While momentum began in the east, he now sees the west increasingly turning to gold as a safe haven.

‘I do really think what we’re looking at now is that this rush toward gold as a good, strong store of value — a good, strong measure of value, a good place to invest — is becoming a worldwide phenomenon,’ he said.

In terms of silver, Smallwood said that although the metal is moving, it needs western retail demand to see a true price breakout. Given its strong fundamentals, he thinks it won’t be long before that demand segment falls into place.

‘I think it’s really only a matter of time until that retail market wakes up in the silver space,’ he said.

Smallwood also outlined Wheaton’s strategy during today’s high precious metals price environment, saying that while the company hasn’t closed many deals so far in 2024, it’s hoping to make more moves before the end of the year.

Watch the interview above for more of this thoughts on gold and silver, as well as Wheaton’s future plans.

Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.