Stockholm — The widening gap between gold and silver prices dominated discussion at The Nordic Funds and Mines conference in Stockholm, where leading miners and investors shared their views and outlook on the gold and silver markets.

The conversation, featuring Benoit LaSalle of Aya Gold & Silver, John McCluskey of Alamos Gold, Keith Neumeyer of First Majestic Silver, fund manager Eric Strand of AuAg Funds, and market analyst Peter, explored what a gold–silver ratio of 82:1 signals for the future of precious metals.

Despite differing business models, all agreed on one point: the next decade looks bullish for both metals, underpinned by central bank demand for gold, industrial demand for silver, and a tightening global supply base.

A Ratio Out of Balance

The gold–silver ratio, which compares the price of gold to silver, has historically fluctuated between 40:1 and 80:1. Today, it stands near the upper end of that range, prompting questions about relative valuation.

“From a mining perspective, the true ratio is closer to 7:1,” said Keith Neumeyer, referring to the amount of silver mined for every ounce of gold. “That tells you just how undervalued silver really is.”

Others, including John McCluskey, were more cautious. “We don’t factor the ratio into investment decisions,” he said. “Gold and silver are fundamentally different businesses, driven by very different forces.”

Fund manager Eric Strand described the high ratio as a clear signal that silver’s upside potential outweighs gold’s. “It’s not a trading tool, but it tells you where the value lies,” he said. “Silver miners are where the real leverage is.”

Two Markets, Two Drivers

Panelists agreed that gold’s resurgence is being fueled by central bank accumulation amid geopolitical realignment and waning confidence in the U.S. dollar. Silver, meanwhile, is increasingly driven by industrial demand linked to the global energy transition.

“Central bank buying has distorted the ratio,” said Aya Gold & Silver’s Benoit LaSalle. “They’ve pushed gold higher, but silver has a long way to go.”

Neumeyer noted that 60% of silver is consumed in industry, with only 20% each going to investment and jewelry. “We’ve had five years of supply deficits,” he said. “Mints are running short of physical silver, and we’re seeing strong retail demand return to the market.”

Central Banks and the De-Dollarization Trade

According to Alamos Gold’s John McCluskey, the forces behind gold’s record strength are structural, not cyclical.

“Something changed fundamentally after 2008,” he said. “Central banks—particularly China, Russia, and India—have been selling U.S. Treasuries and buying gold. They’re clearly preparing for a parallel gold-backed trade system that doesn’t rely on the dollar.”

McCluskey added that retail investors have yet to fully re-enter the market. “U.S. investors are still focused on tech stocks. Once that rotation begins, gold equities will finally catch up to the metal itself.”

Eric Strand called this the beginning of a massive capital rotation from bonds and equities into commodities. “As investors return to precious metals, you’ll see double buying,” he said. “They buy the miners, which lifts the commodities, which in turn boosts the miners again.”

Silver’s Industrial Supercycle

Silver’s industrial utility is emerging as one of the sector’s biggest structural tailwinds.

“China is multiplying its solar capacity sixfold,” said LaSalle. “Morocco is expanding renewables to cover half of its grid. Solar and wind demand will be a defining driver for silver.”

The economics are compelling, he added: “You can produce solar power at six cents per kilowatt-hour. It’s cheaper than oil or hydro. Silver is critical to that shift—and that demand is only accelerating.”

A Tight Supply Picture

The panelists agreed that supply constraints could amplify price gains. Most silver is mined as a byproduct of base metals, meaning that even at higher prices, supply won’t respond quickly.

“There are very few primary silver miners,” Strand said. “That makes silver extremely inelastic. Automakers, electronics manufacturers—they’ll pay whatever price it takes.”

LaSalle and McCluskey both described silver mining as technically challenging and less efficient than gold. “Recoveries of 65%–75% are common,” said McCluskey. “Gold miners often achieve over 95%. Silver is harder to extract, which limits supply.”

The Price Outlook: $15,000 Gold, $300 Silver?

Forecasts varied in scale but not direction.

·       Peter expects the ratio to fall to around 60:1, with both metals significantly higher.

·       Strand sees it compressing to 30:1 by the end of the current bull market.

·       LaSalle predicted $15,000 gold and $300 silver within five years, arguing that “gold will reprice global balance sheets, and silver will follow.”

For miners, that scenario would be transformative. “At $4,000 gold and $50 silver, it’s already a great time to be a miner,” said Neumeyer. “We could be looking at a 10-year bull run.”

Risks and Innovation

Audience questions turned to risks such as potential nationalization, market manipulation, and political volatility. The panelists agreed that such risks are real but difficult to quantify.

“You can’t control politics,” said Neumeyer. “You focus on geology and operations—the things you can control.”

On the exploration front, innovation is reshaping the industry. AI-driven geophysics and advanced drilling technologies are dramatically improving discovery rates.

McCluskey cited Alamos Gold’s success at its Island Gold District in Ontario, where horizontal drilling and AI modeling “sent the pace of discovery soaring.”

LaSalle described similar progress at Aya Gold & Silver: “Our exploration team uses AI, satellites, and every tool available. When we applied geophysics in Burkina Faso, we discovered the Houndé Belt, now home to more than 15 mines. We’ll try anything that shows substance.”

The Consensus: A Structural Bull Market

While the panel differed on timing, the consensus was clear: both gold and silver are entering a multi-year bull phase driven by global monetary realignment, technological demand, and constrained supply.

“Gold is becoming the currency of nations, while silver is the metal of the energy transition,” Strand summarized. “Together, they’re entering a new era.”

About the Event

The discussion took place during the Nordic Funds Mines in Stockholm, which brings together mining leaders, investors, and analysts to explore global resource and investment trends.