Silver Soars 160% in 2025: Motilal Oswal Cites Scarcity, Projects Further Upside

• Silver prices surged 160% in 2025, with COMEX crossing $75/ounce and domestic rates exceeding ₹2.3 lakh/kg, reflecting a structural market shift.
• Motilal Oswal's report, "Silver Unchained!!!", attributes the rally to prolonged physical supply deficits (5th consecutive year) and declining exchange inventories.
• COMEX and Shanghai inventories saw persistent drawdowns, leading to a "vault drain crisis" on COMEX and a widening premium for Shanghai spot prices.
• China's role as a major refiner and importer, along with proposed export licensing from 2026, intensified global market tightness.
• Motilal Oswal maintains a buy-on-dips approach, projecting COMEX silver to reach $77 and domestic rates ₹2.46 lakh.

Why It Matters: Silver's 2025 surge reflects real metal scarcity and structural market changes, not just speculation.