Silver ProducersCoeur d'Alene Mines:
2009 production - 18.5 Moz
Market Cap - $1.63 billion
Silvercorp Metals:
2009 production - 4.2 Moz
Market Cap - $779 million
First Majestic Silver:
2009 production - 5.1 Moz
Market Cap - $227 million
Impact Silver:
2009 production - 900,000 oz
Market Cap - $40 million
US Silver:
2009 production - 2.5 Moz
Market Cap - $33 million
Look at that list and tell me USA is not undervalued. These other companies are getting at least $40 million / Moz of silver in their market cap, while USA is at $13 million. Now obviously this is a very simple comparison / analysis and the other companies have lower cash costs... the market is not *that* irrational. But what I think the market is discounting is that like these other companies, US silver WILL be able to steadily increase their production year over year. The silver is THERE in the ground all over the property, they just have to take it out. The infrastructure is THERE too. This is a company poised to quickly take advantage of higher silver prices. If you add in Hecla mining, and Fresnillo PLC that list covers most of the primary silver producers trading in North American exchanges (not including silver stream companies) which should give you an idea of what will happen if silver becomes a "hot commodity".