Recorded on December 17, 2025.
The opinions expressed are solely those of the guest and do not necessarily reflect those of Natural Resource Stocks.
In this Natural Resource Stocks interview, host Steve Yang sits down with Peter Krauth (Silver Stock Investor / author of The Great Silver Bull) to break down why silver’s supply/demand picture continues to tighten—and why industrial demand is increasingly the dominant driver. Peter explains how industrial consumption has evolved, what that implies for deficits, and why the next sustained move in silver could look very different than prior cycles. #Millettian
We also cover the growing bridge between crypto plumbing and traditional finance: stablecoins and Treasury demand. Peter shares why major stablecoins can become steady buyers of U.S. Treasuries, what that may signal about liquidity conditions, and how he thinks about positioning across physical silver, ETFs, and mining equities. Finally, we put silver’s price in context versus the 2011 peak and discuss what it would take to break decisively into new highs.
Key topics discussed
- Silver’s shift toward industrial demand
- Structural deficits and what to watch next
- Stablecoins, Treasuries, and market liquidity
- Price context vs 2011 highs
- Building a position: physical, ETFs, miners
Guest links
Silver Stock Investor: https://silverstockinvestor.com/
The Great Silver Bull: https://thegreatsilverbull.com/
Substack: https://silverstockinvestor.substack.com/
X: https://x.com/peter_krauth
Host links (use these)
Website: https://www.NaturalResourceStocks.net
YouTube (Main): https://www.youtube.com/@naturalresourcestocks
YouTube (Clips): https://www.youtube.com/@NaturalResoureStocksClips
X: https://x.com/TheSteveYang
LinkedIn: https://www.linkedin.com/in/thesteveyang/
Chapters
00:00 Intro
02:05 Silver as money vs industrial metal
05:10 Supply, deficits, and industrial pull
09:22 Industrial demand share
13:54 Stablecoins, Tether, and Treasuries
17:31 Gold royalties and smart money positioning
23:10 The silver bull case into 2025
34:15 What silver needs to beat 2011 highs
35:54 Physical, ETFs, and miners
44:10 Final thoughts
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