Page 9 - Bullion World Issue 01 Volume 06 January_2026

Bullion World | Volume 6 | Issue 01 | January 2026

MESSAGE

From

THE EDITOR

Dear Readers,

At a time when silver prices are firm and market China’s decision to limit exports is therefore better
commentary increasingly revolves around the idea understood as a strategic choice, not a panic

of a persistent structural deficit, it is worth pausing to response. By retaining silver within its borders, the
examine whether the prevailing narrative fully captures country appears to be treating the metal less as a
the reality of the silver market. In the recent past, freely tradable commodity and more as a strategic

the notion that silver demand consistently exceeds industrial and monetary resource. This approach aligns

supply has gained traction - but before four years with broader global trends, where critical materials

ago, there was never a case of demand outstripping are increasingly viewed through the lens of supply-

supply. This is directionally correct on its own, yet chain security rather than pure market efficiency.

it risks oversimplifying a far more complex system.

For industry participants, the implication is clear.

What is often missing from the discussion is the role The key risk is no longer just price volatility, but

played by above-ground silver stocks. Unlike consumable access and availability. As silver’s role evolves from
commodities, silver is largely non-destructive in use. a readily circulating commodity to a strategically

Significant quantities exist outside the mining cycle in managed resource, market participants must adapt
the form of bullion, coins, industrial inventories, and their procurement, risk management, and long-

recyclable scrap. These stocks do not disappear; they term planning accordingly. The silver market is not

remain available to the market and can re-enter the supply running out of metal. What is changing is how, where,

chain when price incentives or strategic needs arise. when and at what price that metal is made available.

This distinction is crucial. When demand outpaces In this edition of Bullion World, we feature expert insights
the supply the supply side of market does not from Mining Indaba, outlining the conference's key

immediately respond through higher output—new expectations for precious metals. This is followed by an

mining capacity is capital-intensive, time-consuming, update on HUID gold hallmarking and the path forward

and increasingly constrained by regulation and cost. from Mr James Jose. We've also drawn from authoritative
reports by the OECD and the Silver Institute. The issue

This context becomes even more important when continues with an Elliott Wave analysis for gold by Mr

evaluating policy actions in major markets, particularly Rajeev Darji and for silver by Mr Venkataraman. Our in-

China. Restrictions on silver exports are frequently house team rounds it out with articles on central bank

interpreted as a sign of global supply chain distortions activities and major policy changes from 2025.

and domestic shortage. However, such conclusions

overlook a critical fact: China according to publicly

available data imports roughly twice as much silver Best wishes,
as it produces domestically. Far from being isolated, it G Srivatsava
remains deeply integrated into global silver flows. Editor
We would be happy to receive your comments and feedback on the content of this edition,
please write to editor@bullionworld.in
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