India's silver imports collapsed 87% in May, but that is not the retreat it looks like, because the world's largest silver market now lets banks lend against the metal for the first time. Silver has corrected hard this year, trading near $60 after touching $121.62 in late January, and the recent slide has been driven by a hawkish Federal Reserve and a firm dollar rather than by anything in the physical market. India, the single largest buyer of silver at roughly a fifth of global demand, sent two very different signals this spring, and the louder one is misleading. At Golden Meadow®, where I publish the Silver ... (full story)