“Physical is King”: Why the Global Silver Squeeze Could Shock U.S. Investors

India’s Silver Appetite Is Reshaping the Global Market When you hear about massive silver imports, your first thought probably isn’t India. But it should be. According to Phil Baker, India imported 60 million ounces of silver in October 2024 alone — up 4X from just a year earlier. That’s a jaw-dropping figure, especially when you consider that silver is currently at all-time highs in rupee terms. That means demand isn’t price-sensitive. It’s urgent. Cultural traditions, industrial growth, and currency hedging are converging in a single trend: India is hoarding silver, and it’s doing so with incredible force. Baker made it crystal clear: “India is the driver. That literally is the driver.” And the metal is being shipped — or flown…