Name: The Next 'Silver Squeeze' Will Come In Next 18 Months | Shawn Khunkhun
Uploaded: 2025-03-01T14:00:15+00:00
Duration: 1986 s

Speakers

Shawn Khunkhun — CEO, Dolly Varden Silver

Summary

Shawn Khunkhun, CEO of Dolly Varden Silver, argues that silver is set up for a squeeze over the next 18 months due to scarce supply, strong industrial demand, and potential physical-delivery or tariff catalysts. He expects silver prices could reach triple digits and silver equities, especially junior ETF SILJ, to outperform the metal. He also presents Dolly Varden as an undervalued high-grade silver developer, views gold as a central-bank store of value, and warns that Bitcoin's Nasdaq beta makes it risky in a crash.

Shawn Khunkhun says silver supply is constrained because most silver is a byproduct and new mines are capital-intensive and slow to permit.
Industrial demand from solar, EVs, photovoltaics, and military uses now consumes about 55% of silver.
He expects a silver squeeze within 18 months, with potential triple-digit prices and $300 silver before the masses wake up.
He favors silver equities for leverage, highlighting SILJ's underperformance versus silver and potential 300% outperformance.
He presents Dolly Varden Silver as a high-grade, 140-million-ounce silver developer with cash and acquisition/discovery growth.
He views gold as a central-bank store of value but suggests retail investors use silver for similar protection.
He warns Bitcoin/crypto could sell off with Nasdaq in a crash and lacks gold's long safe-haven history.

Ideas

Shawn Khunkhun CEO, Dolly Varden Silver 3:00

Silver squeeze likely within 18 months.

Silver is scarce and not evenly distributed, and supply cannot quickly respond because about 72% of silver is a byproduct of capital-intensive, multi-decade projects. Industrial demand from solar, EVs, photovoltaics, and military uses now consumes about 55% of supply, while investment demand, tariff-driven calls for physical delivery, and a cup-and-handle technical setup could trigger a real squeeze within 18 months. He thinks silver could move into triple digits, possibly $300 before the masses fully wake up.

Shawn Khunkhun CEO, Dolly Varden Silver 8:28

Dolly Varden offers undervalued silver leverage.

Dolly Varden Silver owns a high-grade silver project in a historic 100-year mining camp that was once the richest silver mine in the British Empire and Canada's third-largest silver mine. The company has about 140 million ounces of silver endowment, tracks the silver price, has grown from $20 million to a high of $450 million while avoiding down-round financings, holds about $32 million in cash, and is using discoveries and creative acquisitions to grow its mineral inventory. He sees it as undervalued leverage to the coming silver bull market with a goal of becoming a top-10 silver equity.

Shawn Khunkhun CEO, Dolly Varden Silver 14:13

Silver producers profitable above all-in costs.

Silver mining is finally profitable because metal prices are above all-in sustaining costs. He cites some of the best producers at $12-$13 per ounce, an industry average AISC around $20, and higher-cost producers at $25-$27, so the price environment supports producer margins and equities.

Shawn Khunkhun CEO, Dolly Varden Silver 16:08

Gold is central-bank store of value.

Gold is the commodity, money, and store of value investors typically want during uncertainty, war, or a stock-market selloff. Central banks and wealthy investors are already accumulating gold, and fiat-currency dilution is increasing demand for gold exposure; he contrasts this with silver as the more accessible 'gentleman's gold' for retail investors.

Shawn Khunkhun CEO, Dolly Varden Silver 20:55

Bitcoin risks Nasdaq-correlated crash, unlike gold.

Bitcoin and crypto have diverted capital from precious metals, but they lack silver and gold's long history as money. Bitcoin has high beta to Nasdaq, so in a stock-market crash crypto could sell off with Nasdaq instead of acting as a safe haven, making it a dangerous store of value relative to gold.

Shawn Khunkhun CEO, Dolly Varden Silver 22:37

Physical silver bullion is store of wealth.

For investors seeking a store of wealth rather than a speculation, he recommends buying physical silver bullion because it has no counterparty risk, can be held in hand, and is a way to save. He contrasts this with silver equities, which he says are for speculation.

Shawn Khunkhun CEO, Dolly Varden Silver 23:29

Silver equities will outperform metal dramatically.

As the silver bull market matures, silver equities should outperform the metal by about 300%, and he says the market is still in the early innings. Last year silver rose 20% while SILJ, the junior silver ETF, rose only 6%; in the next phase, if the metal rises 20%, SILJ should rise about 60%, so investors own silver equities for that leverage.

The Next 'Silver Squeeze' Will Come In Next 18 Months | Shawn Khunkhun

Summary

Ideas

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