The silver miners’ stocks have mostly consolidated high over the past half-year or so, mirroring resilient price action in the metal they produce. But this relative strength has been overshadowed by the extended correction in gold, which forced gold stocks lower. The resulting bearish sentiment engulfed silver stocks, leaving them out of favor. But their recently-reported Q4’20 results reveal they are fundamentally-strong.

There aren’t many major silver miners in the world, and only a handful are primary silver producers that derive over half their revenues from silver. With such a small population, there are only a few silver-stock ETFs. The leading and dominant one is the SIL Global X Silver Miners ETF, which is this tiny sector’s best benchmark. But nearing the end of Q4’20’s earnings season in mid-March, it only held $1.2b in net assets.