Recycling limits and refining bottlenecks

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.

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#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


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