The silver price was under pressure in the first quarter of the year. While it managed to hit a high of US$17.54 per ounce on January 24, it declined 3.76 percent in Q1 to end at US$16.20.

As investors watch interest rate hikes, political uncertainty and a depressed dollar, they are slowly turning their direction towards the gray metal as a safe-haven asset.

Despite silver’s slow start to the year, analysts and industry experts believe that the silver price could increase later this year. With that in mind, it’s interesting to look at which silver stocks performed the best in the first quarter of 2018. 

The list below was generated on March 28, 2018 using the Globe and Mail’s market data filter, and it shows the TSX-listed silver companies that have seen the biggest share price gains year-to-date. Only companies with market caps above $50 million as of that date are included.

1. Sierra Metals (TSX:SMT)

Current price: C$3.27; year-to-date gain: 10.1 percent

Sierra Metals is a Latin American precious and base metals producer. The company owns and operates three producing mines: the Yauricocha mine in Peru and the Bolivar and Cusi mines in Mexico.

In January, the company said it expects its 2018 silver production to range between 13.9 and 16.2 million ounces. The forecast range is the result of “increased throughput, production, and higher recoveries” at its Bolivar and Cusi mines. At the beginning of February, the company reported drill results from the Cuye zone, located at the Cuye zone extension within the Central Mine at Yauricocha.

2. SSR Mining (TSX:SSRM)

Current price: C$12.23; year-to-date gain: 9.29 percent

SSR Mining is an intermediate precious metals producer with three mines in the Americas. As of December 31, 2017, the company boasted a balance sheet of US$460 million in cash and cash equivalents and US$114 million in marketable securities.

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