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Here is the color standard for Labradors as drafted by the Parent Club (LRC, Inc.) and accepted by the AKC:

Color
The Labrador Retriever coat colors are black, yellow and chocolate. Any other color or a combination of colors is a disqualification. A small white spot on the chest is permissible, but not desirable. White hairs from aging or scarring are not to be misinterpreted as brindling. Black--Blacks are all black. A black with brindle markings or a black with tan markings is a disqualification. Yellow--Yellows may range in color from fox-red to light cream, with variations in shading on the ears, back, and underparts of the dog. Chocolate--Chocolates can vary in shade from light to dark chocolate. Chocolate with brindle or tan markings is a disqualification.

 Silver is "rare", only in that there are few dogs with that color, no reputable breeder attempts to breed them, and the color was developed through careful inbreeding of the dogs in a specific kennel.

This is the LRC Inc.'s take on Silvers:  click here 

This is our personal take on the topic of Silvers: Click Here