Investors cautious about the Federal Reserve's September rate cut—confirmed at its mid-month meeting to be a full 50 basis points—and skeptical about the strength of the dollar have flocked to gold, sending the most famous safe haven commodity soaring to record highs. But there is only so much upside potential to gold, particularly given the attention that it has already drawn. For investors interested in diversifying beyond gold but still in search of a hedge against the dollar amid a new interest rate environment, silver provides a suitable alternative.

The price of silver has climbed at a pace just slightly slower than gold in the last year, surging by more than 29% in that time. Investors looking to stock up on physical metals may find that silver's lower price relative to gold makes it more accessible. It also has a strong array of applications, as its conductivity makes it an essential component of many electronics, solar components, and other products.

There are also ways to build indirect exposure to silver, either through a number of ETFs focused on the mining industry or through the stocks of individual silver mining firms. These companies tend to do well when the price of silver surges but are potentially separated from the volatility of the metal itself to some degree.

PAAS: Increased Resource Estimates, Earnings Growth Potential

Pan American Silver Corp. (NYSE: PAAS) is among the larger silver mining companies, with a market capitalization of $7.5 billion. This size is reflected in the firm's large portfolio of mines scattered throughout the Americas. One mine in particular—the La Colorada Skarn mine in Mexico—is notable as Pan American's highest-producing silver mine.

Pan American announced a significant increase in estimated silver resources at La Colorada earlier this month. The firm also has expansions planned in other mining sites as well. This news could be part of the reason analysts expect Pan American to more than double its earnings in the coming year.

The company is also favored by analysts because of its healthy free cash flow (over $102 million in the latest quarter), which gives it a healthy cushion to fund expansions of its mining efforts or dividend payments.

WPM: Solid Finances and Balance Sheet

Investors looking for stability in a mining stock should look to Wheaton Precious Metals Corp. (NYSE: WPM), which generated an impressive $234 million in operating cash flow last quarter. The firm carries a cash balance of over $500 million and no debt as of the end of the second quarter, making it ideally positioned to address a variety of business needs through the remainder of the year.

Wheaton is among the few mining stocks to generate net earnings rather than net losses last quarter.

This company is less of a targeted silver play than some others, however.

While Wheaton's silver production for the latest quarter did climb by 14% relative to a year earlier, silver production and sales remain just a small portion of the company's business, well behind gold.

NEM: Notable Dividend and Major Cash Influx

Newmont Corp. (NYSE: NEM) is also one of the largest mining companies, but while other firms expand their operations, this company is making moves to streamline its business.

Like Wheaton above, its primary business is gold, though Newmont does maintain its silver mining operations as well.

Newmont has recently renewed its focus on high-production tier 1 mining assets, and in doing so plans to sell a number of its other mining projects.

In the process, Newmont could raise $2 billion.

This could boost its dividend yield and may be a factor among analysts forecasting earnings growth of more than 20% in the coming year.

Silver ETFs Offer Easy Exposure to Silver Without Storage Hassles

Silver ETFs offer investors an easy way of tracking the spot price of silver without having to face the challenges associated with holding, storing, and transporting physical silver. An under-the-radar silver ETF is the Aberdeen Standard Physical Silver Shares ETF (NYSEARCA: SIVR), which stands out for its strong performance over the last year—it is up more than 28% during that time—as well as its expense ratio of 0.30%, lower than popular competitor iShares Silver Trust ETF (NYSEARC: SLV) which stands at 0.50%.