valued at around US$50.

"But the price surge is even more remarkable compared to where it sat in December 2024, when it was listed for just US$29.04 per ounce," he wrote. "Overall, in 2025, the price has grown from US$28.92 on January 1 to US$64 on December 11 — an increase of more than 121% just this year."

On December 10, Peter Krauth of Silver Stock Investor said it had been a "crazy-busy week" because of the metal's moves.

"Don’t be surprised if we get a correction, and more volatility," wrote Krauth. "That said, I see silver going much, much higher in the next few years. The implications are huge, especially when it comes to the profitability of silver mining, as well as the economics of silver projects."

He continued, "Bottom line: the Fed is cutting rates even as inflation is rising, since they are looking to counter rising unemployment and a slowing economy."

Additionally, the Federal Reserve is shifting towards a more accommodative monetary policy. Besides lowering interest rates, it has concluded its "quantitative tightening" (QT) initiative, which effectively eases financial conditions, Krauth noted. QT aimed to reduce the Fed’s balance sheet by allowing bonds to mature without replacement, thereby slightly tightening the money supply.

With QT now concluded, he said, the Fed will resume purchasing new securities as the old ones mature. Essentially, this marks a subtle return to money creation, akin to quantitative easing (QE), though without the label. This additional easing measure, alongside rate cuts, underscores the Fed's serious approach to addressing the risk of rising unemployment and its commitment to maintaining a stable and healthy economy.

In his newsletter What Is Chen Buying? What Is Chen Selling?, Chen Lin commented on the breakout.

"Now, silver is breaking out of a new high almost everyday," he said "I think the next stop is likely US$65 then US$70 from the technical side. I am hoping to start taking profits in my silver future in the high 60s and I plan to slowly reduce my silver future position to 100 areas."

As the excitement trickles down to silver equities, there are several who could benefit from the rising silver prices, like the ones below.

Dolly Varden Silver Corp.

Dolly Varden Silver Corp. (DV:TSX.V; DVS:NYSEA; DVQ:FSE) had big news this month, announcing an agreement to merge with Contango ORE Inc (CTGO:NYSEA) on equal terms through a statutory plan of arrangement under the Business Corporations Act of British Columbia. The merger between Dolly Varden and Contango provides investors with a unique opportunity to benefit from a well-capitalized North American asset portfolio, which includes the cash-generating high-grade Manh Choh gold mine in Alaska and several high-grade silver and gold projects in British Columbia and Alaska, such as the Kitsault Valley and Johnson Tract projects, the companies said.

"The merger represents a step-change for the company, adding production and combining an exceptional portfolio of projects with the potential for high-grade precious-metal development," said Dolly Varden President and Chief Executive Officer Shawn Khunkhun at the time.  "The combined company is poised to become a unique, multi-asset platform for silver and gold production, focused exclusively on the United States and Canada. Our respective boards are fully aligned on how to best realize this vision, sharing a commitment to aggressively expand our resource base, accelerate mine exploration and subsequent development across the portfolio, and pursue growth-oriented acquisitions."

Once the transaction is finalized, current shareholders of Contango and Dolly Varden will each own about 50% of the outstanding shares of the merged company, or MergeCo, on a fully diluted in-the-money basis. MergeCo will be renamed Contango Silver & Gold Inc., with Nieuwenhuyse as CEO, Khunkhun as president, and Mike Clark as executive vice president and CFO. The board of directors of MergeCo will include Clynt Nauman as Chairman, Brad Juneau, Darren Devine, Mike Cinnamond, Tim Clark, Rick Van Nieuwenhuyse, and Shawn Khunkhun.

Regarding the merger, TheGoldAdvisor.com Senior Analyst Jeff Valks remarked, "In mining, much like in sports, some teams are designed to score while others are built for endurance — the merger of Dolly Varden and Contango aims to achieve both. The merger of equals between Contango ORE and Dolly Varden Silver will form a new North American precious-metals company with both production capabilities and significant exploration potential."

