CEO of precious metals streaming company Wheaton Randy Smallwood told CNBC's Jim Cramer on Thursday that gold and silver have perpetual power on the market.
Randy Smallwood, the CEO of precious metals streaming company Wheaton, told CNBC's Jim Cramer on Thursday that gold and silver have perpetual power on the market due to their very nature as one of the world's oldest currencies.
"I mean that's what gold has been forever, a store of value, a measure of value that lasts," Smallwood said. "It's not subject to political influence, and that's what gold has always provided, that's what precious metals have always provided: you can't copy it, there's only one, there's only one gold, there's only one silver, and as a store of value it's just, it's lasted for thousands of years, and it will last for thousands of years.
As a streaming company, Wheaton funds mining operations in order to then buy metals at a discount. In this way, Smallwood said, it's a lower risk opportunity for shareholders and investors to put their money in precious minerals without worrying about the liabilities that come with investing in actual mines.
Although Smallwood is the chair of the World Gold Council, his favorite metal is silver, which is harder to find than its flashy counterpart because there are fewer silver mines in the world, he said. "Most silver is produced as a byproduct, and most of it comes from lead zinc mines, and there's just not a lot of new lead zinc mines getting built," Smallwood noted. "There already is a bit of a supply shortage on the silver side, and we're seeing that add some strength to the silver price, we just haven't seen the move that we expect so far."
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