Silver market crisis 2025: The global silver market is facing its most severe crisis in decades, and for once, the epicenter of the turmoil isn’t just Wall Street or London— Is India to blame? As the country celebrated Diwali, millions of people flocked to buy silver, turning a seasonal ritual into a market-breaking frenzy. For Vipin Raina, head of trading at MMTC-Pamp India Pvt, the scale of demand was unprecedented. Raina had been preparing for months for a surge in silver purchases by Indian customers ahead of Diwali, the festival honouring the goddess of wealth. But when it came, it blew everything away. 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

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