Silver and gold are no longer flirting with historic levels. They are holding them. And Keith Neumeyer says that matters far more than the numbers on the screen.
Speaking with Kitco News at VRIC 2026 in Vancouver, the First Majestic Silver CEO says the market has crossed into “a new pricing paradigm,” after decades shaped by paper-driven trading. He argues the shift is being driven by physical tightness and demand that are now overpowering traditional paper pricing.
Neumeyer points to years of underinvestment and flatlined mine supply. For the first time in his career, he says, “the physical market is actually taking over the paper market.” He adds that big institutional money remains on the sidelines, while permitting timelines and massive capital requirements limit how quickly new supply can respond.
Recorded January 26, 2026.
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00:58 – Silver and Gold Hold New Levels
01:49 – Mining Constraints and Supply Pressures
03:00 – First Majestic Strategy in a High-Price Market
04:48 – Mint Operations and Supply Chain Issues
07:38 – Permitting, Governments, and Jurisdiction Risk
10:38 – Why Institutions Still Avoid Mining Stocks
11:51 – First Mining Gold and Long-Term Development
17:57 – Final Thoughts on Silver and Mining Cycles
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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 this video.
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