Video News/Vancouver Resource Investment Conference 2026

Silver has crossed $100, and longtime mining executive Phil Baker says the move reflects a structural shift in the market. Speaking with Kitco News at VRIC 2026 in Vancouver, Baker, former CEO of Hecla Mining and former chairman of the Silver Institute, said the rally is being driven by tightening physical supply rather than speculation. “Physical is king,” Baker said, as exchanges, manufacturers, governments, and investors prioritize access to real metal over paper exposure. Baker said global silver production peaked in 2016 and is unlikely to exceed that level before at least 2030, limiting the industry’s ability to respond to higher prices. He noted that recycling and substitution provide only marginal relief due to refining bottlenecks and long mine development timelines. Baker also pointed to rising strategic demand, highlighting silver’s designation as a critical mineral in the United States and confirming that he has joined the board of Dateline Resources.