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The change may improve sourcing predictability and production planning; however, customs duties and import restrictions remain unchanged, finds out Suneeta Kaul.

MotherSilverApe: I'm pretty sure that solid pure silver jewelry is considered to be warmth savings by folks in India.

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Saudi Arabia has reportedly joined in, even though Basel rules still deny silver gold's Tier 1 status.

Gold has been a Tier 1 reserve asset since 1988. Silver never has been, but after a rally that took it from $24 an ounce to roughly $121 and then nearly cut it in half, central banks and bullion dealers are starting to ask why not.

Silver is trading near $60 an ounce this month, still clawing back ground after the metal's worst single day on record. That January 2026 crash, which StartupFortune covered as gold and silver's biggest one-day reversal in years, followed a stretch where silver had more than quadrupled off its 2024 lows before topping out near $121 an ounce. Gold, meanwhile, has settled into the $4,100 to $4,200 range over the same stretch.

What's new is the conversation happening underneath the price swings. Gold has carried Tier 1 status under the Basel Capital Accords since 1988, meaning banks can hold it at a 0% risk weight, the same treatment as cash. Silver has never had that status, and still doesn't. But the same forces pushing central banks to stockpile gold - a desire to hold hard assets outside the dollar system - are now spilling into silver, and a handful of monetary authorities are treating it less like a leftover industrial metal and more like a reserve candidate.

The European Central Bank estimated that gold made up 27% of official global reserve assets at the end of 2025, overtaking U.S. Treasuries, which sat at 22%. Silver isn't part of that conversation in any official sense. The London Bullion Market Association and the World Gold Council have spent years lobbying for gold to also count as a High-Quality Liquid Asset under Basel III, a stricter standard than Tier 1 that would let banks count it more freely against short-term liquidity requirements. That fight is still unresolved for gold. Silver isn't even in the room.

Here's the real distinction, and it's one retail investors chasing the squeeze often miss: there is no lender of last resort for silver. When gold gets tight, a central bank can lease reserves into the market or lend from its vault. When silver gets tight, as it did in London this year, nobody with a mandate steps in. Shrinking London inventories widened the arbitrage spread against New York for weeks, intensifying a short squeeze that traders had to cover themselves, with no institutional backstop in sight.

That's also why roughly half of annual silver demand still comes from solar panels, EVs, semiconductors and AI data center hardware, not vaults. Silver is an industrial metal with a monetary side hustle, while gold is the reverse.

Who's actually buying, and why it matters

Russia has been the clearest signal of a shift. The Russian government has indicated plans to spend close to $535 million accumulating precious metals, including silver, for its national reserves under its 2025-2027 federal budget. Saudi Arabia has also been named among sovereign buyers adding silver alongside gold. Neither country has declared silver a formal reserve asset the way gold is treated. What they're doing is simpler, and more telling: hedging currency exposure with a metal that's historically traded alongside gold but still sells at a fraction of the price per ounce.

Sprott Asset Management, in its 2026 outlook, points to the same macro forces driving gold - central bank buying, inflation concern, and worry about currency debasement - as now bleeding into silver demand. That's a different story than the retail squeeze narrative that dominated headlines when silver spiked past $100. A hedge fund or a sovereign wealth fund quietly adding silver to a reserve basket doesn't move the price the way a short squeeze does. But it also doesn't unwind in a week.

Goldman Sachs is still telling clients to be careful here. The bank cut its gold price target for the end of 2026 to $4,650 an ounce while keeping a $5,400 target for the end of 2027, and flagged that the London silver shortage is amplifying volatility, advising investors who can't stomach swings to stay cautious on silver specifically. JPMorgan, on the other hand, is leaning bullish on the whole complex, forecasting enough combined central bank and investor demand to push gold to $6,300 by year's end.

That split matters more than either number alone. Goldman is describing a market where the structural case is real but the near-term mechanics are broken. JPMorgan is betting the structural case wins out regardless. Both can be right at different time horizons: that's exactly the tension an investor staring at a roughly 50% pullback from January's highs has to sit with.

The "tier one asset" framing circulating in bullion research right now is getting ahead of the policy reality. No central bank has filed paperwork proposing silver for the same Basel treatment as gold, and nobody at the Federal Reserve or the ECB is drafting one. What's actually happening is narrower, and more interesting: a handful of reserve managers are treating silver as a cheaper, higher-beta way to express the same dollar-hedging trade that's already pushed gold to records.

That's not a formal reserve upgrade.

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https://startupfortune.com/silver-inches-toward-central-bank-reserve-status-as-its-historic-rally-cracks/

Higher rates mean higher mortgage payments, more pressure on housing prices and weaker consumption.

With debt levels this high, you can't fight inflation without crushing the economy.

