Silver has long played second fiddle to gold, but 2025 was a turning point with silver outperforming gold by a significant margin.
It seems like the rally is set to run into 2026 as well.
With unprecedented demand from electronics, renewable energy, and electric vehicles (EV), silver is increasingly being seen as a critical mineral rather than just a precious metal.
Randy Smallwood – the chief executive of Wheaton Precious Metals – told CNBC in an interview last week that his company is “really excited about silver” heading into 2026, citing exceptionally strong fundamentals and constrained supply.
For investors wondering if it’s already too late to invest in Silver, the evidence suggests otherwise – silver’s story is only beginning.
Supply constraints to drive silver price higher in 2026
On “Money Movers”, Randy Smallwood took an uber-bullish stance on silver, mostly because of the supply bottleneck.
Unlike gold, most silver is produced as a byproduct of lead-zinc and copper mining. According to the Wheaton Precious Metals’ chief executive:
“The lead-zinc market isn’t all that strong right now. Copper, of course, is also at record highs. But these mines, they just don’t ramp up that production as fast.”
This means silver supply can’t easily expand to meet rising demand, creating a structural imbalance.
As industries from mobile electronics to electric vehicles consume more silver, limited production capacity ensures prices remain supported well into 2026.
Tech and energy transition is increasing silver demand
Silver’s role in modern technology and energy transition is another driver of long-term growth.
Smallwood emphasized its unique properties, saying, “it makes batteries last longer, gives higher processing power. That’s important as we gradually moving into a mobile world, all the way from electric vehicles to smart rings and smartwatches.”
Beyond consumer electronics, silver is crucial in solar panels and renewable energy infrastructure as well. With governments worldwide accelerating the energy transition, silver demand is expected to rise sharply.
Wheaton already derives 35-40% of its revenue from silver, making it one of the largest silver producers globally.
As these trends intensify, silver’s strategic importance ensures its price trajectory remains upward – reinforcing that it may not be too late to invest in silver heading into 2026.
What all of this means for Wheaton Precious Metals stock
The aforementioned catalysts that are expected to drive silver prices higher in 2026 are especially significant for Wheaton Precious Metals due to its unique business model.
As a streaming company, Wheaton locks in fixed costs by buying future production from miners, insulating itself from inflationary pressures.
“Our actual production costs are fixed. We don’t have that cost risk that inflationary pressure that so many of our peers, and especially the mining companies, actually do suffer from,” Smallwood noted.
This stability allows WPM to generate record cash flows – even as commodity prices rise.
For investors, it highlights how silver exposure through streaming names like Wheaton stock can offer leveraged upside without the operational risks of traditional mining.
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