Abrdn Silver ETF Trust (SIVR) experienced a significant 5.05% decline during the night session, marking a sharp reversal for the silver-focused exchange-traded fund.
The plunge appears to be a direct reaction to India's decision to raise its effective import tariffs on silver to 15% from a previous rate of 6%. As one of the world's largest consumers of precious metals, India's policy change is aimed at curbing imports to support foreign exchange reserves, which is expected to dampen demand for silver from a major global buyer and put downward pressure on prices.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
Comments