Silver Supply Has Peaked as Wheaton CEO Reacts to U.S. Adding Metal to Critical List

Gold is holding firm above $4,000 an ounce—one of the strongest and most durable rallies in modern financial history. And now, in a move loaded with strategic implications, the U.S. government has officially classified silver and copper as critical minerals, placing them at the center of America’s national security and industrial policy.

In this exclusive Kitco News interview, Jeremy Szafron sits down with Randy Smallwood, President & CEO of Wheaton Precious Metals (WPM), to break down what this seismic policy shift means for investors, supply chains, and the future of sound money.

Smallwood reveals how Wheaton deployed nearly $1 billion in a single quarter, raised its dividend by 6.5%, and still maintains zero debt—a rarity in today’s leveraged markets. He also shares his outlook on:

$5,000 gold and whether a system-wide break is needed for the next surge

The U.S. fiscal crisis and its role in driving hard-asset demand

How silver and copper becoming “critical” reshapes global supply strategies

Why streaming companies may outpace miners in the next metals supercycle

Recorded on November 7, 2025, this is the defining conversation for anyone trying to understand how streamers, miners, and investors should navigate the next phase of the metals bull market amid geopolitical risk, fiscal strain, and soaring hard-asset demand.

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00:00 Introduction and Market Overview
01:14 Interview with Randy Smallwood
01:29 Wheaton's Investment Strategy
02:17 The $670M Spring Valley Acquisition
03:12 Helo Transaction: "$1B Put to Work"
05:39 Gold Market Dynamics and Wheaton's Growth
09:01 Streaming Model vs. Traditional Mining
15:01 Macro Economic Factors and Gold Prices
17:32 Central Banks and Gold Accumulation
21:55 Silver's Strategic Importance
28:50 Conclusion and Final Thoughts

#gold #goldprice #investing #silver #silverprice #WheatonPreciousMetals #RandySmallwood #mining #inflation #economy #centralbanks #PeakSilver #KitcoNews
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