Pan American Silver (PAAS) stands to benefit enormously from a structural shift in the silver market, where I expect the price to stabilize long-term around US$100 per ounce (or higher), driven by persistent supply deficits (Silver Institute forecasts ongoing shortfalls through 2027+), surging industrial demand (solar PV, EVs, electronics, and AI-related applications consuming ever-larger volumes), and renewed monetary/investment interest amid inflation/geopolitical risks. Unlike conservative analyst models that often embed long-term silver assumptions of US$25–35/oz (leading to muted cash flow projections and lower fair values), my base case assumes silver averages ~US$100 over the forecast period.Read more