Although often thought of as a safe haven or a hedge against inflation, silver isn't just a precious metal.

See also: Best Silver Stocks Right Now

Here are three silver stocks that had the highest return over the past 12 months and look set for momentum into 2021.

See Also: Silver Futures Shoot Up 5% As WallStreetBets Seeks Short Squeeze

Endeavor Silver Corp. (NYSE:EXK) is a Canadian silver mining company out of Vancouver B.C. Endeavor owns three mines in Mexico and focuses on sustainability in its operations.

In March 2020, shares of Endeavor hit their lowest price in four years and bottomed. Since then the stock has risen almost 400%. With continued momentum, there’s still room to go for this stock. It's currently trading at $4.95, which is well below its all-time high price of $13.10.

Fortuna Silver Mines (NYSE:FSM) is another Canadian company with operations in Mexico, Peru and Argentina. Fortuna mines both silver and gold and focuses on environmental sustainability and responsibility in its operations.

Fortuna is currently trading up 430% from its March 2020 all-time low share price of $1.47. At about 20% below its all-time high price of $9.75, there's room to run if the metal's momentum continues.

Pan American Silver Corp. (NASDAQ:PAAS) is also a Canadian exploration and silver mining company with operations throughout North America, Central and South America, and also as a focus on responsibility and sustainability.

Pan American shares are up just over 200% from the March 2020 lows but still almost $12 below all-time highs.

Although the rally in silver had consolidated recently, momentum could continue to move share prices higher.

"Once the gold rally resumes, tactical buying will help fuel further price gains for silver," wrote Neil Meader, the Director of gold and silver at Metals Focus. "This should help silver outperform gold, which we believe will see the gold/silver ratio continue to fall during 2021."