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
__________________________________________________________________

Like, share, and subscribe to Kitco News—and turn on alerts to stay current with expert interviews, market insights, and breaking news coverage.

FOLLOW US:
X: https://x.com/kitconewsnow
Instagram:   / kitconews  
Facebook:   / kitconews  
LinkedIn:   / kitconews  

Visit: https://Kitco.com/ for live gold, silver, and crypto prices, the latest mining news, and macroeconomic insights.

Live gold price and chart: https://www.kitco.com/charts/gold
Live silver price and chart: https://www.kitco.com/charts/silver
Live crypto market data: https://www.kitco.com/price/crypto

Learn more about Kitco News: https://www.kitco.com/news/about/

For more information on advertising, sponsorship and marketing promotions – please visit our online media kit at: https://www.kitco.com/advertising

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.