Last week began with a big rally in the daily silver prices, up nearly +9% this past Monday alone.

You have to look back to late 2008 silver price action, as the first round of quantitative easing began by the fiat Federal Reserve to see a one-day positive percentage move of similar size. 

In our update this week, we will update a few key silver market inventory points after we show a clip of how CNBC in India covered this positive silver price action late last week. 

Silver in fiat rupee terms is not far from its all-time nominal record high. The same can be said about gold in fiat rupee terms in India.