Silver ETFs were trading at an advance though futures were down on Thursday. (Image: Unsplash) Show Quick Read Summary is AI Generated. Newsroom Reviewed

Investors in the Nippon India Silver ETF woke up to a shock on Thursday morning as the fund surged nearly 9% in just an hour, even while the underlying metal's price fell. The sudden disconnect has exposed a key vulnerability in one of India's hottest investment themes of 2025, raising concerns over liquidity mismatches in a market where thousands of crores are now at play.

Silver BeES touched an all-time high NAV of Rs 165 per unit, up over 9%, even as MCX Silver December futures declined 0.75% to Rs 1,48,738 per kg, a divergence that left traders scrambling for explanations. Here's the reason why:

ETFs, or exchange-traded funds,

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