Wall Street Was Short Silver. Now It's Going Long | Keith Neumeyer

Keith Neumeyer says silver's run to $121 this year pushed the physical market to the brink, and that the metal has now found its floor. Speaking with Kitco News at the Rule Symposium 2026, the First Majestic Silver CEO, who called $100 silver back in 2012 when it traded in the teens, said the spike exposed how thin the real market is. "The whole system was really on the verge of breaking," he said, pointing to surging lease rates, margin calls, and refiners that stopped buying. After a roughly 50% correction to around $60, Neumeyer said, "I think we've seen the lows," and called the market "two years into a 10-year bull market." He credited silver's move to the US designating it a critical metal, and said the short position that once capped prices, once as high as 800 million ounces, has largely gone, with paper players "now getting on the long side." Recorded July 08, 2026. Special thanks to our sponsor, Aris Mining, for making this coverage possible. To learn more, visit: https://www.aris-mining.com/ Follow Jeremy Szafron on X: @JeremySzafron (https://x.com/JeremySzafron) Follow Kitco News on X: @KitcoNewsNOW (https://x.com/KitcoNewsNOW) Follow Keith Neumeyer on X: @keith_neumeyer (https://x.com/keith_neumeyer) 00:00 - Silver Hits Triple Digits: The $100 Call 00:59 - Parabolic Run and the Fast Correction 03:08 - Why Silver Became a Critical Metal 05:45 - The Deficit and Flat Mine Supply 11:23 - China Demand and Shanghai Premiums 16:55 - The 8-to-1 Gold-Silver Mining Ratio 17:48 - Why Institutions Just Buy the Index 19:41 - Physical Silver vs Mining Stocks 22:13 - Inside First Majestic's Mine-to-Mint 26:48 - M&A in a Down Market 31:23 - Final Takeaways #Silver #SilverSqueeze #KeithNeumeyer #FirstMajestic #KitcoNews __________________________________________________________________ Like, share, and subscribe to Kitco News—and turn on alerts to stay current with expert interviews, market insights, and breaking news coverage. FOLLOW US: X: https://x.com/kitconewsnow Instagram:   / kitconews   Facebook:   / kitconews   LinkedIn:   / kitconews   Listen to the PODCAST on 🎧 Spotify: https://open.spotify.com/show/1My4Wgt... 🎧 Apple Podcasts: https://podcasts.apple.com/us/podcast... 🎧 All podcast episodes available here → https://kitconews.buzzsprout.com Visit: https://Kitco.com/ for live gold, silver, and crypto prices, the latest mining news, and macroeconomic insights. Live gold price and chart: https://www.kitco.com/charts/gold Live silver price and chart: https://www.kitco.com/charts/silver Live crypto market data: https://www.kitco.com/price/crypto Learn more about Kitco News: https://www.kitco.com/news/about/ For more information on advertising, sponsorship and marketing promotions – please visit our online media kit at: https://www.kitco.com/advertising Disclaimer: The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.