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.
Special thanks to our sponsor, Discovery Silver. Visit to learn more about the company, its latest news, and investor materials.
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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36 Comments
did keath get his a44hole bleached as well? When he got that hair transplant did they give him a a44hole bleach for free?
Stocks suck on a falling dollar 💵 fellows!!! THINK 🤔
The stock price is still cheap. Long time investor in AG
I like and respect this guy, he knows his busness and he knows silver.
The miners have plenty of silver ores in the mines….. Try inspecting the mines…..
They need a large contract amt of silver ore… to refine….
Miners are very smart…. Some information are hidden…
Miners can double their silver production if they double their effort…..
In China they can work 24 hrs
Miners can produce more silver thro. Govt. Support….
Here in Lima, the capital of Peru, we have a few sectors that trade solely in PM's, and there is no Silver in any of them, at any price!!
I like to pursue junior/ otc stocks and there are dozens of companies with non-producing mines (at least on paper).
Maybe I’m missing something, they’re going through permitting, haven’t started refining yet, idk the specifics of the entire mining industry… it just seems odd to come across dozens upon dozens of publicly listed mines (meaning there must be hundreds of privately owned mines), and that if a specific resource were truly needed (in this case silver) governments could use work-arounds to get the mining and refining process fast tracked…..
I always liked this guy, bought shares in his company, called to purchase silver, but after being TREATED RUDELY on the phone and told to place the order online – I chose not to deal with First Majestic – there are plenty of places who will treat you better.
tyvm for sharing
Over the last half-century, since gold prices broke free from their $35 per ounce peg to the Dollar, the Dow/Gold ratio bottomed at 1.2 ounces in 1980…peaked at 43 ounces in 1999…and averaged 15 ounces overall.
Gold does so little, it doesn't even rust. It also cannot lie about its earnings (it doesn't have any) or go broke. In all ages and all cultures in history, its primary use – whether as jewellery, coin or central-bank reserves – has been to store value, rather than grow it.
My prayers are with and for you Keith. 😞💔✝️❤️🩹👍🇺🇸💖
Ya know
Junk melt is said to be very big now
I CAN FEEL FOR MINERS, EVERY TIME THEY TAMP IT DOWN TO SUPPRESS THE PRICE TO THE POINT WHERE THEY ARE NOT ABLE TO SELL THEIR METAL AT MARKET VALUE, I COMMEND THEM FOR NOT SELLING TO COMEX & OTHER ENTITIES THAT DEAL IN THESE ILLEGAL PRACTICES, ANOTHER WAY TO ENSURE THAT THESE PRACTICES ARE ELIMINATED IS TO HAVE A 2-SPOT SYSTEM 1 FOR PHYSICAL & 1 FOR PAPER AFTER ALL THEY ARE 2 DIFFERENT COMMODITIES & IT WOULD NOT BE HARD TO POLICE.
Dividend is so tiny, maybe up it a bit?
China is world 2nd top producer behind Mexico. Both top producers can ramp up production at existing mines easily by 10 ro 20% if prices remain high and there is incentive.
Nino, thank you for bringing Dr. Corsi on your show. He is an amazing person, full of wisdom and knowledge!
Due to physical silver deficiency and strong industrial demand, the true value of physical silver would not reflect the true economic changes. It could be because the pricing model is still based on 1933=1934 paper silver. If there were no paper silver system tactics, the true value of physical silver would reflect the economic variation and would be returned to the true value of things. In today's world economy, the true value of physical silver would have been approximately $1000-$2000. Not $70 per ounce. Just my opinion.
Comex and the riggers still have a lot of ammo left folks. When you can create infinite $ out of nothing, very had to compete with that.
This didn't age well!!!!
Maybe Rick Rules can trade his miners stock for food.
Brilliant guy and really pleased for Keith – finally reached his $100 he always kept the faith that’s where it was going! he’d been out there day in day out sharing his silver wisdom, promoting the industry and inspiring so many of us to stack a little silver! 👍 enjoyed the ride 🙏 Keith
AND IT IS GONE!
But if mining companies demand that regulatory cooperation from governments, mining companies need to do their fair share in upgrading and improving their environmental protection efforts as they seek to profitably find and mine the metals. The protection of salmon runs, water sources, forest protection of water sources, maintaining clean air standards; those are needs equally important to the proper functioning and well-being of our society and economy.
Great interview! "The most dangerous government is the one closest to you" – Rick Rule💯
Great interview I’m a share holder and very happy.. I believe the stock has got a long way to go!!
Im not a huge investor nor am I super educated, but having invested a modest amount in First Majestic last year was a very good idea.
I only just bought first majestic on Monday. Am I too late?
HYMC has low shares and is trading at $55 before mining has even started.
Once mining starts, they should be worth around $250
Now multiply that by however many times silver increase in value. I'm thinking around 3 to 400 dollars per ounce.
The United States used to have metals mines, but these days, it seems like they are all in other countries. Did we already find it tall? Or was it the Democratic Communist party pass too many regulations to explore for it.
Comex and the US banks have lost control, simple
People seem to forget that there are closed down copper and silver mines all over the USA that weren't closed for being out of metal. A bunch of them are now in State and National Parks as the closures go back 200 years in some cases. The infrastructure like roads and such is already there to get the metals to market and they could be reopened quickly if the political will was there to spank the environazis and ignore them. Every time new environmental regulations went into effect a few mine close and a few planned ones are put on a back burner. Every time the metal price dips too much a few more would close. These mines and their infrastructure are all still there and there are hundreds. California by itself is brimming with mines still full of minerals that have been purposefully closed down by the state with unreasonable over regulation.
Keith is the man!!! He is a straight shooter! All men should be like him