India had the largest silver reserves in the world till a decade ago when gold finally overthrown it from both peoples mind and government warehouses.
Country’s silver reserves depleted to nearly 25 million ounces now from as high as 87 million ounces a decade ago.
India began to sell silver reserves after prices crashed due to increased silver production as new mines started producing more of the white metal in the 90s.
India’s decision was also prompted by moves by major country’s to shift to gold standard which released more silver to markets, reducing prices further.
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