While Silver Wheaton (SLW) has faced weaker earnings as the price of the commodity has fallen, I still believe that the silver streamer is the best play in metals. Unlike traditional miners like Pan American (PAAS) and First Majestic (AG), Silver Wheaton is not exposed to the vagaries of the mining industry. The company forges contracts with other miners to buy the silver production of those other miners at a pre-determined, fixed cost. That cost is currently around $4.14 per ounce, meaning that silver would have to fall quite a bit farther before the company's profitability is really threatened.
I also continue to prefer silver to gold as a matter of industrial usefulness. While gold is not lacking in industrial uses, the applications of silver are more numerous and are in significant growth areas. In the video below, I discuss why I feel that Silver Wheaton is where to maintain exposure to the precious metals and why I believe it can be a profitable part of your portfolio.