Neil Adshead, Consultant Analyst at Commodity Discovery Fund, joins Kitco Mining’s Digging Deep as gold pushes past US$3,700 per ounce and silver hits 14-year highs. In the discussion, he points to central banks as the marginal buyers driving bullion higher, noting “The marginal buyer is these central banks,” and that nations across Asia and Europe are steadily adding gold to reserves.

Adshead explains silver’s dual role, with nearly 60% of demand coming from solar, electrification, and other industrial uses, even as investors continue to treat it as a store of value. He also highlights a shift among producers, who are pivoting from buybacks and dividends to growth strategies through exploration and M&A, reflecting confidence in the bull market for equities.

In copper, Adshead discusses Freeport’s Grasberg mine and the major setback faced after a mudslide dumped 800,000 tons underground. “This is not going to be a quick fix. This is going to take many months to rectify,” Adshead said, adding that output may not recover until 2027. The disruption pushed copper above US$10,000 per tonne, or roughly US$4.55 per pound, on the Grasberg news, supporting developers like Atex, which recently unveiled a multibillion-pound copper-gold resource in Chile.

Adshead weighs in on U.S. critical minerals policy, from the DOE’s proposed 10% stake in Lithium Americas’ Thacker Pass project to fresh G7 and EU proposals for rare earth price floors. He argues that direct government backing will remain a defining feature of supply security, even if it risks capital misallocation.

Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.