Hecla CEO on precious metal rally: Gold is trading on central banks, silver is a supply story

Watch on YouTube ↗  |  January 09, 2026 at 22:33  |  4:30  |  CNBC
Speakers
Rob Krcmarov — CEO, Hecla

Summary

Rob Krcmarov, CEO of Hecla Mining, discusses the precious metals rally in a CNBC interview. He attributes gold's surge to sustained central bank buying and silver's rally to a multi-year supply deficit, China export restrictions, and accelerating industrial demand. Krcmarov also highlights Hecla's North American assets and existing production as advantages, while staying cautious on Venezuela and declining to comment on Rio Tinto-Glencore M&A chatter.

  • Gold is up 65% and past $4,500, driven by central bank buying.
  • Silver is up 147%, with a fifth straight year of supply deficits.
  • China's export restrictions add to a silver supply squeeze.
  • Hecla's assets are in Canada and the US, which Krcmarov says reduces jurisdiction risk.
  • Hecla benefits from existing production as new primary silver deposits take years.
  • Krcmarov is cautious on Venezuela and would only consider investment if risks become comfortable.
  • He declines to comment on reported Rio Tinto-Glencore combination talks.
  • He says silver can keep going higher on industrial demand and gold-price tailwinds.
Ideas
Rob Krcmarov CEO, Hecla 0:56
Gold rally driven by central bank buying
Gold's rally is driven by central bank buying: since 2022 central banks have purchased over 1,000 tonnes annually, roughly double the historic average, and they still indicate they plan to continue purchasing. Gold is up 65% and pushing past $4,500, its best year since 1979.
GLD HIGH
Rob Krcmarov CEO, Hecla 1:13
Silver supply deficit supports higher prices
Silver's rally is a supply story: the market is in its fifth straight year of deficits, consuming about 200 million ounces per year more than is produced annually, and China's export restrictions that kicked in on January 1 have created a genuine supply squeeze meeting accelerating industrial demand. Silver is up 147% and Krcmarov says it can keep going higher, supported by industrial demand and gold-price tailwinds.
SILVER HIGH
Rob Krcmarov CEO, Hecla 1:46
Hecla offers North American jurisdiction certainty
Hecla is the largest silver producer in the US and also mines gold, lead, and zinc, with all assets in Canada and the US. Krcmarov argues this North American jurisdiction profile gives investors certainty and predictability, with no risk of mines being taken away, while existing production helps because silver is mostly a byproduct and new primary silver deposits take many years to develop. He says permitting timelines have expanded and the company will focus on maintaining costs and operational efficiencies.
HL MED
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This CNBC video, published January 09, 2026, features Rob Krcmarov discussing GLD, SILVER, HL. 3 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Rob Krcmarov  · Tickers: GLD, SILVER, HL