U.S. Just Called Silver 'Critical' - Wheaton CEO Says Supply Has Already ‘Peaked’

Gold is holding above $4,000 an ounce, marking one of the strongest sustained rallies in modern history - and now, the U.S. government has just added silver and copper to its official critical minerals list.

In this Kitco News interview, Jeremy Szafron sits down with Randy Smallwood, President & CEO of Wheaton Precious Metals (WPM), to break down what this means for investors, the global metals supply chain, and the future of sound money.

Smallwood reveals how Wheaton just deployed nearly $1 billion this quarter while also raising its dividend by 6.5%, all with zero debt on the balance sheet — a rare feat in today’s market. He also weighs in on the outlook for $5,000 gold, the U.S. fiscal crisis, and whether the system has to “break” before gold reaches new highs.

This is the defining conversation on how streamers, miners, and investors navigate the next phase of the metals bull market.

Recorded on November 7 2025

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.