Gold and silver are sliding, and it’s all because the trade got crowded, then the mood flipped. After a big run, traders started pricing in a stickier rate outlook, and the U.S. dollar stopped being a one-way headwind. That mix can hit bullion fast because it pays no interest, so money rotates when yields look attractive. Add forced selling after leverage and margin calls, and the drop can look scarier than the long-term story.
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Looking elsewhere
That volatility is why TSX investors should focus on the companies, not the candles. A solid miner can keep generating cash, replacing ounces, and upgrading its asset base even when the metals tape turns sour. If you want one name to watch while gold and silver cool off, Pan American Silver (TSX: PAAS) belongs on the shortlist.
Pan American runs a precious-metals portfolio across the Americas. It produces both silver and gold, which helps balance results when one metal lags. The biggest company headline over the last year was its MAG Silver acquisition in September 2025. That deal brought a 44% interest in the Juanicipio mine in Zacatecas, Mexico, operated by Fresnillo. Juanicipio adds scale and strong grades, and it strengthens Pan American’s silver leverage when investors return to the theme. It also adds joint-venture complexity, so execution still matters.
The next major update came in January 2026, when Pan American said it achieved 2025 production guidance and issued 2026 guidance. It reported attributable silver production of 22.8 million ounces for 2025, including a record 7.3 million ounces in the fourth quarter. It also reported attributable gold production of 742.2 thousand ounces for the year, including 197.8 thousand ounces in Q4. Hitting targets matters when prices wobble, because volume keeps the engine running.
Digging deeper
Now zoom in on the most recent reported earnings for a reality check. In its third quarter of 2025, Pan American posted record attributable revenue of $884.4 million and net earnings of $169.2 million, or $0.45 per share. Those results included income tied to Juanicipio and other one-time items, but the headlines still highlight the point: when realized metal prices cooperate, cash generation can jump quickly.
Costs decide whether a silver stock can survive a slump without issuing shares. For 2026, management expects silver segment all-in sustaining costs of $15.75 to $18.25 per ounce and gold segment all-in sustaining costs of $1,700 to $1,850 per ounce. The range reflects costs that rise with metal prices, like royalties and refining charges.
So why watch while metals slide? The market often sells the whole group in a panic, even though the better operators keep improving underneath. Pan American expects attributable production to rise in 2026, with Juanicipio contributing for a full year and certain mines sequencing into higher-grade zones. The valuation will always feel slippery in a commodity stock, because earnings swing with prices. After the surge and pullback, treat any single multiple as a moving target and focus on what stays stable.
Bottom line
In short, Pan American could be a buy for investors who want precious-metals exposure but prefer a scaled operator with diversified mines and clear 2026 guidance. It could also be a pass for anyone who needs a smooth ride, because this silver stock can swing more than bullion when fear spikes. If you buy it, keep position size honest.
