Video News/PDAC 2026

Wheaton Precious Metals CEO Randy Smallwood says silver’s structural supply imbalance is becoming harder to ignore as global demand accelerates. Speaking with Kitco News at PDAC 2026 on March 02, 2026, Smallwood said the silver market has been in deficit for years, noting, “We're consuming more of it than what we're producing,” after peak silver production in 2017 and 2018. He added that much of the world’s silver is produced as a byproduct from base metal mines, limiting how quickly supply can respond to higher prices. Smallwood’s comments come as silver approaches triple digits, and Wheaton integrates its recently announced $4.3 billion transaction to expand exposure to the Antamina mine in Peru. He said gold has also entered what he views as a structural shift, stating, “I do think 5,000 is a new base for gold,” and reiterating that “Gold is a currency. It's been a currency forever.” Smallwood framed the current environment as part of a broader reassessment of fiscal policy, currency stability, and long-term hard asset demand.