Silver Poised to Outperform as Pan American CEO Predicts Gold Ratio to Slide to 60

Silver is making its comeback. Pan American Silver CEO Michael Steinmann says silver is closing the gap with gold, forecasting all-time highs as both investment demand and industrial use explode. In this exclusive interview with Kitco Mining at the 2025 Mining Forum Americas, Steinmann explains why the gold-silver ratio is set to fall from 86 to the historical average of 60—and possibly lower.

With 60% of silver demand driven by electronics and solar, only 150 million ounces are left for investors. Steinmann says silver will rise, not gold falling, as the ratio normalizes. Pan American is positioned to benefit, reporting Q2 production of 5.1M ounces of silver and 179k ounces of gold, US$233 million in free cash flow, and a 20% dividend hike under its net-cash policy.

Pan American shares are up 80% year-over-year, with a market cap of US$15.5 billion and over US$1 billion in cash. Major catalysts include the Juanicipio mine ramp-up in Mexico, new vein discoveries at La Colorada Skarn, and long-life growth from Jacobina in Brazil. With assets spanning the Americas and deep reserves, Pan American Silver is betting big on the coming silver breakout.

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