In this must-watch 2025 playbook, Wheaton CEO Randy Smallwood breaks down the biggest forces shaping gold and mining right now. From the global money shift and a coming 50% production increase to a critical take on industry mega-deals, this is the interview every investor needs to see.
In this exclusive discussion, Smallwood covers:
-The Global Macro Shift: Why central banks are accelerating their move from U.S. Treasuries to gold as the world’s "trust anchor." He also explains his contrarian view on why high U.S. tariffs are a "net positive" for the mining industry.
-A "Dramatic" 50% Growth Profile: A detailed update on the company’s "dramatic" "50% increase" in production, as it climbs towards one million gold equivalent ounces over the next five to six years.
-The State of Industry M&A: A critical take on the Royal Gold-Sandstorm mega-deal, arguing it’s how "you start losing shareholders’ confidence".
-The Future of the Gold Market: An explanation of the World Gold Council’s plan to create a "digital gold token" to solve the "systemic risk" posed by the market’s opaque "private clubs".
Randy Smallwood is the President and CEO of Wheaton Precious Metals and the former Chair of the World Gold Council.
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00:00 Introduction
01:11 Central Banks and Gold Demand
03:53 Impact of US Tariffs on Precious Metals
06:36 Wheaton Precious Metals’ Growth Strategy
07:21 Governance and Digitalization of the Gold Market
17:21 Permitting Delays and Industry Challenges
25:04 Conclusion and Future Outlook
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