Overview

• With MMTC-PAMP out of stock for the first time, Kotak, UTI and SBI halted new lump-sum or switch-in subscriptions to silver funds because local metal is scarce and costly.
• London vault liquidity thinned sharply, with borrowing rates reported as high as 200% annualized and at least one Swiss refiner limiting non-contracted intake.
• Spot silver briefly topped $54 an ounce before a 6–7% drop, while Indian premiums rose to more than $5 an ounce as dealers reported bidding wars.
• JPMorgan told at least one client that October allocations for India were exhausted, with next availability expected in November, according to Bloomberg.
• The squeeze reflects a festival buying surge amplified by finfluencer promotion alongside ETF inflows, US-bound shipments, a China holiday supply pause and a solar-driven structural shortfall.