By Michael Maharrey

There is a perception that silver has lagged gold despite a price increase of around 35 percent on the year in dollar terms. The fact that silver remains well below its record high, even as gold has set multiple records in recent months, drives this feeling.

But if you look at the trajectory of silver from an Indian perspective, it doesn't seem like such a laggard.

On Oct. 23, silver briefly eclipsed the ?100,000 per ounce level before settling around a record high of around ?97,000.

Notably, this rally occurred after the Indian government cut taxes on gold and silver imports by more than half, lowering duties from 15 percent to 6 percent.