I feel like doing some math today:

• Silver Wheaton should have 40,000,000 ounces of silver to sell in 2013
• Their cost is $5/oz
• With spot at $34 like today, that’s $29/oz profit, or $1.16B
• With 346MM shares outstanding, earnings would be $3.35 per
• At a modest 20 P/E (yes, modest for the sector and for their business model), share price would be $67

Currently at [[SLW]]