As Chris said, it is hard to nail down the true cost of production, especially since silver is a by product for many mines. A lot of folks accept $18-$20 as ballpark figure though. Can it get below that? Yeah, you bet. Silver is volatile. A lot of folks were lovin' that volatility when Ag was spiking at $48, but that sword cuts both ways. Silver can drop way below production costs and that is exactly what I am waiting for, Cheap Silver. I would consider anything below $15 cheap. Will it get there? Not sure, but probably. There will be a lot of headwinds for PM's in 2014. If it doesn't go that low there are most likley better things to buy and I will be looking for a better deal Mike