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Individual investors are buying silver at an unprecedented pace, turning the metal into one of the most crowded commodity trades in global markets, according to a new report from Vanda Research. Over the past 30 days alone, retail investors have poured approximately $921.8 million into silver-backed exchange-traded funds, highlighting a renewed surge of interest that rivals and even exceeds the famous 2021 silver rally.
A major beneficiary of this trend is the iShares Silver Trust ETF, which recorded $69.2 million in retail inflows on Wednesday. This marked its second-largest single day of retail buying on record, surpassed only during the speculative frenzy of 2021 when retail traders helped push silver prices sharply higher. The ETF has gained 31.3% year-to-date and has surged an extraordinary 210.9% over the past 12 months, reflecting the strength of the silver price rally.
Silver prices themselves have climbed to historic levels. On Thursday afternoon, silver was trading at $91.90 per ounce, up significantly from $72.62 at the start of the year. Prices briefly exceeded $93 per ounce earlier in the week, nearing record intraday highs, according to data from LSEG. The rally has also fueled gains in silver mining stocks, with the MSCI ACWI Select Silver Miners Investable Index soaring around 225% over the past year as investors seek leveraged exposure to rising silver prices.
While the 2021 silver surge was closely linked to the meme stock boom involving names like GameStop and AMC Entertainment, analysts at Vanda argue this rally is different. They describe the current move as a “structural accumulation,” suggesting silver is increasingly viewed as a core macro asset rather than a purely speculative trade. Retail investors are also active in leveraged and inverse products such as the ProShares UltraShort Silver ETF, underscoring their growing sophistication and influence.
Still, some market participants urge caution. Kathy Kriskey, head of alternatives ETF strategy at Invesco, noted that silver took 45 years to break above $50 an ounce and has now raced past $80 in just a few months, raising concerns about volatility and sustainability despite the strong fundamentals driving demand.
