Triple Digit Silver More Certain Than Ever; CEO Keith Neumeyer Doubles Down

Summary

Keith Neumeyer, President and CEO of First Majestic Silver, tells David Lin that silver is headed toward triple-digit prices because of persistent supply deficits, growing industrial demand, constrained mine supply, and an eventual reckoning in the paper market. He also discusses First Majestic's operational progress, cost cuts, balance sheet, Los Gatos acquisition, M&A consolidation, Mexico's mining jurisdiction, and the gold-silver ratio.

• Keith Neumeyer predicts triple-digit silver driven by structural deficits and industrial demand.
• Mine supply is flat, recycling is limited, and miners need much higher prices for years to fund new projects.
• He expects physical tightness and bank short positions to force a repricing away from paper markets.
• First Majestic is described as having record cash, lower costs, a strong balance sheet, and the new Los Gatos mine.
• Silver M&A has consolidated the sector, leaving only four large North American producers.
• Mexico remains a premier silver jurisdiction, while permitting and smelting bottlenecks slow new supply.
• The gold-silver ratio is elevated and seen as a potential signal for silver outperformance.