银价新高背后推手：印度新规或颠覆白银市场！

Core Viewpoint - India has emerged as a key driver of record investment demand in the silver market, pushing silver prices close to an all-time high of nearly $59 per ounce [1] Group 1: Silver Market Dynamics - India accounts for nearly 80% of global demand for silver bars and coins, making it the second-largest physical silver investment market globally [1] - Over the past five years, Indian consumers, particularly low-income individuals in rural areas, have purchased approximately 29,000 tons of silver jewelry and 4,000 tons of silver coins [1] - The Reserve Bank of India's new rule will allow consumers to monetize their physical silver, potentially transforming the silver market [1] Group 2: Impact of New Regulations - The new regulation may help unlock India's vast household silver holdings and expand access to formal credit, officially recognizing silver as a mainstream collateral asset [2] - In October 2025, India's silver imports reached $2.72 billion, a significant increase from $430 million in October 2024, indicating a surge in demand [2] - Strong demand for physical silver has led to severe supply shortages in the London over-the-counter market, driving leasing rates to historic highs [2] Group 3: Credit Market Insights - India's total bank credit is approximately 193 trillion Indian Rupees (around $2.1 trillion), with 3.4 trillion Indian Rupees (about $38 billion) secured by gold jewelry [3] - The estimated size of India's formal gold loan market is around 700 tons, while the informal market is between 1,000 to 1,500 tons [3] - The Reserve Bank of India's revised framework is expected to bring order and consistency to silver pledge loans, marking the first formal recognition of silver in a regulated collateral ecosystem [3]