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Pan American Silver (PAAS) ( provides an excellent snapshot of the silver space

The 4q15 numbers out of PAAS this morning are genuinely good; they've produced strongly, costs are down, they've become leaner and meaner over 2015 and the guidance for 2016 is a continuation of the efforts made.

But (and there's always one of those), you get to the AISC forecasts and it becomes cleat, they're still losing money at these silver prices. And that's the way it is, even the decent Ag plays are untouchable, so just imagine how bad things are at the never-ending list of mediocrities in the silver space...even when they aren't getting their dynamite stolen.