Sprott’s CIO Maria Smirnova on Silver’s Shortage - Why Prices Could Explode

May 1, 2025

Maria Smirnova, Chief Investment Officer of Sprott Asset Management, dives into the looming silver shortage and its potential to skyrocket prices. She reveals a staggering 1.2 billion-ounce supply deficit that could ignite market interest. The conversation highlights how rising demand from electric vehicles and technology is pushing the limits of supply. Smirnova explains why most silver is a by-product of other mining processes, and discusses the pivotal price point of $50 that could trigger new mining ventures. It's a silver rush on the horizon!

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INSIGHT

Industrial Demand Driving Silver

Electric vehicles, solar panels, and electrification drive rising industrial silver demand steadily.
These technological trends are likely to continue boosting silver use as global electrification advances.

INSIGHT

Exchange Silver Inventories Draining

Exchange inventories have dropped by 400-500 million ounces recently, draining physical silver stocks.
Physical silver is moving from London to New York due to trade tensions, possibly causing price squeeze in London.

INSIGHT

Gold-Silver Ratio Signals Opportunity

The gold-to-silver ratio exceeding 100 suggests silver may soon rally like post-COVID.
A rise in Western investment demand would likely trigger a strong silver price surge.

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Is a historic silver shortage about to send prices vertical? Sprott Asset Management CIO Maria Smirnova says we’re five years into a 1.2-billion-ounce supply deficit, and industrial demand from EVs, solar panels, and AI-hungry data centers is only accelerating. With mine output falling, exchange inventories drained, and silver’s market a tiny $30 billion a year, just a flicker of Western investment could light the fuse.

Listen now to learn:

Why the gold-to-silver ratio screams opportunity
How EVs double silver loadings per car
The East vs. West demand split (and what flips it)
Why most silver is a by-product and why that caps supply
The price level ($50) that could unleash new mines

Chapters:

1:10 – Gold vs Silver: Why They’re NOT the Same Metal

2:58 – Silver’s Supply Deficit: How Deep Does It Go?

6:47 – EVs, Solar & AI: Silver’s Triple-Demand Tailwind

11:12 – Falling Inventories: The Hidden Silver Squeeze

14:13 – Blow-Off Coming? When Silver Could Spike

15:38 – Gold’s Surge vs Silver’s Stall—What’s Up?

18:43 – Silver vs Gold: Portfolio Power Play

19:55 – Small but Mighty: Inside Silver’s Tiny Market

21:38 – Mining Reality: Why Silver Is Mostly a By-Product

24:35 – Mine Supply Woes: Why New Silver Projects Lag

26:01 – What Will Ignite the Next Silver Discovery Boom?

27:28 – Smart Money Moves: Where Pros Are Betting on Silver

28:27 – 2025: The Year Silver Finally Breaks Out?

29:46 – Spotting the Spark: How to Track Silver Demand

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