Smallwood of Wheaton Precious Metals believes silver could surge to $40

At the current moment, silver is trading at approximately $36 per ounce, a 27% increase from its price at the beginning of this year. According to Randy Smallwood, CEO of Wheaton Precious Metals, the asset still has room for a further upside.

According to the Silver Institute, global silver consumption will hit a new record in 2025, driven by increased industrial use in electronics manufacturing and rebounding demand for jewelry and silverware.

At the same time, total supply of the metal remains constrained. The institute forecasts a 2% decline in silver production, marking the fifth consecutive annual market deficit for the commodity.

Meanwhile, gold continues to hold steady above $3,300 per ounce. According to a European Central Bank report, the metal now accounts for 19% of global currency reserves, compared to the euro’s declining 16% share.

Smallwood asserts that gold remains unaffected by shifts in the political landscape. Investors' enduring quest to preserve wealth, he notes, will perpetually underpin the precious metal's value.