Shortages hit London too. The silver market is broken. Key Takeaways 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...