In an updated research note in Haywood Securities' Morning Brief email on December 8, Analyst Marcus Giannini maintained his Buy rating on the stock with a CA$11.25 target price. "We believe the arrangement makes sense from a strategic perspective, offering non-dilutive capital from cash flow generated from Manh Choh to fund exploration, and eventually potential development at Kitsault Valley," Giannini wrote. "Dolly has continued to showcase uncapped growth upside at Kitsault, and we expect further advancement of the asset to remain a key growth driver of the merged company." Upon closing, "we expect the high-grade, cash-flowing asset base will appeal to a wider investment audience, offering a re-rating opportunity," he wrote.

¹Institutional investors own 52% of the company. Along with Hecla Mining Co. (HL:NYSE) with 13%, other strategic investors include Fury Gold Mines Ltd. (FURY-T) with 12% and Eric Sprott with 9%. The rest is in retail.

Dolly Varden has 90.88 million outstanding shares and 90.5 million fully diluted shares. Its market cap is CA$577.07 million. Its 52-week range is CA$3.21–CA$7.46 per share.

Irving Resources Inc.

Irving Resources Inc. (IRV:CSE; IRVRF:OTCQX) recently announced promising drill results from its ongoing exploration at the Omui and Omu Sinter targets, part of the Omu Gold-Silver Project in Hokkaido, Japan.

The company, in collaboration with its earn-in partner JX Advanced Metals Corp., has completed several shallow diamond drill holes aimed at silica-rich, gold-silver mineralization suitable for use as smelter flux in Japan's base metal industry.

At the Omui target, five low-angle core drill holes have outlined a mineralized corridor approximately 200 meters long. These intercepts, located within 50 meters of the surface, returned significant gold-silver values along with high silica content, making the material potentially viable for small-scale open-pit mining.

Highlights from the 2025 drill campaign include hole 25OMI-002, which yielded 26.38 meters grading 2.5 grams per tonne (g/t) gold, 22.03 g/t silver, and 78.9% silica, including a 2-meter section grading 24.22 g/t gold and 173.4 g/t silver. All mineralized intervals show silica contents mostly ranging from 80% to above 90%, aligning with the company's goal of finding smelter flux-compatible ore, the company said. A separate shallow vertical hole, 25OMS-001, drilled at the nearby Omu Sinter target, intersected 41.81 meters averaging 0.54 g/t gold, 8.7 g/t silver, and 96.6% silica.

The mineralized body lies just a few meters below the surface and is characterized as a flat horizon deposited by ancient hydrothermal activity, with potential for lateral continuity.

Commenting on the results, Dr. Quinton Hennigh, director and technical advisor to Irving, said, "We are very pleased to see expansive, shallow deposits of gold-silver-bearing silica emerge at both Omui and Omu Sinter. Our recent drill results indicate we are headed in the right direction."

On October 31, newsletter writer Chen Lin of What's Chen Buying? What's Chen Selling? shared a positive assessment of the recent drill results from the Omui target. He wrote, "IRV.cn released excellent news from Omui. Remember the Omui project is in the process of permitting with Japan's largest smelter. Every gold discovered there means a lot of extra profits into the bottom line as the smelter is looking for silica."

Chen highlighted the significance of the grades encountered in multiple holes, adding, "There is high-grade gold in multiple holes. 2 meters of 24g/t gold and 173 g/t silver in hole 002 and 2.3 meters of 5.1g/t gold and 61g/ton silver in 003. It seems they hit high grades in most of the holes, this is quite impressive."

He concluded by pointing to the broader implications of the company’s permitting process, stating, "They are working on a mining license with its partner, Japan's largest smelter. Once they start mining, this gold will generate very good free cash flow."

¹Management and directors own about 9.3% of Irving, and strategic investors Newmont and Sumitomo own 17.63% and 4.78%, respectively. About 1% is owned by institutions. The rest is retail.

Top insiders include President and Chief Executive Officer Akiko Levinson with 4.88% and Hennigh with 3.1%.

