Silver has crossed $100, and longtime mining executive Phil Baker says the move signals a structural break in the market.
Speaking with Kitco News anchor Jeremy Szafron at VRIC 2026 in Vancouver, Baker, former CEO of Hecla Mining and former chairman of the Silver Institute, said the surge is being driven by physical demand, not speculation. “Physical is king,” Baker said, as exchanges, manufacturers, governments, and investors prioritize inventory and access to real metal over paper claims.
Baker said global silver production peaked in 2016 and is unlikely to exceed that level before at least 2030, leaving supply unable to respond quickly to higher prices. Recycling and substitution offer limited relief, he said, due to refining constraints and long mine development timelines. Baker also pointed to rising strategic demand, noting that silver is now classified as a critical mineral in the United States and that stockpiling is becoming a priority across the system- he confirmed joining the board of Dateline Resources.
Recorded January 25, 2026.
Special thanks to our sponsor, Discovery Silver. Visit to learn more about the company, its latest news, and investor materials.
#Silver #Gold #PreciousMetals #Mining #SilverPrice #PhysicalSilver #Commodities #Inflation #CriticalMinerals #StrategicMetals #KitcoNews #VRIC2026
00:42 – Phil Baker on $100 Silver and Physical Supply
02:20 – Physical Silver Demand, Inventory Stress, and “Physical Is King”
05:55 – Industrial Silver Demand, Substitution Limits, and Recycling Constraints
08:50 – Silver Miners, Margins, and Investment Opportunities at Triple-Digit Prices
14:06 – Peak Silver Until 2030 and the Long-Term Outlook for Supply
__________________________________________________________________
Like, share, and subscribe to Kitco News—and turn on alerts to stay current with expert interviews, market insights, and breaking news coverage.
FOLLOW US:
X:
Instagram:
Facebook:
LinkedIn:
Listen to the PODCAST on
🎧 Spotify:
🎧 Apple Podcasts:
🎧 All podcast episodes available here →
Visit: for live gold, silver, and crypto prices, the latest mining news, and macroeconomic insights.
Live gold price and chart:
Live silver price and chart:
Live crypto market data:
For more information on advertising, sponsorship and marketing promotions – please visit our online media kit at:
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.
source
40 Comments
Phil dropped some massive data points in this one. The forecast that we won't exceed 2016 production levels until 2030 is a serious wake-up call for the supply side. With silver at $103 and manufacturers switching to copper, where do you see the new floor settling?
Let us know below.
85$ an ounce today
Who needs 6 day old news
boy this interview aged badly in a short period of time
Imagine him knowing youre about to be robbed and he doesnt warn you, he just makes a deal with the crimminals to interview the victim as its happening. Sir, your money is being taking from you, how do you feel about this? Sir, dont complain.
Being in the silver recycling business. you know he is holding tons of him self and I bet anything he sold off a bunch and he won't buy as much as he was holding
1. Peru (140,000 metric tons): Holds roughly 22% of global silver reserves.
2. Russia (92,000 metric tons): Holds the second-largest deposits, with major sites like the Dukat mine.
3. China (70,000 – 72,000 metric tons): A major holder, with significant reserves in the Ying Mining District.
4. Poland (61,000 – 63,000 metric tons): Holds massive reserves, primarily driven by KGHM Polska Miedź's copper-silver mines.
5. Mexico (37,000 metric tons): Although Mexico is the world's top producer of silver, its known reserves are lower than the nations above, though it still has significant deposits like the Peñasquito mine.
6. Australia (27,000 – 94,000 metric tons): Estimates vary slightly by source, but Australia is consistently ranked in the top tier for reserves.
7. Chile (26,000 metric tons): A major reserve holder, often produced as a byproduct of copper.
8. United States (23,000 metric tons): Concentrated largely in Alaska and Idaho.
9. Bolivia (22,000 metric tons): Known for historic deposits like Cerro Rico de Potosí.
10. Argentina (6,500 – 23,000 metric tons): Another major Latin American
Largest In-Ground Gold Deposits (Reserves):
Australia: Holds an estimated 10,000 to 12,000 tonnes, with major deposits in Western Australia.
Russia: Tied with 11,100 to 12,000 tonnes, located primarily in Siberia and the Far East.
South Africa: Holds significant, deep underground reserves despite declining production.
United States: Contains large, untapped, primarily in Western states.
Canada: Possesses significant, untapped reserves.
China: While a top producer, also holds major, yet-to-be-mined deposits.
There are about 14 billion ounces of silver known in the ground, plus untapped resources, so 1.5 ounces of unmined silver per person in the world
Every 5 days everyone seems to be wrong about all this.Weird days to be in.
CROOKED TRUMP MURDERED THE AMERICAN DOLLAR ! GOLD AND SILVER ARE LIFE BOATS $$$$$$$$
Debt based fiat currencies are heading towards Zero. If a 98% loss of purchasing power in relation with gold isn’t enough of an indicator then you are delusional.
2030 thats long way, I believe silver will go up 10k less than 2 years.God said, “SILVER AND GOLD IS MINE”.
Misinfo is coming from everywhere, but initiated from the same few elitists to keep the masses poor.
PMs like silver are r a finite resource & the cheapest reserves (close to surface) have been found already. No more cheap stuff coming unless Antarctica etc pop their heads up. So technical analysis is useless while PMs r in their price discovery phase & price manipulation reduces due to newer laws (Bassell 3) & truer pricing in non-western PM markets. COMEX etc cant honor existing contracts let alone new ones with every once they have being claimed by 100+ buyers. COMEX will default sooner or later, but not officially, they'll claim force majeure & simply pay out the contracts in debased fiat.
