Randy Smallwood, CEO of Wheaton Precious Metals (WPM), believes that a shift in global gold investment patterns, particularly in the West, is fueling the historic rise in gold prices. Smallwood highlighted that economic uncertainty, especially concerns surrounding the Chinese real estate market, has contributed to gold's price trend. WPM operates as a streaming company, partnering with high-margin mines to acquire a portion of their byproduct. This allows WPM to access promising mining operations without the operational risks of running the mines. The company's strategic approach has resulted in operating margins over 80% and a stock rise of about 130% over the past five years.