Letters by company

Pan American Silver CORP

2 letters discussing PAAS. Everything written about it on this site is on its ticker page.

First Eagle Investments Gold Fund Commentary Gold Fund Commentary attributes gold’s decline to tighter-policy expectations following the Iran war, persistent inflation and a stronger dollar, while arguing that fiscal strains, reserve diversification and geopolitical risk preserve gold’s role as a strategic hedge. The portfolio review discusses Pan American Silver’s Escobal CVRs, Peñoles’ Fresnillo stake, B2Gold’s asset sale and Goose Project disruption, and the operating strengths of Agnico Eagle and Wheaton Precious Metals. 2Q 2026 -16.6% AEM $105BBTG $10BPAAS $22BWPM $72B
First Eagle Investments Gold Fund Commentary Gold Fund attributes demand for gold to monetary-policy uncertainty, fiscal pressures, geopolitical tension and central-bank purchases, while warning that a recession could interrupt the rally. The portfolio benefited from gold bullion and miners, with Newmont and Agnico Eagle reducing debt and repurchasing shares after selling Orla Mining stakes. 3Q 2025 +34.3% AEM $105BNEM $138BORLA $4.7BPAAS $22B