Gold Left Behind as Silver Hikes 132% YTD: The ETF Playbook for 2026

Core Insights - 2025 has been a historic year for precious metals, with silver outperforming gold significantly, surging 132% to nearly $69 per ounce, while gold gained 68% [1][9] Market Dynamics - Silver's record rally is attributed to a combination of factors, including a severe and persistent supply squeeze, with five consecutive years of supply deficits [5] - Over 60% of silver demand now comes from industrial applications, particularly in photovoltaic cells and electric vehicles, which require significantly more silver than traditional engines [6] - Investment capital has returned to silver through ETFs, with notable inflows contributing to the price surge, alongside macroeconomic factors such as Federal Reserve interest rate cuts weakening the U.S. dollar [7] Future Outlook - Analysts remain optimistic about silver's trajectory into 2026, expecting the structural supply-demand deficit to persist, with potential price targets reaching $100 per ounce by late 2026 [8][10] - Market sentiment is positive, with over 50% of retail traders predicting silver will be the top-performing metal in 2026 [11] Investment Vehicles - For investors looking to capitalize on silver's momentum, several ETFs are highlighted: - abrdn Physical Silver Shares ETF (SIVR): AUM of $5.15 billion, market price of $62.25, up 132.1% YTD [13] - iShares Silver Trust (SLV): Largest silver ETF with net assets of $33.97 billion, market price of $60.93, up 131.4% YTD [14] - Global X Silver Miners ETF (SIL): AUM of $4.82 billion, market price of $84.73, up 167.2% YTD [15]