【出版时间及名称】：2010年3月全球白银行业研究报告
        【作者】：Versant Partners
        【文件格式】：pdf
        【页数】：24
        【目录或简介】：
EVENT
We are announcing our revised 2010 silver price
outlook and highlighting selected silver equities.
BOTTOM LINE
We forecast the price of silver to average
US$17.00/lb in 2010, US$15.50/lb in 2011, and
US$12.75/lb on a long-term basis. In addition, we
believe silver equities have lagged the rise in the
price of silver and remain attractive investments.
FOCUS POINTS
& Silver continues to be driven by both industrial
and investment demand.
& As the price of gold maintains higher than
average levels (>US$950/oz), silver’s role as an
economic alternative to gold increases such that
the ratio between the two commodities narrows.
& Despite the recent rise in the price of silver,
equities have not seen a similar appreciation,
partially as a result of the uncertainty and
volatility in equity markets as a whole.
& Given the current capital markets environment
and our view on the price of silver, we highlight
equity investments that:
o are robust at US$12.75/lb silver;
o have strong growth potential; and
o are led by a quality management and
technical group.

TABLE OF CONTENTS
Silver fundamentals .................................................................................................3
Silver supply at the hands of non-silver mines ....................................3
Demand – Industrial versus Investment, the debate continues........5
Price Outlook is all about relationships…. ..........................................6
Silver Equities Watch List ......................................................................................8
Bear Creek Mining (TSX: BCM)...........................................................................9
First Majestic (TSX: FR) ......................................................................................12
Fortuna Silver (TSX: FVI) ...................................................................................15
Orko Silver (TSX: OK) ........................................................................................18
Silver Wheaton (TSX: SLW)................................................................................20
Disclaimers ..............................................................................................24
Potential conflicts of interest................................................................24
Disclosures as of March 9, 2010 ..........................................................24
Analyst certification................................................................................24
Definitions of recommendations.........................................................24