Silver has had a terrific year-to-date
Silver has emerged as one of the best-performing commodities of 2024, with a 21% increase year-to-date, surpassing gold, copper, and the S&P 500 index. Despite this strong performance, investor interest in silver is waning, as indicated by net outflows in most silver ETFs and a significant drop in U.S. Mint coin sales, down to 1.34 million ounces from 3.4 million ounces last year.
Currently trading at $30 an ounce, silver's high price is remarkable given the challenging environment of high interest rates, tapering inflation, and a robust U.S. economy. Silver's unique dual role as both a precious metal and an industrial commodity drives its demand. It is essential in electrical conduction and semiconductor chips, particularly for artificial intelligence.
The Silver Institute reports a record high in industrial demand for silver in 2023, largely driven by a 64% increase from the solar panel industry. They anticipate a 20% rise in usage in 2024. The total supply from mining and scrap recycling fell by 0.5% in 2023 and is expected to decline another 1% in 2024.
Investment options for silver are relatively limited, with only a few non-leveraged ETFs available. The largest silver-backed ETF is the $13.2 billion iShares Silver Trust (SLV), and the biggest silver-miner ETF is the $1.1 billion Global X Silver Miners (SIL), up 24% and 11%, respectively, in 2024.
Russell Shor
Senior Market Strategist
Russell Shor is a Senior Market Strategist at FXCM, having been promoted to the role in 2025 in recognition of his depth of insight and consistent delivery of high-impact market analysis. He originally joined FXCM in October 2017 as a Senior Market Specialist.
Russell holds an Honours Degree in Economics from the University of South Africa, is a certified FMVA®, and a full member of the Society of Technical Analysts (UK). With over 20 years of experience in financial markets, his work is renowned for its clarity, precision, and strategic value across asset classes.
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