I see where Bill Cara has a favorable post on Silver Wheaton (SLW). Bill says making the case for silver is not difficult. I personally have struggled with the fundamentals but that is my own blind spot.
SLW is an interesting stock (I have no position personally or for clients). The basic story as I understand it is that silver often (maybe always?) is a byproduct of mining for other things. Meaning at a copper mine for example they may also pull out silver. SLW contracts with those miners to buy their silver at pre-set rates that are below market rates. SLW then sells it to silver buyers and makes a profit on the trade. Apparently this arrangement is a good deal for these miners that pull it up with other things.
That is my understanding anyway, you can read Bill’s post and find plenty of other content about the company to get all the facts for yourself.