The Globe and Mail reports in its Tuesday edition that over the past six weeks or so, precious metals exchange-traded funds have rallied sharply, after a multiyear period when miners lagged the price of gold and even silver. Guest columnist Philip MacKellar writes that there is a disconnect rising prices of commodities and the companies that mine them. Over time, however, businesses should be able to adapt to these pressures, improve profitability, and narrow or eliminate the performance gap. If gold and silver prices continue to climb and mining costs decrease, then miners should do well. Mr. MacKellar says Pan American Silver is one miner whose stock price has not kept pace with gold and silver prices. Over the past year, its shares are down nearly 4 per cent, while gold and silver have both posted gains in the mid-teens. It is so cheap that Pan American has one of the largest gaps of any mining company between the current share price and analysts' consensus 12-month target price. As of April 8, Pan American has an average 12-month target of $30.95 with four strong buys, four buys and one hold. If the stock hits this target, it would net a 26-per-cent gain over the next year based on Monday's closing price of $24.58.