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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