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In a recent Commodity Culture interview, longtime precious metals analyst Ed Steer described the sharp drop in silver as a deliberate smash by bullion banks rather than a free market event.
Silver fell more than 6 percent in a single day while gold declined about 1.6 percent after the release of a CPI print that showed a 3.7 percent increase. Steer dismissed the official inflation number. “I think you can safely turn those numbers around and say it’s more closer to 7.3 percent increase cuz you can’t believe any of the numbers that are coming out of the BLS.”

He framed the selloff as another round of the same pattern that has repeated since the end of January. “This was just a bear raid to cover as many short positions as they possibly could. This is just part of the wash, rinse, and spin cycle that the bullion banks have put us through since the crash back at the end of January when things almost got away from them.”

Steer said the commercial traders pulled bids, spoofed, and used every available tactic once the CPI number hit. “This price correction you’re seeing is manufactured. It’s not happening by free market forces.”

Commitment of Traders data reinforced his view. Even though gold was down roughly 1,400 dollars an ounce from its January peak, the short position held by the eight largest commercial banks was larger than it had been the week before the January smash. “They’re mega mega short gold right now.”

The silver short was even more precarious given the physical market. Steer pointed to a chart of days of world production needed to cover the short positions of the largest traders. Silver sat at the extreme right of that chart, with the eight largest traders short more than 100 days of world mine supply. “The four largest traders hold the largest short position in silver.” He noted that this structure has looked roughly the same for 25 years.

Physical metal is leaving the system at the same time. Steer cited more than 2.2 million ounces of silver shipped out of the COMEX on one recent Friday and 13.4 million ounces over six business days in early October. September had already seen a net outflow. “The amount of silver being shipped out of the COMEX and out of Shanghai has been extraordinary over the last two or three weeks.” He stressed that every ounce sitting in COMEX or LBMA warehouses already has an owner. “There’s a name tag on every one of those things. And sooner or later we’re going to get to the bottom of the barrel.”

Steer treated the weakness as a buying opportunity. He said he planned to buy the next day regardless of the PPI reaction. “You should be a buyer when blood is running in the streets. I’m going to be a buyer tomorrow no matter what happens.” He reminded listeners that he bought gold near 500 dollars and silver near 5 dollars more than two decades ago and remains comfortable holding. Central banks and China continue to accumulate on dips. “If they’re buying it, that’s a good sign that everybody should be buying it as well.” He expects China to eventually announce much larger official gold reserves than currently reported and to set the price in its own market rather than on the paper exchange in New York.

On longer term issues Steer was blunt. He sees little chance that massive sovereign debts will be repaid in anything other than heavily devalued currency. “The death of all fiat currencies is inevitable. No fiat currencies ever recorded has ever survived.” He has no interest in 10 year Treasuries yielding around 5.3 percent when real inflation is far higher. “I wouldn’t invest any money at 5.3 percent myself. I’ll take my chances in the gold market.” He also dismissed talk of gold backed bonds as background noise amid what he described as widespread corruption and insider activity in Washington and on Wall Street.

Steer closed by linking the metals suppression to the broader decline of Western financial power. “The West is in decline and their price management scheme is coming to an end as is the empire that brought it about. We’re living through the last days of Rome.”

In his view the bullion banks are running out of ways to escape the short positions they have built, while physical metal continues to move into strong hands in the East. The latest raid, he argued, is simply the latest attempt to delay that reckoning.

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That’s far faster than the 13% rise in overall foreclosure filings, meaning more distressed homeowners are reaching the end of the process

MotherSilverApe Comment: Aren‘t you glad that yu hold some silver savings?

Matthew 17:20
[20] He said to them, “Because of your little faith. For truly, I say to you, if you have faith like a grain of mustard seed, you will say to this mountain, ‘Move from here to there,’ and it will move, and nothing will be impossible for you.”

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He argues that silver’s 50%+ plunge represents a potential buying opportunity rather than the beginning of a prolonged bear market. Oliver explains why gold and silver could surge as investors flee stocks and lose confidence in government bonds. He also warns that a renewed bond market selloff could push interest rates higher, intensifying stress across banks, commercial real estate, and the broader financial system. If financial instability forces the Federal Reserve to expand the money supply, Oliver believes precious metals could enter a powerful new rally.

INTERVIEW TIMELINE:
0:00 Intro
1:30 Silver flushout
16:30 Bond market
23:40 Bank collapse
32:50 Fed & money printing

Most silver is mined as a by-product of other metals, so paradoxically, even surging silver prices don't necessarily incentivize higher production.

Silver prices will rise much higher... But brace for volatility.

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Nomi Prins, who gives speeches to the World Bank, Federal Reserve and IMF, told King World News that central banks may pressure the BIS to make silver a tier one asset.  This would create an upside explosion in the price of silver.

