“We’re Consuming More Than We Produce” Silver Warning | Randy Smallwood

Gold testing $5,400 is not a temporary surge; it reflects what Wheaton Precious Metals CEO Randy Smallwood describes as a structural shift in markets. Speaking with Kitco News at PDAC 2026, amid escalating Middle East tensions and a sharp move higher in oil, Smallwood said precious metals are entering a new phase driven by fiscal imbalances, currency concerns, and renewed demand for hard assets.

“I do think 5,000 is a new base for gold,” Smallwood said. “Gold is a currency. It's been a currency forever.” He argued that the long-held view of the US dollar as the primary reference currency is being reassessed as deficits widen and geopolitical risk intensifies.

Smallwood also pointed to silver’s multi-year supply imbalance, noting, “We're consuming more of it than what we're producing,” after peak silver production in 2017 and 2018. His comments come after Wheaton closed a $4.3 billion transaction last week to double its silver exposure at Antamina, positioning the streaming company for what he sees as a sustained monetary and industrial shift.

Recorded March 02, 2026.

00:40 - CEO Transition and $4.3B Silver Deal
02:32 - Gold Above $5,000 and Breakout Drivers
03:54 - Energy Costs, Cost Curve, and Mining Margins
05:48 - $4.3B Antamina Silver Stream in Peru
07:58 - Wheaton’s Growth Engine and Streaming Model
10:21 - M&A Pressure and Mine Supply Constraints
11:43 - Managing Jurisdiction and Political Risk
13:23 - Silver Structural Deficit Since 2017
16:25 - Industrial Silver Demand and AI Growth
17:55 - Silver Volatility and Squeeze Narrative
19:15 - Wheaton’s 2030 Production Strategy
21:34 - $1M Future of Mining Innovation Challenge

Special thanks to our sponsors, GoldMining Inc., U.S. Gold Mining Inc., UEC & URC for making this coverage possible.
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#Gold #Silver #PreciousMetals #GoldPrice #SilverDeficit #Mining #Streaming #EnergyMarkets #PDAC2026 #KitcoNews

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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 th

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.