Peter Krauth, author of The Great Silver Bull and editor of Silver Stock Investor, says the silver market has entered a structurally different phase driven by persistent supply deficits and rising industrial demand. Speaking with Kitco Mining at the 2026 Vancouver Resource Investment Conference, Krauth said, “The fundamentals of the market have just changed completely.”

Krauth pointed to consecutive years of supply deficits, flat mine production, and continued inventory drawdowns as key constraints on the market. “The demand is high. Supply is flat. There’s essentially no prospect for more silver to start to come to market,” he said. He also highlighted the strategic role of China in the supply chain, noting, “China controls 60 to 70% of global silver refining.”

While acknowledging silver’s volatility and the potential for corrections, Krauth said the larger opportunity increasingly lies in mining equities, where valuations and analyst models have yet to fully adjust. He also outlined why consolidation is likely to continue, with producers moving down the food chain toward developers and select juniors as the cycle matures.

Watch Peter and Paul's conversation from VRIC 2024 here: https://youtu.be/jFN4lZmmrm4

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Special thanks to our sponsor, Discovery Silver. Visit https://discoverysilver.com/ to learn more about the company, its latest news, and investor materials.

00:26 - How Silver Entered a New Market Phase
01:01 - Supply Deficits, Flat Mine Output, and Inventory Drawdowns
02:11 - Global Silver Demand and China’s Role in the Supply Chain
06:30 - Volatility, Corrections, and How Investors Should Position
14:18 - M&A Trends and Why Silver Producers Are Moving Down the Food Chain
21:39 - Risks, Industrial Headwinds, and the Silver Investment Case
24:51 - Silver Demand from Solar, Data Centers, and Emerging Technologies
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Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.

Peter Krauth on Why ​​Silver Mining Valuations Haven’t Caught Up

Kitco MINING

Peter Krauth on Why ​​Silver Mining Valuations Haven’t Caught Up

Peter Krauth on Why Silver Mining Valuations Haven’t Caught Up

Peter Krauth on Why Silver Mining Valuations Haven’t Caught Up