This is too important to try to link the traditional way! You know what to do!

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It’s a very long article but teeming with good information and it’s well worth the time to read.

I’m very sorry that I can’t link to it for you

👉The ambition: move next-generation battery technology toward commercial use.

👉But InsideEVs highlights the challenge: making these batteries affordable & manufacturing them at scale are different hurdles from making a prototype.

🥈Here’s why stackers should watch: Samsung researchers have already demonstrated a solid-state battery design using a silver-carbon layer to help control lithium deposition & improve cycling performance.

👉That gives silver a documented role in this technology—not just a speculative connection.

⚖️But “solid-state” describes a category of batteries, not one universal recipe. China’s roadmap does NOT establish that its batteries will use Samsung’s silver-carbon approach.

👉My take: If silver-containing designs win meaningful commercial adoption, batteries could create another source of silver demand. The questions are WHICH designs succeed, HOW MUCH silver they use & HOW MANY batteries get built.

👉A national target is worth watching. Actual production & material requirements will tell the bigger story.

🦀Crustacean Nation: Could batteries become a major new silver-demand driver—or will cost favor other designs?

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They've shipped out about 95 million troy ounces from their own depository so far this year.

- Ed Steer

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Pictures added in by MotherSilverApe.

According to GoldSilver.com:

India’s gold imports didn’t dip in August. They fell off a cliff. Imports dropped 57.75% year-over-year to $2.3 billion, according to Commerce Ministry data reported by the Economic Times. Silver imports did the opposite. They rose 127% to $1.02 billion. Indeed, it’s the sharpest divergence between the two metals the world’s largest gold-consuming nation has recorded all year.

Gold is trading near $4,303 today, up 0.65%. It’s rebounding from yesterday’s slide as easing Hormuz tensions calm broader markets. Silver is up 1.53% to $64.81. Neither move is the real story this week. Instead, the real story is 8,000 miles away in New Delhi. India just gave the clearest data point yet on how high prices are changing saver behavior.. 

Key Takeaways: 

• India’s gold imports fell 57.75% year-over-year in August to $2.3 billion. Silver imports rose 127% to $1.02 billion in the same month.
• Kotak Institutional Equities flags three possible explanations for the drop. However, only one is genuinely good news for India’s economy.
• April–August gold imports are still up 3.38% year-over-year. The August cliff is a one-month signal, not yet a trend.

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Quoting Kyunghoon Kim

u/Kyunghoon_Kim_

Nearly all major forecasters, including the IMF, ADB and World Bank, have recently raised their growth forecasts for India to above 7% for this year AND next. Remarkable in itself - even more so when viewed against India’s recent performance. (1/n)

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MotherSilverApe Comment: This made me think of when India started to allow silver to be used as collateral for small business loans, which started in April 2026, enabling borrowers to pledge silver alongside gold for financing. This regulatory change aims to broaden access to formal credit for micro and small enterprises. Silver was set at 1/10th the value of gold. Now look how well idea is doing!

I have a feeling that I know whose idea this was! 😇

Michael Oliver argues that silver’s 50%+ plunge represents a potential buying opportunity rather than the beginning of a prolonged bear market. Oliver explains why gold and silver could surge as investors flee stocks and lose confidence in government bonds. He also warns that a renewed bond market selloff could push interest rates higher, intensifying stress across banks, commercial real estate, and the broader financial system. If financial instability forces the Federal Reserve to expand the money supply, Oliver believes precious metals could enter a powerful new rally.

INTERVIEW TIMELINE:
0:00 Intro
1:30 Silver flushout
16:30 Bond market
23:40 Bank collapse
32:50 Fed & money printing

Ed Steer sees the writing on the wall for the big bullion banks with massive silver short positions, and he views the latest price smash as a desperate last bid to cover before they get burned alive.

00:00 Coming Up
00:37 They Tamped Down Silver
03:00 Manipulation of Precious Metals
09:39 Is This a Buying Opportunity?
11:17 Who Are the Traders Shorting Silver?
13:16 Silver is Leaving the COMEX
16:01 China Keeps Buying Gold
18:18 Retail Buyers Growing in East
20:46 Are Gold Backed Bonds Realistic?
22:58 $20,000 Gold Futures Contracts
27:14 Sovereign Debt Crisis Ahead?
30:19 Keeping Tyrants in Check

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Quoted by 🔥SILVER LEASE RATE TURNS POSITIVE⚠️

The silver price sell-off to $55 has reignited tightness in the global silver market, as 1-month lease rates have just surged positive once again:

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MotherSilverApe Comment: I can’t wait for all of this information to be made more available to the public!

Average folks need some really good news! This would do it!

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