Pan American (NASDAQ:PAAS) Soars As Silver Prices Push Up

Pan American Silver (NASDAQ:PAAS) has been moving up big over the last five trading sessions as silver prices push the sector up and Pan American rides the wave.

They just reported earnings last night for the quarter, and net income surged to $28.8 million, a 66 percent gain, or 27 cents a share. That was up from the $17.4 million, or 20 cents a share the generated last year in the same quarter.

Overall revenue grew to $161.3 million, up from $118.6 million last year.

Silver had been lagging gold prices for some time, and it seems as gold prices go higher investors are beginning to put more of their capital into the sector, as silver is expected to outperform gold going forward, although gold will continue to shine.

Pan American Silver also announced they're going to initiate a quarterly dividend, with the next dividend being 2.5 cents a share, which will be paid on December 1.

Pan American was trading at $36.57, gaining $0.16, or 0.44 percent at 12:48 PM EST.