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 – $1M Future of Mining Innovation Challenge
Special thanks to our sponsors, GoldMining Inc., U.S. Gold Mining Inc., UEC & URC for making this coverage possible.
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50 Comments
THESIS FOR SILVER IN 2026:
Suppressed for decades / Higher demand in U.S. and globally as fiat systems falter / existing mines have lower yields with the same efforts / Trump reclassed it as “critical mineral” which is where charts started exploding upward / Silver will become more scarce until it’s perhaps “unobtainium” / Trump is suing J.P. Morgan for 5 Billion for debanking him and they’re the largest holder on the planet of silver / corrupt practices cannot manipulate your silver in hand / Jewelry and technology demand including AI related / 7 to 10 years for silver mine startups / Tons of silver videos on YouTube and other platforms with fiduciary level information for the “great silver awakening" investment narrative / Silver storage is dropping from the vaults and we’ve had global deficits with silver the last 5+ years / Silver has already reached 117+/oz in 2026 / Other investment groups are tapped, ie housing, stocks, bonds, high yield savings, / Uncertain wars and rumors of wars / SILVER CANNOT SAVE YOUR SOUL / ONLY JESUS CAN SAVE YOU: SEE St. John Gospel / During Rev Trib., they toss their silver in the streets and gold will be abhorred since many took the world mark of beast chip and sealed for hell
Are they a streaming company?
Bla bla bla
People will stand in line for hours . Your guest is tired of the bs .
The comex killed them selves by over selling silver 379–1 silver , 140-1 gold , paper -metal .
Yet y'all play the comex game .
Real cost are 90$ per oz. 999 .
The miners want a floor of 150 per oz .
They don't want to dig for nothing .
The don't want to be killed by cartels.
Its all flowing east , where they stand in line to buy it.
GET REAL WE DONT WANT TO PAY FOR BAD BANKS ANY MORE .
We’re all billionaires now at last! Great work everyone but Canada clearly even wealthier they’re all bazillionaires there already! Get moving Wall Street and print moar money we’ve got a world war 3 to lose!
They finally pushed randy out; the stubborn bastard spent more than a decade fighting them off! 😂
Gold is the same
Peru is a High Risk jurisdiction… Wheaton is overlooking this FACT !
It don't matter. Comex keeps dropping the price. It's beyond comical at this point.
Smallwood? Lol
India have ditched comex and we'll be using their own pricing system for gold and silver
ALl these missiles the US an Israel are firing off are consuming silver at a massive rate, too many to be replaced with the current stocks,😊
good 👍
Stellar interview !
Two great up and coming projects :
1.) RIOFF – Rio 2 Limited
2.) BKRRF – Blackrock Silver Corp .
"Were consuming more than we produce". Oh yeah? Tell that to the markets and the price.
Mining companies should start preliminary investing and partnerships with space x for lunar and asteroid mining
JP Morgan 750 million oz’s
Not a halt an outright manipulation
Great questions and follow up probing–
Facts and receipts👌
The silver market needs to get rid of those buying paper silver on credit, and those setting stop-loss deals.
When will, or are JP Morgan and the COMEX being investigated??? Billions have been stolen!!!!!!!!
I was shocked when I asked if AI can manipulate the spot price of silver!!!
Yes, AI can influence the silver spot price, primarily by acting as a major catalyst for increased demand and through its use in trading algorithms. As of early 2026, AI infrastructure (data centers, GPUs, TPUs) is driving massive industrial demand for silver, contributing to a significant, sustained rise in prices.
Yahoo Finance
Yahoo Finance
+1
Here is how AI influences the silver spot price:
Surging Industrial Demand: AI infrastructure requires large amounts of physical silver, which has the highest electrical conductivity of any metal, for use in high-performance computing components, chips, and data centers. This surge in demand has contributed to silver prices surpassing $67 per ounce in 2025, with projections indicating a continued deficit as AI demand forces out traditional users.
Algorithmic Trading & Analysis: AI systems are used in the financial sector to analyze vast amounts of data, including market trends, supply/demand, and social media sentiment, to automate trading strategies. These tools can identify inefficiencies or execute trades faster than human traders, potentially impacting price volatility.
Market Sentiment Prediction: AI tools are used to monitor and forecast price movements based on macroeconomic factors, such as central bank policies, which affect the broader commodities market.
Operational Efficiency in Mining: AI is used in the mining sector to optimize the extraction of silver, which can influence supply by minimizing waste and improving productivity.
Yahoo Finance
Yahoo Finance
+3
Key Considerations:
While AI demand is a significant factor in driving up the spot price, it is part of a larger, complex market that includes traditional industrial uses (solar, EVs), investment demand, and economic policy. The increased demand for silver, combined with a relatively stagnant supply, creates a "short squeeze" scenario where AI demand is a key, long-term driver of price appreciation.
Meanwhile silver is in the shitter
I like the new thumbnail style
Meanwhile silver price is crashing…
There’s good eat’n at Wheaton.
Silver 🥈 is tha next gold
Hi there ! Global silver inventories keep shrinking year on year . Randy Smallwood’s warning about consuming more than we produce really nails it This deficit suggests a sustained price floor over time.
Gold rate rs.1,70,020/ 10 gms today in India
How many times has silver been mentioned in the Bible as money compared to the times that gold has been mentioned as money?
Good talk…
I don't look any more at the price of silver; I placed a sell order at… 666$/oz and I can wait years. t's a pleasure to see banksters sweating!
Yeah, he needs to sell his stock. Regardless how many or how less we "have" silver, they can make any price on the screen. Physical is not equal to paper. Paper has always been winning in the end. Until there's a better system than futures, there won't be any fair price. Forget it.
I believe in WPM.
Nothing but hype banks will squash the price and there is. Nothing you can do about it just like pump and dumps you people promote
2026 the year of intricate & outstanding introductions! Fire Gents! Thanks Ya'll involved!
A structure deficit does not exist. If it did, refiners would be buying all they can. They refuse to buy 90%, sterling and other silver alloys
Advertising only
Excellent
✨✨✨✨✨
Whoever does the soundtrack is rocking it
Stepping aside gracefully toward the end of one’s career is so totally respectable. This man is obviously very intelligent, but also wise.
Smallwood: "Buffers?"
Jeremy, you're terrific pro. No one this week gaf about PDAC outside PDC.
As a manager of a small fund focused on PM miners, I and my LPs are concerned with higher energy leading to producer margin compression.
Kindly bring on your best experts to discuss how this plays out, global depression, stagflation, margin compression.
Producer indices holding up Day One😮…
Newmont cant maintain production … WPM is the winner
We do have deficit but also decades of supply to chew through. Still less above ground is less above ground.
The only way to stop the Comex shenanigans is someone with billions needs to buy all the reminding inventory and pay for front page on Forbes, Wall Street journal and Barron's to write about all the naked shorts and shortages….
Then the CME market makers must be criminally prosecuted.
The only way.
Retail investors are powerless.
That name would get a few laughs in the UK
My mom is a Smallwood. Hiya cuz! lol
NICE TO SEE THE DATE.
GRAPHENE IS A GOOD SUBSTITUTE FOR SILVER CONDUCTOR.
MARTIN ARMSTRONG DABLED INTO IT HOWEVER I BELIEVE HE'S GATE KEEPING
With the silver shortage ,and it's need globally , I do not see why silver is not already $1,000.00 an ounce .