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Complexity of above-ground silver stocks
The majority of above-ground stocks are essentially unavailable to the market regardless of price incentives
Silver is a rare, precious metal with a high intrinsic value. This fact helps explain its historical role as money and its continuing relevance as an investment asset. Since the industrial age, silver has become increasingly important as a commodity, its unique characteristics making it essential for many industrial applications, including leading clean energy uses.
Silver’s scarcity and value means there has always been a powerful incentive to safe keep and hoard the metal in its purer and weightier forms, such as coins, bars, silverware, and, to a lesser extent, jewelry. For other fabricated products, the silver content may also have some inherent value related to the precious metal content. Together, these various forms of silver constitute the above-ground stocks of precious metal.
To examine the relationship between the level of and changes in Above-Ground stocks and the silver price, the Silver Institute commissioned a new Market Trend Report, “Price Sensitivity of Above-Ground Silver Stocks,” produced by Precious Metals Insights.
The Report contends that no correlation exists between the overall level of Above-Ground stocks and the silver price.
Some of the key conclusions from this Report are summarized below:
There is no correlation between the overall level of Above-Ground stocks and the silver price;
Annual changes in total Above-Ground stocks and the silver price are likewise uncorrelated;
In contrast, movements in bullion stocks have an impact on the silver price and vice versa.
The vast majority of Above-Ground stocks are “immobile,” with only small net additions to or subtractions from stocks on an annual basis;
Increases in bullion stocks are often positively correlated with the price, as investment demand grows when silver prices increase, which still stimulates higher prices;
Multi-year drawdowns in bullion stocks have tended to occur in bear markets for silver and have exacerbated these. However, these drawdowns have typically set silver up for more substantial rallies as investors have rebuilt their bullion holdings; and
Above-Ground stocks of fabricated products are less price-sensitive than those of bullion. Only specific subsets of silver fabrication demand show a sensitivity to the price, such as jewelry and silverware.
Gold prices in India saw a modest rise on Wednesday today Oct 15, mirroring an uptick in international markets as renewed US-China trade tensions and expectations of further US interest rate cuts bolstered demand for safe-haven assets.24k gold traded at Rs.1,28,360/10gm after gaining ₹10 in early trade, while silver prices increased by Rs.100 to Rs.1,89,100 per kilogram.
Gold prices surged to a record high of $4,179.48 per ounce on October 14, 2025. Investors flocked to safe-haven metals amid trade tensions and Fed rate-cut expectations. U.S. December gold futures jumped 57% year-to-date. Bank of America raised its 2026 gold forecast to $5,000 per ounce, warning of possible near-term corrections.
Gold prices soared to an unprecedented $4,179.48 per ounce on October 14, 2025, marking a historic milestone for the yellow metal. The rally comes as investors worldwide seek safety in hard assets amid a turbulent global economic backdrop marked by escalating trade tensions, slowing growth, and expectations of further interest rate cuts by the U.S. Federal Reserve.
The sharp surge in bullion prices has been driven by a combination of macroeconomic uncertainty and aggressive monetary easing. As inflation pressures remain sticky and central banks pivot toward dovish policies, gold has reasserted its role as a hedge against both currency debasement and market volatility.
In futures trading, U.S. December gold contracts have skyrocketed nearly 57% so far this year, underscoring the strength of investor demand across both institutional and retail segments. Analysts note that central bank buying—particularly from emerging markets—has added further momentum to the rally, with several countries diversifying reserves away from the U.S. dollar.
Reflecting this bullish sentiment, Bank of America has raised its 2026 gold price forecast to $5,000 per ounce, citing continued monetary easing, geopolitical instability, and robust central bank accumulation. However, the bank also cautioned that short-term corrections are likely, given the rapid pace of the recent run-up and potential bouts of profit-taking.
Overall, gold’s meteoric rise underscores a broader shift toward safe-haven assets, as investors navigate a world increasingly defined by economic fragmentation, shifting interest rate cycles, and persistent geopolitical risks.
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