Indian investors are driving a surge in silver demand ahead of Diwali, causing strain in global supply chains. Dealers in London report borrowing costs for silver have spiked sharply, with some rates reaching annualized 200 % due to tight vault inventories. The phenomenon is being called a “silver squeeze,” with Indian retail purchases of coins and bars intensifying while London warehouse holdings decline. Analysts warn the supply-side disruption may spill into industrial markets and affect silver-ETF flows globally, especially as media spotlight draws more traders into the trend.