The glitter and the glare

Summary: Dhirendra Kumar’s take on the silver frenzy sparked a wave of reader reactions—from cautionary tales and personal regrets to spirited defences of the metal’s potential. Through their diverse experiences, one theme stood out: when it comes to investing, hype fades but fundamentals endure.

When Dhirendra Kumar’s column “The silver illusion” warned that silver’s latest rally looked more like a mania than a movement, readers chimed in with their own experiences—from missed opportunities to relief at having stayed out of the frenzy. Together, their reflections reveal why in investing, shine often blinds faster than it rewards.

Staying grounded amid the glitter

For N M Rajugopal Shreedhar, the hype around silver feels like déjà vu. “It stays suspended between gold and copper—at least copper has clear-cut industrial uses. Silver is part-ornament, part-industrial. Better to stick with time-tested equity funds and balanced portfolios.”

Vivek Phatak echoed that restraint: “Since 2011, silver’s 3 per cent return was an eye-opener. Thank God I stayed away from the hype.”

Kaustuv Das, who had considered switching to silver due to rising gold prices, said the column changed his view. “After reading your piece, I’ve decided against investing in silver. Better to boost my equity investments instead.”

And Bhavesh Shah captured the psychology of it all: “Resisting euphoria and FOMO is tough. Articles like this help us understand the commodity’s real nature and demand dynamics.”

Voices of dissent and belief

Not everyone was ready to write silver off. Dheeraj Harpooj projected a bullish trajectory: “Silver has a long way to go. There will be short-term declines, but I see a complete long-term uptrend—perhaps Rs 2 lakh per kg by 2026.”

Mohan Vaze agreed that silver’s price will keep fluctuating but remains optimistic about “new industrial uses—in catalysts, batteries and electro-chemical applications.”

Veteran investor Arun Kumar Chari added a philosophical twist: “When we do not last forever, it’s foolish to assume any investment strategy will. Use common sense to invest—and the same to disinvest without regret.”

Learning from experience

For Gopala Krishnan, the rush was personal: “I followed herd mentality without knowing the real factors. For long-term investors, SIPs make more sense.”

Meanwhile, Sudha Devi Janga, a homemaker, connected the dots between culture and investing. “As Indians, we’ve always held gold—it rescues families in need. Silver, on the other hand, lacks that security. It feels more like jewellery than a true investment.”

Ratios, realism and reminders

Several readers turned to data and history to make sense of silver’s swings. Mancher Deboo observed that “the gold-silver ratio generally stays around 80 to 83, touching even 102 recently.” Anil Hinduja added that “above a point in the ratio, silver darts up—below it, it cracks and settles near 65. Gold’s boom may spill into other metals, but equilibrium always returns.”

And Siddhi Gawde distilled the takeaway neatly: “The distinction between gold and silver, especially regarding central bank reserves, clears up much of the hype.”

What endures when trends fade

Across the spectrum, readers agreed on one timeless truth—that investing, unlike metal, gains value through patience and perspective. Mohan Vaze advised caution, noting that silver’s price “will keep fluctuating with industrial demand” even as new technologies may create fresh uses.

As N M Rajugopal Shreedhar put it best, perhaps speaking for all: “It may not be glamorous, but sticking to balanced, well-chosen funds does the job nicely.”

Credits
N M Rajugopal Shreedhar • Vivek Phatak • Kaustuv Das • Bhavesh Shah • Dheeraj Harpooj • Mohan Vaze • Arun Kumar Chari • Gopala Krishnan • Sudha Devi Janga • Mancher Deboo • Anil Hinduja • Siddhi Gawde

This article was originally published on October 28, 2025.