I found a version of this demonstration online a couple of years ago. I admit, when I first tried it with my class it was mostly for a crowd pleaser to demonstrate the activity series of metals, but I then became very intrigued by the processes occurring. The original source only referenced the “single replacement reaction” between Mg(s) and AgNO3(aq). Therefore, when I saw a grayish product (silver) I was not surprised. However, I was surprised by the white flash and the production of a white product, which were reminiscent of the classic combustion of magnesium demonstration. This led to some research and my conclusions that follow. Read through to the end and you will find a video of the demo.
30 minutes including preparation time.