PAAS
Pan American Silver Corp.
stock NYSE

TTM earnings yields for the gold sector on the US Mkt, close of mkt 2026-07-16:
NEM 8.78%, AEM 7.78%, B 10.48%, WPM 3.65%, FNV 3.50%, AU 8.97%, GFI 12.34%, KGC 10.15%, PAAS 6.89%, RGLD 3.91%, CDE 4.80%, AGI 8.72%, HMY 10.51%, IAG 11.58%, EGO 7.44%, EQX 8.25%, SSRM 4.08%, OR 4.71%, OGC 14.39%, BTG 10.75%, AUGO 2.12%, ORLA 7.19%, CGAU 20.25%, ARIS 5.85%, FSM 13.25%, DRD 11.15%, MAKO 7.48%, GAU 6.30%, IDR 4.71%, CMCL 18.64%
The average gold price Apr'25 - Mar'26 was around 3775/ozt. Given all in sustaining costs average around 1800, I expect earnings at 4000 to be about 12% higher, other things being equal. In some cases, the producers were hedged with collars that are expiring, so earnings will be *much* better. For others here, production is increasing 20-30%.
I rode ARIS, GAU, and CMCL up from Nov 2024 to Dec 2025 for gains of 300-500% each. I'm back in the gold miners (via GAU and CMCL), and thinking about adding ARIS again. Others I like include ITRG and TRX. But with 2 positions already, my attention has mostly been on taking gains from semi shorts and depositing them in silver miners.
The easy money has been made. But there's still good money, especially considering the ttm earnings yields of the S&P 500 is a dismal 3.09%, and inflated due to undercounting SBC.

TTM earnings yields for the gold sector on the US Mkt, close of mkt 2026-07-16:
NEM 8.78%, AEM 7.78%, B 10.48%, WPM 3.65%, FNV 3.50%, AU 8.97%, GFI 12.34%, KGC 10.15%, PAAS 6.89%, RGLD 3.91%, CDE 4.80%, AGI 8.72%, HMY 10.51%, IAG 11.58%, EGO 7.44%, EQX 8.25%, SSRM 4.08%, OR 4.71%, OGC 14.39%, BTG 10.75%, AUGO 2.12%, ORLA 7.19%, CGAU 20.25%, ARIS 5.85%, FSM 13.25%, DRD 11.15%, MAKO 7.48%, GAU 6.30%, IDR 4.71%, CMCL 18.64%
The average gold price Apr'25 - Mar'26 was around 3775/ozt. Given all in sustaining costs average around 1800, I expect earnings at 4000 to be about 12% higher, other things being equal. In some cases, the producers were hedged with collars that are expiring, so earnings will be *much* better. For others here, production is increasing 20-30%.
I rode ARIS, GAU, and CMCL up from Nov 2024 to Dec 2025 for gains of 300-500% each. I'm back in the gold miners (via GAU and CMCL), and thinking about adding ARIS again. Others I like include ITRG and TRX. But with 2 positions already, my attention has mostly been on taking gains from semi shorts and depositing them in silver miners.
The easy money has been made. But there's still good money, especially considering the ttm earnings yields of the S&P 500 is a dismal 3.09%, and inflated due to undercounting SBC.