For mines that are mainly silver mines, the cost of production is at or above the current spot. Of course, silver comes from other sources, as a byproduct of other mining, and from recycling. However, since silver is consumed rather than just being an investment metal like gold, demand is almost guaranteed to continue. If production falls, as it is likely to, because the price is so low, it's likely that the price will rise from here. However, markets can famously stay irrational longer than most of us can maintain a position, so there are no guarantees. I think it's 70% likely that we have bottomed here.