India is stockpiling silver:

India's silver imports spiked to a record ~$5.9 billion over the last 4 months.

This marks a +400% increase since Q4 2024 and is now +64% above the 2022 peak.

By comparison, imports averaged ~$1.5 billion per year from 2013 to 2019.

India is one of the world’s largest silver consumers, with demand driven by jewelry fabrication, investment in physical silver, and rising industrial use in electronics and solar energy applications.

Meanwhile, India's Nifty Metal Index, which tracks major metal and mining companies, is having its best start to a year since 2018.

As a result, the Nifty Metal Index-to-Nifty 50 ratio is up to the highest level in 11 years, as metals significantly outperform the broader market.

India's silver rush is accelerating.