US, Jan. 5 -- Silver is no longer behaving like a secondary precious metal. As of 2024-25, it is one of the commodities that has shifted to a structural adjustment, and not a cyclical recovery. Since mid-2023, prices have shot up and surpassed a number of base metals, as well as competing with conventional safe-haven types of assets. The current rally is not the result of paper hyperactivity or recovery after the pandemic. Rather, it is a symptom of something more profound: industrial policy, the economics of energy change, and a resettling of world systems of production. There are a few places where these forces are so evident as in India, whose fast-growing demand gives us a perspective through the lens, which is why the rise of silver ...