Silver prices are holding above $34 in June 2025, outperforming the S&P 500 and Bitcoin year-to-date – but veteran mining executive Phil Baker says the rally may just be getting started. In this exclusive Kitco News interview, Baker explains why the silver supply crisis is far from over, with mine production capped, recycling limited, and global demand – especially from India – rising fast.
“We’ve burned through 800 million ounces from above-ground stocks in the last four years,” Baker says. “There’s nothing on the supply side that can catch up.”
Speaking to Kitco on the sidelines of the Mining Investment Event of the North in Quebec City, Baker, former CEO of Hecla Mining and current executive committee member at the Silver Institute, breaks down the structural shortage, the hidden strength of Indian and Chinese demand, and why he believes silver is still in a long-term bull market that began in 2001. He also weighs in on whether the paper market is fragile, how solar and EVs are driving industrial consumption, and whether $50 silver is in play in 2025.
Special thanks to our sponsor, West Red Lake Gold Mines, for making this coverage possible. To learn more, visit:
Key topics:
-800M ounce silver deficit and why it matters
-India’s dominant role in silver consumption
-Why silver mine supply is capped for the next decade
-Gold to silver ratio hits 100: undervaluation signal?
-Rising retail interest and Costco silver buying
-Paper market fragility and risk of a squeeze
-Why silver is a monetary metal again
00:00 Introduction
02:42 Rainy River Mine Developments
05:10 New Afton Mine Expansion
08:27 Copper Market Insights
09:53 Government and Regulatory Support
12:00 Shareholder Returns and Future Plans
14:32 Closing Remarks
#Silver #Gold #Commodities #Mining #PhilBaker #KitcoNews #Investing #EV #Solar #India #SilverInstitute
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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.
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32 Comments
My Nan created a $100m meme coin, she’s still working on creating gold
Silver to $150 soon.
BLUE LINE FUTURES COMPANY IS A LYING, RUDE, UNPROFESSIONAL, AND CORRUPT ACTING. I just received a call back from the company Blue Line Futures. Their head of futures PHIL. THE HEAD OF future trading at BLUE LINE FUTURES NAME IS PHIL. PHIL IS A very very rude man. He literally got so defensive when I asked him if my contract for silver will be re hypothesized. He got angry and yelled yes, this is a futures market. He then told me there is an over abundance of silver. I asked why delivery went from T+1 to 8 weeks. He answered with anger not with an actual answer. I asked him why if silver is so abundant, can you explain why supply hasn't met demand for 5 years. Again, anger and no answer. And then their #1 guy, hung up on me, after asking me if I've been sipping from the kool aid. Thats just an insult for no reason. DON'T DO BUSINESS WITH BLUE LINE FUTURES COMPANY. This company is being run by Phil. I think Phil is 1% CROOK! A paper futures guy who looks down on people who hold physical silver. He's polite ONLY when his second face is showing. Blue Line Futures is a company id NEVER do business with. Period. PHIL thinks there is an abundance of silver…..said the crook selling paper.
Silver is a great buy. ❤❤❤
01:56 "Is this silver breakout fake?" …uhhhh…yeah…it's fake…totally fake…yeah…we'll be back to $4 bucks before you know it…yeah, totally fake…you couldn't come up with a better question than that???
Here, let me nutshell it for ya'…we ain't seen nothing yet. Next video please…
Nope go watch Rick Rule interviews for his conference coming up in Florida in July there are millions upon millions of ounces of silver about to hit the market in the next three years
CHASE IS MANIPULATING THE PRICE OF SILVER ???
26.8m oz Ag / 12.4m tonnes Cu / 31.3m oz Au
Buy Solgold
You really need to have someone authoritatively describe the military's insatiable wasteful hunger of silver. They are vaporizing a lot of precious silver – lost forever
if the u.s. public woke up to currency devaluation they would be buying silver as fast as they can
I have one thing . If you listen to silver and gold dealer. People are selling a ton of silver and gold. The refiners are cutting buy price to – 2 .00 back of spot. For silver.
Silver production will NEVER ever again CATCH UP with Demand !! … DEMAND is OFF THE SCALE*.. *MINING is FOREVER down .. Silver 'byproduct' is the main supply factor & Silver by its nature is concentrated in upper level deposits. All easy recoverable Silver is GONE*.. now mines are ever deeper & with lower *CONCENTRATION of Silver ore !!
We hold silver with the intention of it never being sold? 😉 Then why hold it?
Consumption? How much above ground refined silver is consumed? Or is most of it available for sale at the right price? 😉
Nothing is going to change the amount of silver entering the market? Nothing? 🙂 Higher prices and now the glut of 90% to refiners? 😉 More silver than can be managed so physical buy prices are dropping. 🙂 🙂 🙂
$500 an oz for silver? Nopeee, it will be $1,000 an oz!!! Watch it come!
The Ratio Of silver to gold available in the earth crust is about 9:1..right now the price of silver to gold is 90:1. I think silver price will explode to $100-$200/oz
How is that possible when recession or even stagnation is looming in the global economy?
Thank you, excellent interview
50 yr manipulated Silver should be 3000, ratio and then true gold price, then unobtainium is.. parity.. waiting for the 6B$ Bank Am etc naked shorts.. Why none of this mentioned? They dunno?
With gold hovering a bit below its $3,505 per ounce high water mark in recent weeks, a less prominent peer has taken up the bull mantle. Thus, the price of platinum advanced nearly 5% this morning to $1,268 per ounce, bringing year-to-date gains towards 40% and leaving the precious metal at its best levels since early 2021. Burying one's head in the silver sands one can forget about the real PM ( other than gold)
In the last two years where the World Gold Council was able to get out data on gold and silver stocks, silver stocks were leaking heavily by 400 000 tons in 2022 (that's silver that was used in 2022 from reserves as 400 000 additional tons weren't mined that year. In 2023 it's 377 000 tons. Don't know what kind of reserves there are but that seems quite a few warehouses of the stuff going out the door.
What happens when the warehouses are empty ?
Buy physical silver if you want control of your own wealth!😇
Having physical silver is making so much interest in value alone ! Way more than any bank interest accounting
Strong BUY. Still early earnings. NVIDIA is the dominant leader in AI and the preferred technology partner globally. Even w new competition on the horizon, NVIDIA is far ahead of the competition. 85% market share. 76% margin. Unrivaled demand for new Blackwell chip. Demand far exceeds production for Blackwell through to 2025 and beyond. 1No competitor has anything close to Blackwell. And forward P/E is about 33 (cheap for a high growth stock). Buy this stock and wait. You will be rewarded.
The squeeze is going to be fun. People are going to buy it up. Silver is a lagger. Gold went up!
"If" the deficit continues… 😂😂😂😂😂
Is it possible to replace silver with Aluminum? It has similar conducting characteristics
Imagine you bought in 1980 at 50 dollars USD 🤣👈👏 Applause
I Believe Silver Is Very Shortly Going To Brake Out Big Time ,
Mainly Because Of Insecurity, And Suddern Demand, And Paper Investors Wanting Physical all At Once ,
November to March 26 .
Excellent. Thank you.