Could Silver Be Clients’ Golden Ticket?

Apparently, all that glitters is not gold.

Gold boomed this year as a safe haven from a lackluster bond market and a stock market shaken by Liberation Day jitters. But quietly, silver was also gaining momentum, with prices now up roughly 30% this year versus gold’s 28% rise. Silver’s role as an inflation hedge and its industrial uses, combined with a supply deficit, have created strong tailwinds for the precious metal.

“Gold sometimes steals the spotlight as an inflation hedge, especially given the tariffs, but silver has been benefiting from that, too, as a store of value,” said Nate Miller, vice president of product development at Amplify.

I’ve Got One More Silver Dollar

Unlike gold, which is primarily an investment or jewelry component, silver has broad industrial applications driving demand. “Silver is second to oil when it comes to industrial application,” Miller told Advisor Upside. “Solar panels are the most common use, but it’s in smartphones, AI, semiconductors, data centers, so there’s a structural tailwind from all that.” Supply constraints are also in play. HSBC projects a deficit of 206 million ounces this year, up from 167 million in 2024.

That combination has powered strong returns from silver ETFs:

• There are only five silver-focused ETFs trading in the US, and they have $21.5 billion in assets, with the iShares Silver Trust (SLV) accounting for 85% of the total, according to CFRA data.
• The ProShares Ultra Silver (AGQ) is the best performing this year at 53%; the ProShares UltraShort Silver (ZSL), an inverse fund, is down almost as much at 45%. The rest — the Abrdn Physical Silver Shares ETF (SIVR), the Sprott Physical Silver Trust (PSLV) and SLV — are all up more than 30%.
• Separately, funds that track silver mining companies are performing even better, with the Global X Silver Miners ETF (SIL), the Amplify Junior Silver Miners ETF (SILJ) and the iShares MSCI Global Silver Miners ETF (SLVP) all up roughly 70% or more this year.

Silver Lining. Still, silver funds haven’t seen the same investor inflows as gold or copper. Silver ETFs have attracted $1.15 billion in 2025 — about 6% of current assets — while gold ETFs and copper funds are up 12% and 17% in flows, respectively, according to CFRA data.

Silver’s lag may stem from macro and geopolitical factors, with central banks favoring gold to hedge against US Treasuries, said Aniket Ullal, head of ETF research and analytics at CFRA. “Flows tend to lag performance, so if silver returns continue to be strong in 2H 2025, ETF flows could pick up further,” he told Advisor Upside. “Price momentum will be sustained if there is demand from sectors like electronics and renewable energy.”