U.S. Just Called Silver 'Critical' - Wheaton CEO Says Supply Has Already ‘Peaked’

Gold is holding above $4,000 an ounce, marking one of the strongest sustained rallies in modern history - and now, the U.S. government has just added silver and copper to its official critical minerals list. In this Kitco News interview, Jeremy Szafron sits down with Randy Smallwood, President & CEO of Wheaton Precious Metals (WPM), to break down what this means for investors, the global metals supply chain, and the future of sound money. Smallwood reveals how Wheaton just deployed nearly $1 billion this quarter while also raising its dividend by 6.5%, all with zero debt on the balance sheet — a rare feat in today’s market. He also weighs in on the outlook for $5,000 gold, the U.S. fiscal crisis, and whether the system has to “break” before gold reaches new highs. This is the defining conversation on how streamers, miners, and investors navigate the next phase of the metals bull market. Recorded on November 7 2025