Willem Middelkoop: Why $500 Silver is Possible as Comex Inventory Drops 30%

Mar 11, 2026

Willem Middelkoop, founder of the Commodity Discovery Fund and author on monetary reset themes, discusses soaring silver forecasts and shrinking COMEX inventories. He covers shifting price discovery from West to East, supply drops in major producers, and the risk of a sovereign debt shock. Short, sharp takes on market structure, geopolitics, and why metals may be revalued.

Ask episode

AI Snips

Chapters

Transcript

Episode notes

INSIGHT

$500 Silver Is Possible

Willem Middelkoop forecasts $500 silver based on a historical 1:10 gold-silver ratio and tightening physical supply.
He cites gold at $5,000 implying silver near $5,500 and notes industrial demand plus shrinking COMEX inventories as drivers.

INSIGHT

COMEX Losing Price Discovery Role

Middelkoop says COMEX credibility is eroding as open interest falls and trading halts fuel distrust.
He points to repeated halts and declining open interest as signs price discovery may shift away from Chicago.

INSIGHT

Shanghai Taking Over Price Discovery

Price discovery for gold and silver is moving to Shanghai as eastern demand and premiums grow.
Middelkoop notes Indian institutional investors and a persistent Shanghai premium that shifts buying away from Western benchmarks.

Get the Snipd Podcast app to discover more snips from this episode

Get the app

Willem Middelkoop says the monetary reset is no longer a forecast. It is unfolding now.

Speaking with Kitco News at PDAC 2026, the Founder and CEO of Commodity Discovery Fund reiterated his aggressive silver outlook. “It was 2021 when I called for $100 silver,” he said. “Now I'm calling for $500 silver.” Middelkoop argues that historical benchmarks still matter, noting the gold-silver ratio “traditionally has been one in 10 for over 2000 years,” while physical supply continues to tighten. He added, “If you look at the silver production in Peru, it's down 40% over the last five years.”

Beyond price targets, Middelkoop believes the global financial order is shifting east. “The price discovery mechanism for gold and silver is moving from Chicago to Shanghai,” he said, adding, “I think this is Bretton Woods 3.0.” He warned that “the next crisis could be a sovereign debt crisis,” but maintains that despite volatility and geopolitical tension, “We are just starting.”

01:06 - Silver Squeeze Setup
02:47 - Comex Credibility Cracks
04:18 - Shanghai Takes Over
07:36 - Mexico Mining Risk
08:50 - Fed No Longer Matters
09:53 - Bretton Woods 3.0
11:32 - Sovereign Debt Reckoning
13:39 - Middle East Political Fallout
17:20 - What It Means for Miners
19:01 - M&A and Copper Deals
23:06 - Portfolio Positioning
25:44 - Black Swan and Stacking

Special thanks to our sponsors, GoldMining Inc., U.S. Gold Mining Inc., UEC & URC for making this coverage possible.
To learn more, visit:
https://www.goldmining.com/
https://www.usgoldmining.us/
https://www.uraniumenergy.com/
https://www.uraniumroyalty.com/

Follow Jeremy Szafron on X: @JeremySzafron (https://x.com/JeremySzafron)
Follow Kitco News on X: @KitcoNewsNOW (https://x.com/KitcoNewsNOW)
Follow Willem Middelkoop on X: @wmiddelkoop (https://x.com/wmiddelkoop)

#Gold #Silver #PreciousMetals #SilverSqueeze #GoldPrice #Mining #Copper #Uranium #SovereignDebt #PDAC2026 #KitcoNews
__________________________________________________________________

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

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.

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.