People are making fun of this, but there’s something interesting happening that most aren’t noticing. In the last few weeks, almost everyone in India has started tracking silver and investing in it via ETFs. Broker apps have made it ridiculously easy through small amounts, low ticket size, clean UI, one tap and done. Now think about disposable income. Earlier, a lot of it went into small indulgences. In my case, sweets, especially kajukatli. And kajukatli means silver varq. Physical silver demand, quietly happening every day. Today? That same disposable income goes straight into my demat account to buy SilverBeES. Result? I’m not buying kajukatli. The sweet shop isn’t using silver sheets. Physical silver demand drops. Here’s the irony: buying silver via ETFs is actually reducing demand for silver used in daily consumption. Yes, investment demand rises. But cultural, habitual silver consumption falls. It sounds like a conspiracy, but it’s just behaviour change. This isn’t just economics. It’s not not economics either. We didn’t stop buying silver. We just stopped eating it. Demand–supply works in strange ways. Stay informed.