Gold Mining Silver

Silver's two spikes, the Hunt brothers' 1980 corner and the 2011 peak, are among the most violent moves in any commodity. Roughly half of demand is industrial, with solar photovoltaics now one of the largest and fastest-growing end markets.

Operating margin for the most recent fiscal year. Primary silver miners run structurally thinner margins than gold producers, and the spread within the group is wide because byproduct credits differ enormously between mines.

Revenue for the most recent fiscal year. Pan American leads by a wide margin, and much of its revenue is actually gold, which is typical of companies labelled as silver miners.

Six years of revenue. MAG Silver is absent because it holds a joint-venture interest in Juanicipio accounted for by the equity method, so it reports no consolidated revenue.