Physical demand and the inventory squeeze

Silver has crossed $100, and longtime mining executive Phil Baker says the move signals a structural break in the market.

Speaking with Kitco News anchor Jeremy Szafron at VRIC 2026 in Vancouver, Baker, former CEO of Hecla Mining and former chairman of the Silver Institute, said the surge is being driven by physical demand, not speculation. “Physical is king,” Baker said, as exchanges, manufacturers, governments, and investors prioritize inventory and access to real metal over paper claims.

Baker said global silver production peaked in 2016 and is unlikely to exceed that level before at least 2030, leaving supply unable to respond quickly to higher prices. Recycling and substitution offer limited relief, he said, due to refining constraints and long mine development timelines. Baker also pointed to rising strategic demand, noting that silver is now classified as a critical mineral in the United States and that stockpiling is becoming a priority across the system- he confirmed joining the board of Dateline Resources.

Recorded January 25, 2026.

Special thanks to our sponsor, Discovery Silver. Visit https://discoverysilver.com/ to learn more about the company, its latest news, and investor materials.

#Silver #Gold #PreciousMetals #Mining #SilverPrice #PhysicalSilver #Commodities #Inflation #CriticalMinerals #StrategicMetals #KitcoNews #VRIC2026

00:42 - Phil Baker on $100 Silver and Physical Supply
02:20 - Physical Silver Demand, Inventory Stress, and “Physical Is King”
05:55 - Industrial Silver Demand, Substitution Limits, and Recycling Constraints
08:50 - Silver Miners, Margins, and Investment Opportunities at Triple-Digit Prices
14:06 - Peak Silver Until 2030 and the Long-Term Outlook for Supply


__________________________________________________________________

Like, share, and subscribe to Kitco News—and turn on alerts to stay current with expert interviews, market insights, and breaking news coverage. 

FOLLOW US:  
X: https://x.com/kitconewsnow  
Instagram: https://www.instagram.com/kitconews  
Facebook: https://www.facebook.com/KitcoNews  
LinkedIn: https://www.linkedin.com/company/kitconews

Listen to the PODCAST on
🎧 Spotify: https://open.spotify.com/show/1My4WgtF0ZhUnxkxDLoJof
🎧 Apple Podcasts: https://podcasts.apple.com/us/podcast/kitco-news/id1842889233
🎧 All podcast episodes available here → https://kitconews.buzzsprout.com

Visit: https://Kitco.com/ for live gold, silver, and crypto prices, the latest mining news, and macroeconomic insights.  

Live gold price and chart: https://www.kitco.com/charts/gold
Live silver price and chart: https://www.kitco.com/charts/silver
Live crypto market data: https://www.kitco.com/price/crypto

Learn more about Kitco News: https://www.kitco.com/news/about/ 

For more information on advertising, sponsorship and marketing promotions – please visit our online media kit at: https://www.kitco.com/advertising  

Disclaimer:  
The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.