The silver market is showing a clear divergence between institutional flows and retail demand. Silver ETFs reduced their holdings by around 5.1 million troy ounces in the latest session, marking the fifth consecutive day of outflows and pushing total net sales since the start of the year to nearly 29 million ounces. This points to profit-taking or portfolio rebalancing by large investors after an exceptionally strong price rally. โโโDespite this, overall sentiment toward precious metals remains bullish, supported by a weaker US dollar, expectations around US monetary policy, and rising geopolitical uncertainty — factors that are lifting the entire metals complex alongside gold.
Silver ETF holdings have been falling since mid-December 2025. Despite this, silver is up 65% YTD, driven by strong retail and speculative demand. Source: Bloomberg Finance L.P.
From a price perspective, silver remains extremely strong. Prices have surged to new all-time highs above USD 119 per ounce and are already nearly 65% higher since the start of the year, following a massive 146% rally in 2025.
Annual silver price chart. Source: XTB Research
On a monthly basis, silver has delivered two extraordinary gains — +25.9% in December 2025 and +64.9% in January 2026. January is also historically the strongest month for silver, even excluding this record year. By contrast, February and March have more often seen corrections. Source: XTB Research
Physical demand is exploding in Asia — particularly in Hong Kong and southern China — where investors increasingly view silver as a cheaper alternative to record-expensive gold. Shops are selling out of silver bars within hours, and jewelry manufacturers are shifting production from gold to silver.
Source: xStation 5
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