Silver prices have reached record highs globally, trading near $84 per ounce before settling in the $76-$80 range, with Indian prices at approximately 2.58 lakh per kilogram. This surge is attributed to a widening supply deficit, exacerbated by China's control over global silver flows and upcoming export licensing requirements from 2026. Industries reliant on silver, including clean energy, automotive, and electronics, face increased operational costs. Analysts note a five-year structural deficit in the silver market, with demand outstripping production, a situation highlighted by tech billionaire Elon Musk as concerning.