New Delhi, Aug. 25 -- Precious metals have had a stellar run so far in 2026, with silver emerging as one of the standout performers.

The latest trigger came from the US. On 19 August, US Treasury Secretary Scott Bessent announced that the Treasury would at least double its bond buybacks, from $2 billion to at least $4 billion per operation, with the focus on long-dated government debt.

Yields slipped, the dollar softened and silver jumped around 5-6%. Back home, silver was quoting at Rs.245,000 per kg as of 21 August.

But pinning silver's strength on a single policy announcement misses the bigger picture. The metal is now running its sixth consecutive year of supply deficit, with the 2026 shortfall pegged at 46.3 million ounces.

Suppl...