Wheaton CEO Randy Smallwood says gold’s move toward $5,400 signals structural shift as silver faces multi-year supply deficit

Wheaton Precious Metals CEO Randy Smallwood said gold’s recent test of levels near $5,400 is not a short-lived spike but part of a structural shift in markets, citing fiscal imbalances, currency concerns and renewed demand for hard assets, according to an interview with Kitco News recorded on March 02, 2026 at @the_PDAC 2026. Smallwood said he views $5,000 as a new base for gold and described the metal as a currency that has “been a currency forever”, arguing that the traditional role of the US dollar as the primary reference currency is being reconsidered as deficits increase and geopolitical risk rises. He also highlighted a multiyear supply imbalance in silver since its production peak in 2017 and 2018, stating “we’re consuming more of it than what we’re producing” and linking the trend to industrial demand and what he characterized as a structural deficit. His remarks followed Wheaton’s completion of a $4.3 billion transaction the previous week to double its silver exposure at Antamina in Peru, a deal he said positions the streaming company for a prolonged monetary and industrial transition amid higher energy costs, mine supply constraints and evolving geopolitical risks.