Contents  page
Stepping out of the shadow 3
Silver – the poor man’s gold 3
—  Is there a flood of mined silver supply coming? ....................................................3
—  Fundamentals, silver vs. gold...............................................................................5
—  The everlasting gold to silver ratio........................................................................7
—  Silver Hedging......................................................................................................9
Company snapshot 9
—  Liquidity overview.................................................................................................9
—  Brief overview of the equities..............................................................................10
Coeur d'Alene Mines 11
Hecla Mining 12
Pan American Silver Corp 13
Silvercorp Metals 14
Silver Standard Resources Inc 15
Silver Wheaton Corp. 16
Detailed Equity Analysis 17
—  Operating/financial highlights .............................................................................17
—  Valuation metrics................................................................................................18
—  Sensitivity figures ...............................................................................................22