Silver has turned out to be 2025’s standout performer in the investment space. Silver exchange-traded funds (ETFs) have delivered nearly 100% gains so far this year, outpacing most asset classes. The metal surged to around Rs 1.8 lakh per kg in the domestic market, marking a historic high. Motilal Oswal’s latest long-term silver outlook tries to answer the question that every trader and jeweller is asking, is this a temporary bubble or the start of a structural bull market?

Motilal Oswal pointed out that the silver market has become strikingly inelastic on the supply side. Historically, a 10% jump in silver prices would trigger a 5–7% rise in mine output as producers expanded capacity or processed higher-grade ore. Today, that response has collapsed. The brokerage estimates that the

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