Silver is usually a symbol of purity, prosperity and divine power. But these days, its posture is downright lethal!
These days, a ghazal by the Pakistani poet Qateel Shifai keeps floating back to my lips again and again: ‘Chandi jaisa rang hai tera..!’ The poet captured the beauty of silver in words so perfectly and Pankaj Udhas sang it so soulfully that humming it became inevitable for everyone. So today, let us talk about silver itself.
Silver certainly has scientific importance but in Indian tradition, it is regarded as a symbol of purity, prosperity and divine power. Even Lord Shiva, the Supreme of gods, adorns his crown with the Moon -- silver in form. Idols of deities are cast in silver. Countless scriptures have been engraved on silver plates. Our saints drink water from silver tumblers. When we wish to honour someone, we serve them food on a silver plate. It is tradition to feed a child its first morsel with a silver spoon. There is even an idiom associated with prosperity -- to be born with a silver spoon. There is another popular saying about silver’s power -- either you possess a silver shoe or wield power.
That is why poets and lyricists have long fashioned ideals of beauty around silver and the Moon. Qateel Shifai wrote: ‘Chandi jaisa rang hai tera, sone jaise baal; Ek tu hi dhanwaan hai gori, baaki sab kangaal!’ But did Qateel ever imagine, while writing this, that one day silver would become so deadly? He went on to write: ‘Har aangan mein aye tere ujale roop ki dhoop; Chhail chhabeeli rani thoda ghunghat aur nikal!’ And just look at the irony -- the fair one pulled her veil in such a way that the world cried out, “Oh, silver!” Now consider the next line: ‘Saamne tu aye to dhadken mil kar lakhon dil; Ab jana dharti par kaise aate hai bhauchaal!’ Well then, hasn’t silver caused nothing short of an earthquake across the world these days? Who could have imagined that silver, priced at Rs 7,900 per kilogram in the year 2000, would be trading at more than thirty times that value by 2025? Silver’s current condition forces us to applaud yet another poetic line: ‘Beech mein rang mahal hai tera khai charon or; Hum se milne ki ab gori tu hi raah nikaal!’ But what can one say? Lovers like you and me remain trapped in silver’s charming habit of eating away into our budgets. Let us also recall the ghazal’s final line: ‘Ye duniya hai khud-garzon ki lekin yaar Qateel; Tune hamare saath diya to jiye hazaaron saal!’ Perhaps that is why our elders coined another phrase ‘Chandi kaatna’ which simply means living life with great style, ease and opulence.
So the real question is why is silver soaring so dramatically? Why is it jumping even more aggressively than gold? Put very simply, technological advancement has sent silver’s demand through the roof. From electric vehicles and electronic devices to solar panels and defence manufacturing, silver is being consumed on a massive scale. China is leading this surge. In 2022 alone, China consumed nearly 4,000 tonnes of silver just in the solar industry. One can only imagine what the current figures might be. China holds reserves of about 70,000 metric tonnes of silver and produces over 3,300 metric tonnes annually. With an annual production of around 6,000 metric tonnes, Mexico ranks first in the world.
As far as India is concerned, global silver production in 2024 stood at about 25,000 metric tonnes, while India produced only 700 metric tonnes. Most of this production comes from Hindustan Zinc Limited, a Vedanta Group company led by Anil Agarwal. The Zawar mines near Udaipur are the largest silver mines in the country. That said, silver reserves and limited production also exist in Andhra Pradesh, Jharkhand and Karnataka. India consumes many times more silver than it produces. Most of this consumption is in the form of jewellery, but now industrial demand has risen sharply as well. Under these circumstances, silver price recording new highs is only inevitable.
However, the world is facing a serious concern. Will silver continue to flow endlessly from the womb of the Earth? According to the United States Geological Survey, the world’s 5.30 lakh tonnes of identified silver mineral reserves could be exhausted within the next eight years. Even if we include proven underground reserves, silver production may be sufficient for only 14-15 years -- at the most 20 years. All we can do is hope that new reserves are discovered -- otherwise, how will we continue to sing, “Chandi jaisa rang hai tera..”?
Now let me share a fascinating piece of information. Did you know that when the United States built its first atomic bomb, the manufacturing process required an extremely powerful magnet? To make that magnet, nearly 12,000 to 14,000 tonnes of silver was used. Silver was not part of the bomb itself, but without silver, how could the bomb have become so lethal? Silver truly is lethal in its own way.At this point, I am reminded of a poem written nearly a hundred years ago by the British poet Walter de la Mare:Slowly, silently, now the Moon,Walks the night in her silver shoon;This way, and that, she peers,and sees,Silver fruit upon silver trees!Indeed, silver has climbed its own silver tree.As for gold, we’ll talk about it some other time..!The author is the chairman, Editorial Board of Lokmat Media and former member of Rajya Sabha.