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The global silver market has experienced an unprecedented strain as demand from India collided with long-standing supply pressures, pushing prices to record highs before a sharp, abrupt drop., according to an exclusive article by Bloomberg.

The spark for the squeeze was India’s festive season, particularly the Dhanteras holiday, when hundreds of millions traditionally buy precious metals to honor the goddess of wealth. This year, social media-driven hype, led by influencers like investment banker Sarthak Ahuja, encouraged a shift from gold to silver. As a result, Indian buyers quickly depleted local inventories, sending premiums above international prices to unprecedented levels of $5 per ounce.

Supply constraints in other regi

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