Pan American is the largest silver producer in the Americas with full leverage to the silver price catch-up versus gold. Industrial silver demand from solar PV and AI server thermal management adds non-monetary demand. Escobal mine restart in Guatemala would be a substantial volume catalyst once consultation concludes. Diversified gold byproduct credits cushion downside.
Thesis reviewed May 29, 2026
Pan American Silver Corp. is headquartered in Canada, which is currently showing elevated risk signals.
🇨🇦Canada78NEUTRALView Canada risk detail →⛏Mining0WATCH| Ticker | Company | Score | Gap | Signal Δ | Action |
|---|---|---|---|---|---|
| VALE | Vale S.A. | 50 | -8% | ↓0% | AVOID |
| AG | First Majestic Silver Corp. | 50 | +13% | ↓0% | EARLY |
| TECK | Teck Resources Limited | 50 | +19% | ↓0% | EARLY |
| AEM | Agnico Eagle Mines Limited | 50 | +18% | ↓0% | EARLY |
| FM | First Quantum Minerals Ltd. | 50 | -7% | ↓0% | AVOID |
| IVN | Ivanhoe Mines Ltd. | 50 | +17% | ↓0% | EARLY |
| GOLD | Barrick Gold Corporation | 50 | +11% | ↓0% | EARLY |
Investors who hold PAAS may also have indirect exposure through these country funds.
Gold/silver ratio compresses toward 65 from peak above 90
Guatemala constitutional court advances Escobal consultation
Estimates · Yahoo Finance · Not audited figures
| Politician | Party | Type | Amount | Trade Date | Return |
|---|---|---|---|---|---|
| Gilbert CisnerosCA | D | Buy | Unknown amount | Jan 27, 26 | -1.0% |