Silver is up 35% so far this year, with gold also rallying. Pan American Silver (PAAS) and Hecla Mining (HL) are both expanding, but Hecla is the clear outperformer lately. PAAS is set to acquire MAG Silver, boosting reserves and lowering costs, but faces uncertainty around the Escobal mine in Guatemala. Meanwhile, Hecla posted record output and cash flow, keeps costs very low, and its stock jumped nearly 55% in three months, topping PAAS’s 35%. Hecla trades at a premium but its strong output and earnings growth seem to justify it for now.