By Admin 
Silver Demand: Silver markets around the world are facing a serious crisis. You will be surprised to know that not America or London, but India is responsible for this turmoil regarding silver. On the occasion of Dhanteras, the massive buying of silver in India shook the silver markets across the world.
Vipin Raina, Trading Head, MMTC-Pamp India Pvt, believes that this year huge demand for silver was seen on Dhanteras. The situation is such that the stock of silver has been exhausted. Most of the people dealing in silver and silver coins ran out of stock. The limit was reached when the record-breaking purchase of silver in India not only emptied the domestic markets, but also had an impact on trading hubs like London.
Impact of record-breaking purchases
In India, people consider the purchase of gold and silver on the occasion of Dhanteras as auspicious. However, this time its purchase was record breaking. The advice given by social media influencers and market experts also had an impact on this. Investment banker and content creator Sarthak Ahuja by profession had told in one of his videos that the ratio of silver to gold is 100:1, so now it is the turn of silver. This video of his also went viral.
You will be surprised to know that due to the high demand for silver in India and holidays in China, dealers turned to London, but there too the silver vaults were found empty. Whereas about 36 billion dollars worth of silver is kept in it. The situation became so bad that the overnight silver loan interest reached 200 percent annually. Many big banks started shying away from telling the price of silver. JP Morgan Chase, the largest supplier of silver to India, has also told that now new delivery is not possible in October. Now we will have to wait till November only.
Silver price crashed
This impact of silver shortage also affected investment funds. SBI Mutual Fund, Kotak Asset Management and UTIAMC banned new subscriptions in silver funds. Amidst all this, silver prices reached its all-time high level of $54 per ounce. However, this rally was followed by a sharp decline in silver today, falling more than 6% from its recent all-time high of $54 an ounce – the biggest fall in the last six months. The spot price in New York fell by 4.4 percent to $ 51.88 an ounce, while gold also fell by 1.9 percent. A decline was also recorded in platinum and palladium.
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