Wall Street Was Short Silver. Now It's Going Long | Keith Neumeyer
Jul 10, 2026 Market Updates and Analysis
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.
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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
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