Silver is quietly stealing the spotlight in 2025. Trading near $36.40 an ounce, it’s already up 27% this year—and according to Randy Smallwood, CEO of Wheaton Precious Metals, it’s just getting started. “We should see $40 before year-end,” he said, pointing to renewed investor interest and rising inflows into silver ETFs.
The fundamentals back him up. The Silver Institute projects global silver demand to hit record highs next year, driven by booming industrial use—especially in solar panels and electronics—and a rebound in jewelry and silverware. Meanwhile, supply is tightening, with mine production expected to decline by another 2%, marking the fifth consecutive year of deficits.
Gold, too, remains strong. After hitting a record $3,454 in June, it’s holding above $3,390. For the first time, gold has overtaken the euro in global reserves, now accounting for 19% of central bank holdings, compared to the euro’s 16%. The dollar still leads at 58%, but Smallwood sees a broader shift underway. “We’re witnessing a structural change in how nations store value,” he said.
That shift is clear in central bank behavior. China, India, and Turkey have led the charge, with global gold purchases up 14% year-over-year. Nations are relocating their reserves and seeking assets that are not bound by political influence. “Gold is the ultimate apolitical safe haven,” said Smallwood. “It’s not about war—it’s about trust in fiat.”
Wheaton itself is projecting 40% growth in attributable production over five years, thanks to its unique royalty-streaming model. With no operational risk, zero debt, and a $40 billion market capitalization, Wheaton is expanding its exposure to strategic metals, such as copper, while remaining anchored in gold and silver.
“We’re built for long-term strength,” Smallwood said. “And in this environment, strength is exactly what investors are looking for.”