Global silver has been in a structural deficit for six consecutive years. In 2025 global mine production reached 846.6 million ounces. Even after considerable recycling prompted by high prices and other secondary supply sources, total available metal fell short of demand, which the Silver Institute estimated at 1,130.6 million ounces. The result was a reported…
The Securities and Exchange Board of India’s latest proposal to extend Direct Market Access (DMA) to retail investors may appear progressive on paper, but it risks becoming one of the most disruptive experiments in India’s capital markets. For decades, DMA has remained the preserve of institutional investors for good reason. It allows orders to be…
Markets love a simple story. When the US dollar strengthens, headlines quickly split into two camps. One hails it as proof of American economic muscle: “strong dollar, strong America.” The next crisis reframes the same move as a desperate flight to safety, with the greenback the last safe haven in a toxic world. Both sound…
Why your risk appetite evolves as your wealth grows By BG Srinivas For decades, financial advisers have asked investors a seemingly straightforward question: How much loss can you tolerate? Ten per cent? Twenty per cent? Thirty per cent? The answer, however, may be fundamentally flawed. A 30 per cent loss on a ₹5 lakh portfolio…
There is a psychology experiment from 1966 that every investor should know about. A researcher named Elliot Aronson recruited college students and played them audio recordings of a candidate auditioning for a quiz bowl team. The candidates were actors. Some answered 92% of difficult questions correctly and sounded impressively credentialed. Others answered only 30% and…
Indian investors have developed an almost reflexive habit of measuring their portfolios against the Nifty 50 or the Sensex. These indices are comforting scorecards. They are familiar. They are quoted on every television ticker and in every client review presentation. But this benchmark obsession has quietly become one of the most expensive cognitive biases in…
BG Srinivas Green Revolution (wheat and rice, 1960s–70s): Driven by an acute famine threat, backed by concentrated political will, massive public investment in HYV seeds, irrigation, MSP support, and a clear geographic focus on Punjab and Haryana. The state stayed in the market through the FCI as a guaranteed buyer. Farmers had no uncertainty about…
There is a number making the rounds in global fund management circles that should unsettle every Indian equity strategist. Just 229 companies now account for 48% of all listed equity value on this planet. Thirteen of them are worth more than a trillion dollars each. The club is not growing. It is consolidating. And India,…
The Sell-Off Was Never About AI, Taxes or the Rupee. It Was About Transparency For nearly two years, India’s financial discourse has been dominated by one carefully manufactured narrative: Foreign Institutional Investors (FIIs) are leaving India because the country supposedly lacks cutting-edge AI companies, because taxes became unattractive, because the rupee weakened, and because global…
Imagine you are a central bank governor. Your currency is in freefall, down 20% in three months. Inflation is surging. But your government has billions in bonds maturing next month, and nobody wants to buy them. You have one tool: interest rates. Raise them to save the currency, and the bond auction fails. Cut them…