PMs will find a new floor, & it'll be far higher than where they r today imo (unless of course huge new deposits r found & in cheap mfg locations).
But that doesnt mean blockchain is a fad any more than the internet or IT. BTC is 1st mover so is the Model T Ford equivalent. BTC maxis r simply pumping their ponzi scheme with cherry picked claims that fail when compared to newer crypto. BTC is horrendously expensive to produce using the equivalent of Ireland's total energy consumption per yr whilst producing absolutely nothing of value for that cost. Newer Blockchains however, dont have any of BTC's issues, & have been quietly but officially replacing the global financial system infrastructure over the last 10+ yrs. Regulations have been rolled out & ready to go. BIS, IMF, banks, VISA, blackrock, etc etc r all talking about blockchain as replacing old finacnial systems & process, plus introducing tokenization & much more new ideas. No more slow, expensive, unreliable trading & moving $. Its being replaced by new far better 'cars' so to speak on fancy new highways. Just stay away from meme coins. The key with anythign is to DYOseriousR, not rely on propaganda.
Sure, some laugh at crypto, but smart money has both PMs & selected cryptos. Huge fund managers r getting into crypto. Dumb retail will be left behind, once again.
Miners are the best bet. The government could confiscate your physical metal – they did it before.
Most silver comes from copper and oherr mining activity, not from silver mines.
i got mocked buying it at 15 dollars lol , fuck everyone they're out working im sitting in my bathtub of gold and silver coins like scrooge mcduck
Dateline Resource is the silent callout I heard. $DTREF
Its in the best interest of metal sellers to keep buyers insecure.
If copper was an option, solar panel makers woulde
have done it in the first plac
great guess. bring him back please
Yep 👍 that’s how I see it too… Cup and handle chart tells you where it’s going… Silver had 43 years of suppression. My take it has 43 months to find its true intrinsic value . Also Jesus was betrayed for 30 pieces of Silver not gold. So use a 30 to 1 ratio to to convert to GOLD your savings account which sounds like a great springboard to convert silver to gold. Yes? Which is that tier one asset according to the IMF (banksters)
It is now an industrial metal? Can you accurately predict future?
True investing is about consistency, risk management, and choosing assets that still hold value years down the line. Patience and strategy matter more than speed.
My impression from this guy is negative for Ag
Mining cannot keep pace with investment demand, there's just not a scenario where it happens. Theres more than enough silver for industrial consumption but the increased use of silver as a financial instrument as bullion cannot be met. We have a boatload of zinc mines in the pipeline to reach production; most silver comes from byproduct & the top byproduct mine metal is zinc. But it wont be enough. This cycle will be long lived not short. Mines take a very long time to develop & bring online, the average for copper is 17.5 years globally & about 29 in the US. There are large deposits of silver yet to be mined, the problem is they are underground not open pit. Open pit runs around $14 ton in costs. Underground is ~$180 ton. You need high grades or very high prices to mine silver underground. So theres just no easy fix. But it will run a cycle, & prices will eventually to come down to a new normal. In the meantime, lots of money to be made in mining.
Could you afford more comfortable chairs 😂
With the help of SolidBlock Forensics, I was able to get back my bitcoins from a fake investment platform. SolidBlock Forensics were able to guide me through with every step forward and they did this transparently. It is amazing knowing we have a legal investigative team that can help with such cases.
Copper Solar? Well… this works but not close to Silver. Very weak output
To much " yakkn"!
Bill Clinton stacking silver.. I thought I had seen everything.
Comon Phil. You know there is a HUGE primary silver mine with its own Comex certified refining right next to your Idaho mines that has some of the richest silver ore ever found. They go back online 2028 and will produce 20% of US needs. Sunshine Silver mine. Not affiliated with sunshine minting.
The algorithms sent me here because it realized i am a metal savant! Buy copper now !!! Copper to $10 lb easy! Soon, by the oz it will be 15!
The "Your John AG" channel ripped off a lot of this video's information (probably synthesizing and recycling content from multiple videos) in the video titled "Why Silver Mine Supply Won't Exceed 2016 Levels Until 2030 | Peak Silver Insights".
He somewhat cryptically referred to Phil's project with Dateline and says the industry veteran behind the project prefers to remain "behind the scenes" and doesn't name him.
Solar companies will not just switch to copper. They may substitute some but opt for silver wherever they can.
Time to letvyhe wimer breathe for crist sake !!!
Bond have become the Ponzi scam.. and stocks under modern management have that scam-static feel too (they will never pay a real dividend and tell you that growth is everything).
Excellent interview.
There is zero demand for physical silver. Only paper silvers are being traded.
4:30 Baker thinks us average Joe's are 'hoarders'? Triggers me just a bit. Our buying over the past decade was a part of keeping his enterprise from going bankrupt. Maybe choose a different word. Like 'investors'.
Silver BASE Target Price with a GSR of 30:1 (conservative) and Gold at mid 2026 $6000, silver at $200 (CONSERVATIVE)…….we are in the MIDDLE of THE STORM !!! and ofcause when Gold hits 8K 10K silver gonna be $700 dats for SURE !!!!!!
The world is selling US treasuries and buying US commodities.
Us debt is no longer manageable.
So give US dollars back to the US and take the commodities which are needed.
It’s not rocket science.