Liberty and Finance: Shawn Khunkhun: Peak Gold & Silver: Shortages Ahead 02-14-2026

Liberty and Finance: Feb 14th, 2026 Shawn Khunkhun: Peak Gold & Silver: Shortages Ahead; Shawn Khunkhun explains how Dolly Varden Silver has progressed from a high grade silver explorer into a more resilient enterprise by consolidating historic assets in British Columbia’s Golden Triangle and anchoring scale in a stable jurisdiction, then shows how the merger with Contango Ore reshapes the business model from one reliant on capital markets to one increasingly funded by operating cash flow, akin to moving from architectural plans to a working industrial system. He extends the analysis into infrastructure, describing how direct shipping of ore and processing partnerships with Kinross compress timelines, lower capital intensity, and sidestep many traditional permitting delays that constrain new supply. From there, Khunkhun situates the company within a wider macro context, arguing that both gold and silver have already reached peak production, meaning global mine output is flat to declining even as population growth, electrification, and strategic stockpiling drive demand higher. This supply ceiling, he argues, reinforces a structural imbalance that markets have only partially priced, echoing long standing views from investors such as Rick Rule. The conclusion is forward looking and cautionary, with bullion prices already reflecting scarcity, while mining equities remain discounted, positioning well capitalized producers in secure jurisdictions as potential beneficiaries when capital fully adjusts to the reality of peak metals and constrained supply.