Pandas are clearly not just "bullion" anymore. The chinese collecting population combined with their new found wealth has exalted many Pandas to the collectable art status. Collectors around the world have since joined in. Regular Silver bullion coins serves to hedge against inflation. But as Yennus points out, an ounce of Silver bullion can only be traded for an ounce of Silver bullion in the future. A one ounce Silver Panda's have the opportunity to return many ounces of silver due to appreciation. You can decide that its too risky a gamble, or you can decide you want to pay for the opportunity. Only you can decide how much you are willing to pay for that opportunity. Finally, the opportunity is just that. There are no guarantees. The Silver Panda market could crash down to its silver value or it can crash through the roof. For me its a good opportunity. There are many pandas at many different price points, so there are a variety of strategies for one to speculate upon.