Stephen Simpson, CFA
Long only, growth at reasonable price, value, research analyst

Improving Costs, Clean Balance Sheet Not Sparing Pan American Silver

If you mine anything, 2013 was probably a painful year and if you mine precious metals, it was a horror show. The Market Vectors Gold Miners ETF (NYSEARCA:GDX) is down more than 50% over the past year, the Junior Gold Miners ETF (NYSEARCA:GDXJ) is down more than 60%, and the Global X Silver Miners ETF (NYSEARCA:SIL) is down about as much as the GDX (52%). It's not hard to figure out why, as falling prices, rising costs, and debt-laden balance sheets have all contributed to a mass exodus from the space.

In the rush to the door, I think Pan American Silver (NASDAQ:PAAS) may have been unfairly trampled. It is absolutely true...

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