The spot price of silver is roughly $35 per ounce, just below the highest level in over a decade. Alongside gold, which has repeatedly touched new record highs in recent months, the price of silver has skyrocketed amid geopolitical turmoil around the world and uncertainty regarding the future of American politics.

Silver is also found in a host of electronics equipment, including semiconductors, as well as in many solar energy components. As demand for these and other items using silver increases, there is pressure on silver miners to extract more of the precious metal, and prices increase.

While some analysts predict a silver supply-and-demand crisis is in the works, as the finite global supply may not keep up with growing needs for silver in practical applications, retail investors may be able to benefit from the rising costs of this safe haven asset.

Silver Company Acquisition Spree

The silver mining industry has experienced a consolidation in recent months as larger firms have sought to expand their silver operations, in part to take advantage of rising prices. In the short term, target companies like SilverCrest Metals Inc. (CVE: SIL), which is being acquired for $1.7 billion by Coeur Mining Inc. (NYSE: CDE), have seen a stock price spike. SilverCrest shares jumped by more than 12% immediately following the acquisition announcement.

Longer-term investors may prefer to look toward the acquiring companies. Another example is First Majestic Silver Corp. (NYSE: AG), which agreed to buy Gatos Silver Inc. (NYSE: GATO) for close to $1 billion in September. The move could reinvigorate First Majestic's silver operations, which have recently declined due to lower grades and throughput at some of its largest mines.

However, investors should be careful about companies involved in acquiring other silver mining firms. Adding new properties could help to boost silver production, but the terms of some acquisitions may result in substantial share dilution, meaning that the acquiring firm will produce less silver per share following the completion of the deal.

PAAS: A Standout Silver Miner

Pan American Silver Corp. (NYSE: PAAS) is a silver mining firm that is not involved in an acquisition as of this writing but nonetheless stands out for investors looking to expand its exposure to this industry amid booming prices. Shares of the company are up by more than two-thirds in the last year, while five out of six analysts who have recently rated the stock have labeled it a Buy.

With proven and probable reserves of roughly 468 million ounces of silver, Pan American is one of the largest silver mining firms in the world. The company has been successful at managing costs even as production has struggled as a result of weather and other external issues, resulting in more than $102 million in free cash flow generated in the second quarter.

Pan American has a solid balance sheet and superior reserves. The company expects to increase silver production through the end of the year, which may help to propel the price of its stock upward.

Silver ETFs Provide Additional Exposure

Investors not interested in picking individual silver mining companies might look to silver-focused ETFs instead. iShares Silver Trust (NYSEARCA: SLV) is a physically-backed fund that holds silver bullion.

By opting for physical silver instead of silver futures, as some other silver-focused ETFs do, SLV can mitigate concerns around backwardation. It also allows investors to access a proxy for direct physical silver without having to concern themselves with transporting, storing, or securing their own bullion or coins.

Buying Physical Silver: Direct Access Without Expense Ratios

Of course, investors wishing to gain direct access to physical silver always have the option to buy and store their own. Unlike SLV above, you will not have to worry about trading any shares of a fund or paying a regular expense ratio to a fund manager. And holding physical silver gives investors the greatest degree of control over their assets. Still, beware of issues that may come up with selling silver bullion in a timely fashion, and keeping your own silver does expose you to risks like theft or loss that other options on this list do not entail.