Irving Resources Inc. has CA$18.72 million in market capitalization and approximately 83.36 million shares outstanding. The company's 52‑week trading range is CA$0.15 at the low and CA$0.42 at the high.

Regency Silver Corp.

Based in Vancouver, Regency Silver Corp. (RSMX:TSX.V; RSMXF:OTCQB) is a metals exploration company spearheading the development of a new Au-Cu-Ag porphyry district in Sonora, Mexico.

The company recently announced that follow-up drilling at Dios Padre, its flagship project, intersected 23.7 meters of sulphide-specularite-supported breccia. This intersection, located about 35 meters updip and southeast of a previously highlighted hole, REG-23-21, was noted in a news release.

²"Dios Padre is a high-sulfidation/porphyry mineralized system which has the potential for significant size," John Newell of John Newell & Associates wrote in an article explaining his positive outlook on this exploration company.

The breccia found in the new hole, REG-25-25, is similar to that hosting high-grade gold-copper-silver mineralization in hole REG-23-21 and notable holes, including REG-23-21 with 38 meters of 7.36 grams per tonne gold (g/t Au); REG-22-01 with 35.8 meters of 6.84 g/t Au, 0.88% Cu, and 21.82 g/t Ag; and REG-23-14 with 29.4 meters of 6.32 g/t Au. REG-25-25 is part of a 6- to 8-hole, 4,500-meter drilling program currently underway, which began on October 10. So far, four holes totaling 2,476 meters have been drilled, with assays pending.

The campaign aims to follow the lower, high-grade, gold-rich breccia zone along strike, targeting extensions of high-grade mineralization previously intercepted in the three significant holes mentioned. The ultimate objective is to determine the depth and true scale of the mineralized system near the past-producing mine and explore in multiple directions. Visually, the geology, alteration, mineral species, and abundance observed in REG-25-25 appear to compare favorably to those of the three key holes, according to the release, the company has said.

Furthermore, a new geological development is seen with this hole, as the mineralized shingle breccia that typically hosts mineralization is found on both sides of a new intersection of quartz-feldspar porphyry, the release explained. Regency intends to follow this new intersection updip toward the historical Dios Padre silver mine. It is likely, management said, that the extension of this new quartz-feldspar porphyry is at the bottom of the mineralized zone in REG-23-21. Regency also reported on three other holes, which hit significant mineralization but not the high-sulfidation breccia. Soon, Regency will start drilling the fifth hole of the program.

Due to strong investor demand, Regency has also increased the size of its recently announced best efforts brokered private placement led by Centurion One Capital Corp, as stated in a release on December 15. Under the revised terms, the company may issue up to 22,805,714 units, resulting in total gross proceeds of CA$3,991,000. Each unit will consist of one common share in the company's capital at a price of $0.175 and one share purchase warrant, allowing the holder to acquire an additional share at a price of CA$0.26 for a period of 36 months from the closing date.

The offering is expected to close on or around December 19, the company said. The gross proceeds from the offerings will be used for drilling on Regency’s Dios Padre Project in Sonora, Mexico, and for general working capital purposes.

"With experienced leadership advancing a gold-silver discovery during a historic precious metals bull market, Regency Silver stands out as a compelling exploration play," Newell wrote.

Regency has multiple avenues for value creation, given the presence of gold, silver, and copper at its previously operational Dios Padre site in Sonora, Mexico. The project already has a substantial amount of silver, as demonstrated by the 2023 NI 43-101-compliant estimate indicating an Inferred resource of 11,375,000 ounces of silver equivalent (Au eq), represented by 1,384,000 tons at 255.64 g/t of Ag eq.

¹Members of Regency Silver's management team and its board own 7% of the company. Of this total, CEO Bragagnolo, the largest shareholder overall, owns 4.76%. One institution, Palos Management Inc., has 0.52%. Retail investors hold the rest.

Regency Silver has 95.79 million shares outstanding. Its market cap is CA$15.81 million. Its 52-week range is CA$0.09–0.30 per share.