With silver hitting fresh record highs near $58, the global market structure is fracturing. Jeremy Szafron sits down with industry veteran Phillips Baker (Former CEO, Hecla Mining; Past Chairman, Silver Institute) to break down why the LBMA mantra has officially shifted to "Physical is King."
Baker reveals that Indian demand has become "insatiable," with October imports skyrocketing over 500% year-on-year, literally draining London vaults to feed the Indian consumer. The shortage was so acute that metal was reportedly flown by plane to meet delivery needs.
We also uncover the "Retail Swarm" – new CME data reviewed by Kitco News shows Micro Silver futures volume exploded 238%, colliding with a 10-hour exchange outage during the price breakout.
Finally, Baker details the terrifying math of the supply side: why we hit "Peak Silver" in 2016, why the 5th largest mine in the world is only 2% of supply, and why the regulatory gap means no new major mines will come online for 25 years.
Recorded December 3 2025
Follow Jeremy Szafron on X: @JeremySzafron (https://twitter.com/JeremySzafron)
Follow Kitco News on X: @KitcoNewsNOW (https://twitter.com/KitcoNewsNOW)
0:00 – The "Retail Swarm": 238% Volume Spike & CME Outage
7:30 – India’s 4x Import Surge: "This IS The Driver"
11:00 – "It Went to Mumbai": How London Vaults Are Being Drained
16:30 – The 25-Year Cliff: Why High Prices Can’t Fix the Shortage
20:00 – "Musical Chairs": ETFs vs. Physical Inventory
28:00 – Price Outlook: Why Silver Has "A Long Way to Go"
#Silver #SilverSqueeze #India #PhilBaker #KitcoNews #Economy #Mining #PhysicalSilver #LBMALONDON #Commodities
__________________________________________________________________
Like, share, and subscribe to Kitco News—and turn on alerts to stay current with expert interviews, market insights, and breaking news coverage.
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/kitconews
Listen 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.com
Visit: 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/gold
Live silver price and chart: https://www.kitco.com/charts/silver
Live crypto market data: https://www.kitco.com/price/crypto
Learn 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.
