India ji, what is your opinion on silver,
India ji, what is your opinion on silver,
what are you suggesting to your clients,
what are you suggesting to your clients,
what are their reactions after such a huge rise, please
what are their reactions after such a huge rise, please
share it, Sir,
share it, Sir,
Namaskar ji,
Namaskar ji,
Namaskar,
Namaskar,
first of all, if we see, silver was
first of all, if we see, silver was
definitely a very underrated commodity, we have been
definitely a very underrated commodity, we have been
seeing for the last two years, the way the
seeing for the last two years, the way the
deficit is going on and along with that the new
deficit is going on and along with that the new
events that have happened, meaning the
events that have happened, meaning the
industrial use is increasing regarding the demand, EV, solar
industrial use is increasing regarding the demand, EV, solar
panels and especially as an investment,
panels and especially as an investment,
family offices, mutual funds, all these were the major reasons due to which
family offices, mutual funds, all these were the major reasons due to which
we have seen this big jump.
we have seen this big jump.
Look, we also expected that
Look, we also expected that
Pri would hit 7580 but it was not that it would come
Pri would hit 7580 but it was not that it would come
in a single year as we saw in 2025.
in a single year as we saw in 2025.
We are expecting these levels because
We are expecting these levels because
commodities in general or gold and silver in particular are
commodities in general or gold and silver in particular are
poised for a rise of 1820 taka.
poised for a rise of 1820 taka.
Till date we have never seen such a parabolic jump
Till date we have never seen such a parabolic jump
in a single year. However
in a single year. However
even in 1980 2000 11 we have never seen butts this big.
even in 1980 2000 11 we have never seen butts this big.
So
So
this rally has come about because of all the events that took place. For example,
this rally has come about because of all the events that took place. For example,
yesterday as soon as Donald Trump
yesterday as soon as Donald Trump
talked about tariffs on European countries,
talked about tariffs on European countries,
we immediately saw an upper circuit in the prices.
we immediately saw an upper circuit in the prices.
So at such a time,
So at such a time,
we are working on two or three things.
we are working on two or three things.
Firstly, clients are told not to enter into a Pomo because even
Firstly, clients are told not to enter into a Pomo because even
after a 200% rally, if you still think that I will get a
after a 200% rally, if you still think that I will get a
bigger rally, then the risk factor
bigger rally, then the risk factor
increases there. So here we
increases there. So here we
talk to our clients about investing or trading through options.
talk to our clients about investing or trading through options.
We are advising those who want to take physical for long term. In today's date,
We are advising those who want to take physical for long term. In today's date,
you used to have Systematic
you used to have Systematic
Investment Plan through SIP but now there is Silver
Investment Plan through SIP but now there is Silver
Investment Plan. This means that
Investment Plan. This means that
you should take small amounts every month because
you should take small amounts every month because
any major fall like the 20% fall we saw in October,
any major fall like the 20% fall we saw in October,
any such fall becomes
any such fall becomes
a good opportunity because
a good opportunity because
from here the risk reward ratio was looking very costly even at 2 lakhs, it was
from here the risk reward ratio was looking very costly even at 2 lakhs, it was
looking even more extreme at 180
looking even more extreme at 180
and now it is becoming more extreme,
and now it is becoming more extreme,
yes now when will this foam end, when there will be a
yes now when will this foam end, when there will be a
reduction in geopolitical conditions, Donald Trump
reduction in geopolitical conditions, Donald Trump
's tariffs will be seen getting reversed or the
's tariffs will be seen getting reversed or the
supply side will increase a bit more, like
supply side will increase a bit more, like
last week update came that in Bloomer Commodity
last week update came that in Bloomer Commodity
Index, funds of 7 and 7 14 million are
Index, funds of 7 and 7 14 million are
seen decreasing from bullion. The
seen decreasing from bullion. The
dollar index appears to be recovering slightly. There was
dollar index appears to be recovering slightly. There was
a report that
a report that
China's largest solar company
China's largest solar company
invested in copper instead of silver because
invested in copper instead of silver because
substituting any commodity has the biggest
substituting any commodity has the biggest
