Silver prices soared to a record high of $93 earlier this week and were trading around $90 an ounce Friday morning.
The rally came amid solid industrial demand and growing investor interest, as uncertainty around trade policy, inflation and the outlook for interest rates fueled interest in precious metals.
Since January 2025, spot silver prices have risen from about $30 an ounce to a recent peak of about $93, an increase of about 210% as of Thursday afternoon.
Unlike gold, which is primarily held as a store of value and jewelry, silver is more closely tied to industrial activity. More than half of global silver demand comes from manufacturing, driven by its use in electronics, solar panels and electrification, according to Silver Association data.
Coin News reports that the rise has been so rapid that the U.S. Mint announced it may temporarily remove some silver coin products from sale while it conducts a price review, a step it has taken in the past when prices have soared.
What is $1,000 invested in a silver ETF worth today?
Industrial demand for silver has reached record levels in recent years as investment in renewable energy, electric vehicles and power grid upgrades accelerates around the world. Silver’s high conductivity and corrosion resistance make it difficult to replace in many of these technologies, and its demand is directly tied to the growth of clean energy and advanced manufacturing, the Silver Institute said.
This surge in demand translated into huge profits for investors with exposure to silver. While some people buy physical bullion or coins, many retail investors access bullion through exchange-traded funds, which trade on stock exchanges like company stocks.
One of the most widely traded ETFs is the iShares Silver Trust (SLV), which tracks the price of physical silver bullion. Instead of storing their silver themselves, investors can keep the silver in a vault and purchase shares of an ETF that reflects changes in the metal’s market price, net of fees.
SLV stock has risen about 200% over the past year and was trading at about $84 per share as of Thursday afternoon.
Here’s how a $1,000 investment in iShares Silver Trust would change over time, based on changes in the ETF’s stock price since it began trading in April 2006.
If you invested 1 year ago:
Percent change: 208% Total: $3,083
If you invested 5 years ago:
Percent change: 254% Total: $3,537
If you invested in 2006:
Percent change: 507% Total: $6,071
Investors often seek silver as a way to diversify their investments, but its high price volatility and low income make it very different from owning stock in a company. Financial professionals generally value diversification across assets, rather than concentrating too much money in single-asset ETFs tied to a single stock or a single product.
Often offered as ETFs that track stock indexes, broader index funds offer diversified exposure and tend to be more stable than investments tied to a single asset like silver.
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