It depends on a few things. If your heat sink is going to be just a 'block' of metal, aluminum would be best. If you can get a heat sink with a lot of very thin fins on it, with a lot of access to air, then copper is the best.
The problem with copper is that it has a huge capacitance for heat. If it is shaped as just a block, it will just keep sucking in the heat and store it, getting hotter and hotter without dispersing the heat to the air. This is why you have to have many fins with copper, in order to transfer it into the air.
With aluminum, it holds much less heat than copper, which is a good thing in the type of configurations that we usually use. It sucks away the heat and quickly radiates it into the air without storing a whole bunch, even when shaped as a 'block' of metal.
As far as silver, I really don't know enough about it to comment, but it sounds expensive anyway ;D