risk. So considering these factors,
risk. So considering these factors,
I think do
I think do
n't go into blank pomo here. Yes, technically
n't go into blank pomo here. Yes, technically
if we look then you will see $. But the
if we look then you will see $. But the
risk is taken. So here we are
risk is taken. So here we are
suggesting to the clients through options
suggesting to the clients through options
that you should create a position or we are getting the hedging done from the jewellers
that you should create a position or we are getting the hedging done from the jewellers
through options so that they can be
through options so that they can be
saved from M2M because the way the momentum is going
saved from M2M because the way the momentum is going
up, their biggest risk is
up, their biggest risk is
Vishwa
Vishwa
ji, absolutely Ajay Sir, you are right that
ji, absolutely Ajay Sir, you are right that
you are suggesting to the clients here only in the form of options
you are suggesting to the clients here only in the form of options
and those who want to do physical buy, then if any small
and those who want to do physical buy, then if any small
correction comes, they can
correction comes, they can
accumulate in small amounts there. Anind Sir,
accumulate in small amounts there. Anind Sir,
what do you think are the major fundamentals
what do you think are the major fundamentals
working in silver right now and
working in silver right now and
after such a huge rally, do you see any major correction
after such a huge rally, do you see any major correction
coming in the future? Yes,
coming in the future? Yes,
hello. We are still
hello. We are still
quite bullish on silver and gold across this entire complex.
quite bullish on silver and gold across this entire complex.
Because look, whatever is happening in commodities, especially
Because look, whatever is happening in commodities, especially
in hard metals, for the last one and a
in hard metals, for the last one and a
half to two years, it is got less to do
half to two years, it is got less to do
with demand and supply. And this pure
with demand and supply. And this pure
monetary global monetary reset is happening.
monetary global monetary reset is happening.
What we have repeatedly said is that
What we have repeatedly said is that
dedollarization does not just mean the
dedollarization does not just mean the
end of the dollar as a reserve
end of the dollar as a reserve
currency. See it is basically the end of the
currency. See it is basically the end of the
entire fiat currency system. So what's going on
entire fiat currency system. So what's going on
? Commodities which are represented
? Commodities which are represented
in dollars as a unit of account are collapsing.
in dollars as a unit of account are collapsing.
So basically commodities are getting
So basically commodities are getting
reprieve. So in that hierarchy, commodities,
reprieve. So in that hierarchy, commodities,
especially hard metals, have emerged as a new currency.
especially hard metals, have emerged as a new currency.
Where gold, silver,
Where gold, silver,
gold is the dollar. Silver is like the Euro
gold is the dollar. Silver is like the Euro
and every other hard metal is in the packing
and every other hard metal is in the packing
order. So right now,
order. So right now,
your up trend in gold and silver will continue in dollar terms also.
your up trend in gold and silver will continue in dollar terms also.
Correction will be 10 to 15% in
Correction will be 10 to 15% in
gold, it is normal in silver, so we see volatility of 15% in it
gold, it is normal in silver, so we see volatility of 15% in it
in a single day, in fact within 24 to 36 hours. For
in a single day, in fact within 24 to 36 hours. For
example, the
example, the
premium over landed price on MCX in the last two days had
premium over landed price on MCX in the last two days had
gone up by 10% this morning. Right now it
gone up by 10% this morning. Right now it
is around 8.5%. So all this will be price
is around 8.5%. So all this will be price
volatility. But the larger trend has almost reached
volatility. But the larger trend has almost reached
around $100, which was our overall
around $100, which was our overall
target. But
target. But
from here also we won't be surprised that
from here also we won't be surprised that
from here also the prices, that is,
from here also the prices, that is,
your upside, go up to a great extent. It is
your upside, go up to a great extent. It is
possible that this year it may reach up to 150-160 dollars. It can
possible that this year it may reach up to 150-160 dollars. It can
go even above that because there is
go even above that because there is
shortage in the market. A
shortage in the market. A
monitory reset is happening with that. So when these two
monitory reset is happening with that. So when these two
collide, it creates very large
collide, it creates very large
price moves.
price moves.
