The financial press is obsessed with BRICS gold purchases — but they’re ignoring the other metal BRICS nations are quietly draining: silver.
China and India have been on a buying frenzy, pulling physical silver out of the global system and stockpiling it while Western investors continue to treat the metal like a sideshow. Meanwhile, BRICS policymakers are openly discussing new trade settlement systems that could incorporate both gold and silver — a direct threat to the dollar’s stranglehold on global trade.
The West is asleep. BRICS is not.
China’s Silver Imports Are Off the Charts
China has always been a major silver consumer due to its electronics and solar industries. But 2024 shattered every record on the books.
| Year | China Silver Imports (Moz) | YoY Change |
|---|---|---|
| 2022 | 113 | +8% |
| 2023 | 138 | +22% |
| 2024 | 162 | +17% |
[Source: Shanghai Metals Market, 2024 trade data]
This isn’t just for solar panels. A significant portion of these imports is believed to be strategic stockpiling by state-backed entities — the same pattern we’ve seen with China’s gold reserves.
Why would Beijing hoard silver? Two reasons:
- Industrial dominance. China is the world’s factory for solar, EVs, and electronics — all silver-intensive.
- Currency leverage. A future BRICS trade settlement currency tied to hard assets (gold and silver) would crush the dollar’s monopoly.
India Is Outbuying Everyone
India’s silver demand has gone vertical in the past two years. In 2024 alone, India imported over 250 million ounces of silver — a 30-year high.
| Year | India Silver Imports (Moz) | Primary Uses |
|---|---|---|
| 2022 | 154 | Jewelry, investment |
| 2023 | 210 | Bars, coins, tech |
| 2024 | 254 | Jewelry + industry |
[Source: India Bullion & Jewellers Association]
Historically, India’s silver appetite was driven by jewelry and investment demand. But the game has changed. With tech manufacturing growing and Indian refiners expanding, a huge chunk of these imports is now industrial silver — meaning it’s never coming back.
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BRICS: The Silent Silver Cartel
The BRICS bloc — Brazil, Russia, India, China, and South Africa — is positioning itself as an alternative economic pole. While gold is getting all the headlines, silver is part of the playbook.
Here’s why:
- Russia has been building silver stockpiles to support its domestic defense sector.
- South Africa, rich in platinum and gold, is quietly exporting more silver to BRICS partners than to Western markets.
- China and India are absorbing physical silver, draining available supply on COMEX and LBMA.
This is a slow-motion resource war — and the West doesn’t see it coming.
De-Dollarization and Silver
Every BRICS summit since 2022 has floated the idea of a commodity-backed trade settlement system. Most assume it’s just about gold. But silver is likely to be a secondary reserve metal — particularly given its dual role as both a monetary and industrial metal.
Think about it:
- Gold is hoarded by central banks.
- Silver is consumed but also tradable, with a liquid market.
- A hybrid BRICS currency with both gold and silver backing would send shockwaves through FX markets.
This isn’t hypothetical. China’s Shanghai Futures Exchange is already building yuan-based silver contracts — a direct competitor to the COMEX price mechanism.
How BRICS Is Breaking COMEX
Every time China or India buys physical silver, they’re tightening the noose on the paper silver system. COMEX’s leverage (33 claims for every physical ounce) only works as long as physical supply is abundant.
But what happens when BRICS nations continue to vacuum up 400+ million ounces per year? COMEX has two options:
- Raise margins and throttle trading (as in 1980).
- Default on delivery and cash-settle contracts.
Both scenarios are bullish. Both scenarios expose the paper scam.
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Schiff’s Take: The West Is Being Outplayed
The United States thinks it’s playing chess with sanctions and fiat manipulation. But BRICS is quietly flipping the board. By draining physical metals — especially silver — they’re setting the stage for a commodity-backed economic model.
Silver is the wild card. Everyone’s watching gold, but silver is:
- Cheaper to accumulate.
- More industrially essential.
- Far more undervalued relative to gold.
The gold-silver ratio still hovers near 80-to-1 — a joke, considering silver’s industrial role. When that ratio snaps back to 40, the move will be violent.
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What Happens Next?
Expect the following in the next 12–18 months:
- India to surpass 300 Moz of annual silver imports if current trends hold.
- China to restrict domestic silver exports — keeping its stockpiles for internal use.
- BRICS trade talks to openly include silver as a strategic reserve metal.
- COMEX inventories to face acute strain as Asia hoovers up physical bars.
Silver in the East Grows
The BRICS nations see what the West refuses to admit: silver isn’t just a metal — it’s leverage. By pulling it out of the market, they’re setting the stage for both industrial dominance and a future currency reset.
If you’re holding nothing but paper assets while BRICS is hoarding metal, you’re on the wrong side of history.
Stay ahead. Stay physical. Stay informed.
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