He pointed out that while global demand remains high due to the U.S. classifying silver as a critical mineral and China restricting exports, the “paper trade” on exchanges is causing wild swings. Sunil Shah, of Khambatta Securities, reinforced that the movements in gold and silver are a symptom of extreme uncertainty across all global asset classes. He observed that when there is no clarity on the direction of the global economy, money often moves erratically between precious metals, bonds, and equity markets. Shah noted that while Indian equity markets have seen some correction, they remain resilient as investors look towards the upcoming Union Budget for a clearer sense of direction. “These kinds of moments are suggesting only one thing that there is a huge volatility in the global equity markets across the asset class, I would say precious metal equity market dead market.