But you are saying 160 Sir, but do you
But you are saying 160 Sir, but do you
think that the industrial demand will be able to
think that the industrial demand will be able to
sustain at these levels? You
sustain at these levels? You
feel it will be viable. Will you be able to pass on to customers
feel it will be viable. Will you be able to pass on to customers
? What if the procurement level is
? What if the procurement level is
so high? Actually Vishwa
so high? Actually Vishwa
Mohan ji, what happened is that the silver price was
Mohan ji, what happened is that the silver price was
suppressed so much for 55 years that the entire
suppressed so much for 55 years that the entire
electronic, electrical and green
electronic, electrical and green
energy new economy industries got
energy new economy industries got
a high performance metal
a high performance metal
at a very dirt cheap price, so their
at a very dirt cheap price, so their
entire supply chain technology is
entire supply chain technology is
built on the base of silver, now any new
built on the base of silver, now any new
technology will take time, today
technology will take time, today
if one ounce i.e. around 30 grams of silver is used in a Tesla car, then it is
if one ounce i.e. around 30 grams of silver is used in a Tesla car, then it is
$100 cent for that or the end price of Tesla is
$100 cent for that or the end price of Tesla is
cent? So for this, it takes a long time for any new
cent? So for this, it takes a long time for any new
technology to come and become sustainable at the ground
technology to come and become sustainable at the ground
level. For example, let us
level. For example, let us
take oil as an example.
take oil as an example.
We have been talking about oil replacement for 15 years.
We have been talking about oil replacement for 15 years.
Its
Its
impact is visible on the ground right now. So it takes a long
impact is visible on the ground right now. So it takes a long
time. And the biggest thing is that silver is
time. And the biggest thing is that silver is
a monetary metal. So, due to the readjustments that are taking place, the
a monetary metal. So, due to the readjustments that are taking place, the
industry will have to take this hit.
industry will have to take this hit.
For solar manufacturers, the
For solar manufacturers, the
cost of the end product has already become silver by 20-25%.
cost of the end product has already become silver by 20-25%.
But for electronics players, the
But for electronics players, the
cost of the end product is still less than 1%. Yes of course.
cost of the end product is still less than 1%. Yes of course.
Bhaik ji, I
Bhaik ji, I
would like to know from you whether you also think that
would like to know from you whether you also think that
we will see levels of $150 to $10 in silver?
we will see levels of $150 to $10 in silver?
Currently, look at comics, the level of $94 has
Currently, look at comics, the level of $94 has
also been crossed. Silver is
also been crossed. Silver is
currently seeing a rise of more than 5.25%.
currently seeing a rise of more than 5.25%.
What are the key levels you are looking at
What are the key levels you are looking at
and what are you expecting?
and what are you expecting?
How long will it be before we see silver reach $
How long will it be before we see silver reach $
?
?
Yes, I was thinking that it might
Yes, I was thinking that it might
reach $100 in the first quarter or second quarter
reach $100 in the first quarter or second quarter
when 2025 ended. But right now it
when 2025 ended. But right now it
seems that at least in the first month itself we are
seems that at least in the first month itself we are
seeing that it is near to $ and despite all the
seeing that it is near to $ and despite all the
negative factors like restructuring of Bluebug Index and the
negative factors like restructuring of Bluebug Index and the
outflow that was going to happen,
outflow that was going to happen,
if we
if we
see then the prices of silver are not stopping,
see then the prices of silver are not stopping,
so I think I think
so I think I think
in the first quarter we can easily see $100
in the first quarter we can easily see $100
and I also expect that I think by the
and I also expect that I think by the
next quarter
next quarter
we can also see levels of $25 to $128 because see, there is
we can also see levels of $25 to $128 because see, there is
demand but there is already a crunch in supply.
demand but there is already a crunch in supply.
If we look at it,
If we look at it,
60 to 70% of the silver refining across the world was done by
60 to 70% of the silver refining across the world was done by
China. So China
China. So China
was a big provider and they have now at least
was a big provider and they have now at least
held that if any state entity
held that if any state entity
processes more than 80 billions then only
processes more than 80 billions then only
they can export.
they can export.
So I think in 2026 we may see a significant supply
So I think in 2026 we may see a significant supply
crunch. And right now there is no
crunch. And right now there is no
substitution for silver.
substitution for silver.
So because of that, I feel
So because of that, I feel
that these prices may
that these prices may
increase further in the future. I think we can see 125-128 levels
increase further in the future. I think we can see 125-128 levels
in at least the second quarter.
in at least the second quarter.
