The other great silver play in Mexico is Endeavour Silver, which Chris has written on as well.

Chris Berry: Endeavour is an interesting story. Their goal is to become a mid-tier silver producer, and when I say mid-tier, I mean 5 million to 10 million ounces per year. They have two main areas in Mexico where they mine and produce silver. One is Guanajuato and the other is Guanacevi. In May, I visited Guanajuato, and between the two areas, they have about 56 million ounces of silver between the proven and probable and inferred categories, 85% of which is mineable. The name of the game for them is to continue to make discoveries on their current high-grade properties, and basically, just acquiring more land to justify a higher valuation. I think they’re going to continue to do that, which is one of the reasons I like them.

“Michael Berry: We’ve spent a lot of time analyzing silver. I was involved in a big gold-silver find a few years ago, which was Penasquito, and that is now over a billion ounces of silver. I think silver is undervalued. Silver was the original money, if you will, that was used in the ancient days. The Greeks used silver from Laurion to defeat the Persians and restore democracy in Athens in the fourth century BC. When FDR sponsored the special silver purchase in 1934 some academics believe he broke the back of deflation. I think silver is very much undervalued, and it will be pulled along with gold. It’s very wise to have silver exposure, and with silver you can actually afford to own it in-kind. You can own silver coins. We’ve seen silver go from $4 maybe eight or nine years ago to about $18 today. Silver hasn’t performed quite as well as gold, but it’s moved up well.

Chris Berry: Silver’s one main difference from gold is that silver is an industrial metal as well as an investment metal. It sort of depends on your view of where you think the markets are going, but the “poor man’s gold” is certainly one way to accumulate hard assets and protect against some of these geopolitical hiccups.”