Why Silver Supply Cannot Respond to Higher Prices | Keith Neumeyer

Silver and gold are no longer flirting with historic levels. They are holding them. And Keith Neumeyer says that matters far more than the numbers on the screen.Speaking with Kitco News at VRIC 2026 in Vancouver, the First Majestic Silver CEO says the market has crossed into “a new pricing paradigm,” after decades shaped by paper-driven trading. He argues the shift is being driven by physical tightness and demand that are now overpowering traditional paper pricing.Neumeyer points to years of underinvestment and flatlined mine supply. For the first time in his career, he says, “the physical market is actually taking over the paper market.” He adds that big institutional money remains on the sidelines, while permitting timelines and massive capital requirements limit how quickly new supply can respond.Recorded January 26, 2026.Special thanks to our sponsor, Discovery Silver. Visit https://discoverysilver.com/ to learn more about the company, its latest news, and investor materials.00:58 - Silver and Gold Hold New Levels01:49 - Mining Constraints and Supply Pressures03:00 - First Majestic Strategy in a High-Price Market04:48 - Mint Operations and Supply Chain Issues07:38 - Permitting, Governments, and Jurisdiction Risk10:38 - Why Institutions Still Avoid Mining Stocks11:51 - First Mining Gold and Long-Term Development17:57 - Final Thoughts on Silver and Mining CyclesFollow Jeremy Szafron on X: @JeremySzafron (https://x.com/JeremySzafron) Follow Kitco News on X: @KitcoNewsNOW (https://x.com/KitcoNewsNOW) Follow Keith Neumeyer on X: @keith_neumeyer (https://x.com/keith_neumeyer)#Silver #MiningStocks #KeithNeumeyer #FirstMajestic #Gold #MergersAndAcquisitions #KitcoNews__________________________________________________________________FOLLOW US:  X: https://x.com/kitconewsnow  Instagram: https://www.instagram.com/kitconews  Facebook: https://www.facebook.com/KitcoNews  LinkedIn: https://www.linkedin.com/company/kitconewsListen to the PODCAST on🎧 Spotify: https://open.spotify.com/show/1My4WgtF0ZhUnxkxDLoJof🎧 Apple Podcasts: https://podcasts.apple.com/us/podcast/kitco-news/id1842889233🎧 All podcast episodes available here → https://kitconews.buzzsprout.comVisit: https://Kitco.com/ for live gold, silver, and crypto prices, the latest mining news, and macroeconomic insights.  Live gold price and chart: https://www.kitco.com/charts/goldLive silver price and chart: https://www.kitco.com/charts/silverLive crypto market data: https://www.kitco.com/price/cryptoLearn more about Kitco News: https://www.kitco.com/news/about/ For more information on advertising, sponsorship and marketing promotions – please visit our online media kit at: https://www.kitco.com/advertising  Disclaimer:  The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.Disclaimer:  The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.