Pan American Silver (PAAS) is one of the world’s largest primary silver producers, with key operations in the Americas. While the well-timed acquisition of Tahoe Resources in 2019 boosted exposure to gold, given the quality and the calibre of its key silver assets, PAAS remains predominantly a silver play. Although the COVID-19 pandemic and current geopolitical tensions have supported investment demand and driven commodity prices, in the longer term, normalising economic conditions and monetary policy signal a gradual shift to physical demand. With ongoing expansion in renewables, which could intensify due to energy security concerns, we expect solar photovoltaics (PV) and general e-mobility to become the main areas of growth for silver.
