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    Silver’s Supply Crisis Is Structural – Production Won’t Catch Demand for Years | Phil Baker



    Silver’s Supply Crisis Is Structural – Production Won’t Catch Demand for Years | Phil Baker

    Silver prices are holding above $34 in June 2025, outperforming the S&P 500 and Bitcoin year-to-date – but veteran mining executive Phil Baker says the rally may just be getting started. In this exclusive Kitco News interview, Baker explains why the silver supply crisis is far from over, with mine production capped, recycling limited, and global demand – especially from India – rising fast.

    “We’ve burned through 800 million ounces from above-ground stocks in the last four years,” Baker says. “There’s nothing on the supply side that can catch up.”

    Speaking to Kitco on the sidelines of the Mining Investment Event of the North in Quebec City, Baker, former CEO of Hecla Mining and current executive committee member at the Silver Institute, breaks down the structural shortage, the hidden strength of Indian and Chinese demand, and why he believes silver is still in a long-term bull market that began in 2001. He also weighs in on whether the paper market is fragile, how solar and EVs are driving industrial consumption, and whether $50 silver is in play in 2025.

    Special thanks to our sponsor, West Red Lake Gold Mines, for making this coverage possible. To learn more, visit: https://westredlakegold.com/

    Key topics:
    -800M ounce silver deficit and why it matters
    -India’s dominant role in silver consumption
    -Why silver mine supply is capped for the next decade
    -Gold to silver ratio hits 100: undervaluation signal?
    -Rising retail interest and Costco silver buying
    -Paper market fragility and risk of a squeeze
    -Why silver is a monetary metal again

    00:00 Introduction
    02:42 Rainy River Mine Developments
    05:10 New Afton Mine Expansion
    08:27 Copper Market Insights
    09:53 Government and Regulatory Support
    12:00 Shareholder Returns and Future Plans
    14:32 Closing Remarks

    #Silver #Gold #Commodities #Mining #PhilBaker #KitcoNews #Investing #EV #Solar #India #SilverInstitute
    __________________________________________________________________

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    Disclaimer:
    The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.

    View 45 Comments

    45 Comments

    1. @Rosella12387 on

      I Hit $32,590 today. Thank you for all the knowledge and nuggets you had thrown my way over the last week. i started with 5k in last week 2025…. now i just hit $32,590

    2. @MH-53E on

      Silver Institute? Professional Spin Doctors and Crypt Keepers. You can't trust anything they say about anything. Cherry picking half truthers designed to keep you comfortably confused. They're narratives are designed to cover for the Goblins within the bullion banks…

    5. @rudeawakening3833 on

      RIOFF ( RIO2 )
      This gold/silver mining company recently FULLY permitted and scheduled to begin pouring gold January 2026 . This company’s graph clearly shows UP and to the RIGHT . Still under .99 cents per share ; I suspect if this graph continues to climb like it has , an acquisition is very likely .

    14. @franklindonathan2749 on

      Nobody cares about the ratio ever since stealing all of Russia US dollars was/is the apocalypse for the dollar. The world is running from the dollar and will never trust it again.

    19. @hayhay8112 on

      Thanks! Your video calms me down everyday, Gold and Silver has long been hailed as a store of value and a hedge against economic uncertainty, cryptocurrencies offer a new paradigm of digital scarcity, decentralization, and disruptive potential. From Bitcoin to Ethereum and beyond, these digital assets are rewriting the rules of finance, captivating investors with their unprecedented growth and innovation..managed to grow a nest egg of around 2.2Biitcoin to a decent 26.4Biitcoin. At the heart of this evolution is Donald Buckley, whose deep understanding of both cryptocurrency and traditional trading has been instrumental. He’s holistic approach to investment and commitment to staying abreast of market trends make him an invaluable ally in navigating this new era in cryptocurrency investment….

    22. @paulfarrell4039 on

      A solar panel contains roughly $20 of Silver (20 grams). If that price doubles then using copper is an option. So similar to the photo industry, silvers rise could be short lived.

    23. @BlindBag-d8o on

      In the past 5 or 10 years everything in the world at least doubled, except silver 😢😢 even garden soil which it’s dirt still doubled price. BUT SILVER WHEN BACK WARDS 😮😮😮

    31. @jianjieyap2010 on

      The recyclers I spoke to says that they cannot be bothered with the US$30+/oz from solar panels. So until the silver prices increase substantially, we are losing silver to the landfills.

    32. @FeldwebelWolfenstool on

      ..if the price zooms, I'll be tempted to risk my life and go underground into this 1880's silver mine we own. Grab samples 9550 and 25,800 gpt Ag. from the last worked face. Historic values up to 19,000 opt Ag. Open pitting veins on the surface don't take long to get permitted…

    35. @Dward-c8g on

      Consumption? Are you thinking about what he's saying? Is the metal 'consumed' in India, or is it sitting there in refined form? These promoters change their tune about silver shortages when confronted with CPM data and then just go back to the same rhetoric to sell fear afterwards. 😉 I wish more of you would call them on it.

    36. @Dward-c8g on

      Did he just say 50% of silver production is taken up by investor demand? 😉 That's refined silver just sitting there for sale at the right price? 😉

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