Video News/In Focus with Jeremy Szafron

Phil Baker says the global silver market has entered a new phase where “Physical is King,” driven by extreme demand pressures and a widening structural deficit. Speaking with Kitco News Anchor Jeremy Szafron, he pointed to India’s “insatiable” buying, with October imports surging more than 500% year-over-year and literally draining London vaults. Baker noted that metal “went to Mumbai,” with shortages so acute that silver was reportedly flown by plane to meet delivery needs. He also highlighted CME data showing a 238% spike in Micro Silver futures volume during the breakout, coinciding with the 10-hour exchange outage that rattled the market. On supply, Baker outlined the harsh math behind what he calls the 25-year production cliff. He explained that the world hit “Peak Silver” in 2016, and even the fifth-largest mine globally represents only about 2% of annual supply. With permitting timelines out of sync with demand, Baker warned that no major new mines are likely to come online for decades, setting the stage for ongoing tightness across both physical inventory and ETF holdings.