Sold out: How the silver market broke

Tariffs, high festive & solar power demand led to shortage of metal across world

- BLOOMBERG

FOR MONTHS, VIPIN Raina had been bracing for a stampede of buying from Indian customers loading up on silver to honour the Hindu goddess of wealth.

But when it came, he was still blown away. At the start of last week, his company, India’s largest precious metals refinery, ran out of silver stock for the first time in its history.

“Most people who are dealing silver and silver coins, they’re literally out of stock because silveris not there,’ said Raina, whois head of trading at MMTC-Pamp India.“This kind of crazy market — where people are buying at these levels — Ihave not seen in my 27-year career.”