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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