There is no talk of silver but gold is also not far behind.
There is no talk of silver but gold is also not far behind.
See here also, records are being
See here also, records are being
made one after the other. If we talk about the present, then there has been a rise of up to 2.5%
made one after the other. If we talk about the present, then there has been a rise of up to 2.5%
on comics beyond 4700. If we
on comics beyond 4700. If we
talk about the domestic market,
talk about the domestic market,
you can see a good rise in gold here too.
you can see a good rise in gold here too.
Currently trading at the level of 147415.
Currently trading at the level of 147415.
Ajay Sir, what do you think, what
Ajay Sir, what do you think, what
big levels do you see coming in gold from here
big levels do you see coming in gold from here
and what advice would you have for investors at this time?
and what advice would you have for investors at this time?
Look, if we talk about gold, at this
Look, if we talk about gold, at this
time a little study is being seen, a
time a little study is being seen, a
good way to look at it is the gold silver
good way to look at it is the gold silver
ratio. The way
ratio. The way
we saw the level of 50 coming in the Gold Silver Ratio after 13 years.
we saw the level of 50 coming in the Gold Silver Ratio after 13 years.
We saw this level coming in April 2012.
We saw this level coming in April 2012.
This clearly shows that
This clearly shows that
gold was quite stable compared to silver. But such
gold was quite stable compared to silver. But such
stability is not there right now. We are
stability is not there right now. We are
seeing the price moving above 4,600 again.
seeing the price moving above 4,600 again.
So going by the geopolitical tension, I
So going by the geopolitical tension, I
think the immediate resistance that is visible right now is
think the immediate resistance that is visible right now is
coming at 4820.
coming at 4820.
If we talk about support, then the
If we talk about support, then the
multiple of time comes around 4250.
multiple of time comes around 4250.
So currently I think 4820 is
So currently I think 4820 is
going to be good for this domestic market. The
going to be good for this domestic market. The
rupee is also weakening. That too is having
rupee is also weakening. That too is having
an impact and will
an impact and will
remain a big factor in the coming days. But
remain a big factor in the coming days. But
timing wise gold in domestic market is also
timing wise gold in domestic market is also
seen heading towards 155 16 zone from late. Again the point is that there are
seen heading towards 155 16 zone from late. Again the point is that there are
structural changes, all that
structural changes, all that
is right in its place but the timing of SA
is right in its place but the timing of SA
investment, now look at both the counters, this product has
investment, now look at both the counters, this product has
become a POMO or there are
become a POMO or there are
structural changes or monetary changes,
structural changes or monetary changes,
that is at its place but we, SA
that is at its place but we, SA
investors or SA traders, who see that
investors or SA traders, who see that
in this asset class, there is more risk for me
in this asset class, there is more risk for me
or the reward is more, then
or the reward is more, then
I do not think that both these promotions are suitable
I do not think that both these promotions are suitable
going with higher weightage, so here also I
going with higher weightage, so here also I
think option will be better, where you can
think option will be better, where you can
take a call of 147000, it will be better
take a call of 147000, it will be better
because if there are any
because if there are any
changes in geopolitical or monetary things, then
changes in geopolitical or monetary things, then
its implications can be much stronger than the current price,
its implications can be much stronger than the current price,
below it is better that you
below it is better that you
go through options and also
go through options and also
trade or
trade or
place a stop loss above the cost at which you have bought. This can also be
place a stop loss above the cost at which you have bought. This can also be
a better way to lock in your profits. Come on, it's time for a
a better way to lock in your profits. Come on, it's time for a
break. When we come back after the break
break. When we come back after the break
[music] we'll talk about the sugar sector.
[music] we'll talk about the sugar sector.
An important update is coming. Deepak
An important update is coming. Deepak
Ballani will be on it. [Music] is the DG of ISMA
Ballani will be on it. [Music] is the DG of ISMA
and
and
Rahul [Music] Mir Chandani from the fertilizer industry will also be there regarding the budget demand.
Rahul [Music] Mir Chandani from the fertilizer industry will also be there regarding the budget demand.
Special discussion, returning soon after the break
Special discussion, returning soon after the break
0 Comments