With silver hitting fresh record highs near $58, the global market structure is fracturing. Jeremy Szafron sits down with industry veteran Phillips Baker (Former CEO, Hecla Mining; Past Chairman, Silver Institute) to break down why the LBMA mantra has officially shifted to “Physical is King.”
Baker reveals that Indian demand has become “insatiable,” with October imports skyrocketing over 500% year-on-year, literally draining London vaults to feed the Indian consumer. The shortage was so acute that metal was reportedly flown by plane to meet delivery needs.
We also uncover the “Retail Swarm” – new CME data reviewed by Kitco News shows Micro Silver futures volume exploded 238%, colliding with a 10-hour exchange outage during the price breakout.
Finally, Baker details the terrifying math of the supply side: why we hit “Peak Silver” in 2016, why the 5th largest mine in the world is only 2% of supply, and why the regulatory gap means no new major mines will come online for 25 years.
Recorded December 3 2025
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0:00 – The “Retail Swarm”: 238% Volume Spike & CME Outage
7:30 – India’s 4x Import Surge: “This IS The Driver”
11:00 – “It Went to Mumbai”: How London Vaults Are Being Drained
16:30 – The 25-Year Cliff: Why High Prices Can’t Fix the Shortage
20:00 – “Musical Chairs”: ETFs vs. Physical Inventory
28:00 – Price Outlook: Why Silver Has “A Long Way to Go”
#Silver #SilverSqueeze #India #PhilBaker #KitcoNews #Economy #Mining #PhysicalSilver #LBMALONDON #Commodities
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33 Comments
Kitco News Phil Baker dropped a bombshell in this interview: "From discovery to production is now 25 years."
If new supply literally cannot respond to $58 silver for another two decades, and India continues to drain 60 million ounces a month… what stops the price from going to $100 in 2026?
Let us know your verdict: Is the "25-Year Supply Cliff" the ultimate catalyst, or will a recession kill demand first?
Drop your price target for Dec 2026 below!
India mentioned so bhakts flocked here to listen to a white man talk about india.
The inferiority complex runs deep among bhakts.
English should talk about where that silver came from firsthand rather than where its going😂
Silver will go all the way to 130, where gold-silver ratio will drop to 40.
Wonderfully accurate prediction！
After gold became expensive silver jewellery with gold coat is becoming popular in India which was a small market earlier.
AI or real person are you?
India is a black hole for yellow and silver metals. Once it goes in it doesn't come back.💥
Tease the Indian ?
They would be introducing Brics currency based on gold and silver 😉
We Indians buy silver ornaments, poojai items & statues, silver wares more than gold jewellery.
8k tonnes imported by India. Stealth at best.
At some point in the future, men or AI, will figure out how to you another metal for all the same manufacturing products that silver is used for now. They did it with platinum and palladium.
Indian wealth looted by the Brits is finally coming home!
Well the west did ask for free trade so free trade it is
its a huge liability to hold US bonds. the country is 36 trillion in debt and they do not have the ability to pay it back. yet they are increasing spending!! the only way out is they will default or the fed will have to print and super inflate the currency.
It's religious compulsion to hoard as much as Gold & silver as possible for next generation
We Indians eat silver & gold leaf flaked sweets more these days.. jk 😂
Silver is Food. Eat no sickness
India is 4th largest economy not 5th. Correct your facts else leave journalism
Will help further bolster BRICS and reduce dependence on the dollar. The public seems to help un knowingly
Gold and silver are so high . I never felt so poor in my life that i can't even imagine buying gold
India is not 5th its enroute to 3rd largest economy
India is preparing for recession
It went back where it came from, these white robbers will never know
Once gold and silver are not available govts may announce platinum and palladium as critical.
Its all for money laudnering into the real estate market of mumbai ..
To avoid ruppee inflation ..the hawala route is used to disperse rupees and silver is transferred into the buyers hand for real estate purchases part black and part white to avoid taxes
Gold & Silver Speaks HINDI 😅😅
Thanks!
No value information
Dead economy is behind it🇮🇳
Ay ay stop that, we indians don't have any silver or gold in our homes. Trust me bro!! 😅😅
now its 80 usd
you was talking for 50