Vijay Kedia’s latest multibagger isn’t a small-cap stock – It’s this metal

SYNOPSIS: Silver prices hit record highs globally and in India, doubling investor Vijay Kedia’s silver ETF returns. Strong industrial demand, supply deficits, and rate-cut expectations fuel the rally, even as gold trends steady to slightly lower.

Silver prices surged to nearly $66 per ounce in global markets on Friday (December 19th), extending an already strong rally driven by expectations of a more accommodative US monetary policy. The softening of the US dollar and declining Treasury yields further supported the metal’s upward momentum.

In India, domestic silver prices surged to a historic high of Rs 2,06,111 per kilogram on the Multi Commodity Exchange (MCX) on 17th December, mirroring gains in the global market and supported by firm industrial demand.

Amid silver’s sharp ascent, veteran investor Vijay Kedia, well known for identifying early-stage multibagger stocks, has doubled his investment within a year, not through equities but through a silver exchange-traded fund (ETF). His ETF holdings have moved up by nearly 100 percent in a little over 12 months, benefiting from silver futures crossing the Rs. 2 lakh per kg mark and hitting fresh highs internationally.

The surge has been underpinned by strong investment inflows, persistent supply deficits, and robust industrial consumption, allowing silver to outperform many traditional asset classes despite tariff concerns and global economic uncertainty.

Speaking to ET Markets, Kedia remarked, “I bought silver ETFs last year, and they have doubled in value since then. Gold is also good, but I think silver is relatively better than gold.”

At the same time that silver surged to new highs, gold is comparatively trading lower – retreating from its near one-week peak as investors assessed the uncertainty surrounding the US Federal Reserve’s divided rate-cut outlook and the pace of potential reductions next year.

Silver’s breakout rally, supported by a favourable macro backdrop and structural supply constraints, has not only propelled global prices to record highs but also rewarded investors like Vijay Kedia who positioned early through ETFs. While gold remains stable, the momentum clearly favours silver, driven by strong industrial demand and expectations of a softer interest rate environment ahead.

Written by Shivani Singh

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