• Vipin Raina’s company, India’s largest precious metals refinery, ran out of silver stock for the first time in its history due to high demand from Indian customers.
• The shortages in India were soon felt globally, with the London silver market also running out of available metal, and traders describing a market that was “all but broken”.
• The silver market crisis was caused by a combination of factors, including a multi-year solar power boom, a rush to ship metal to the US to beat possible tariffs, and a sudden spike in demand from India, particularly during the Diwali holiday season.

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