If there is one metric that succinctly captures how the “debasement trade” of 2025 evolved into something broader in 2026, it is the gold-to-silver ratio.

This ratio measures how many ounces of silver it takes to buy one ounce of gold and is often used as a relative valuation gauge between the two metals. As of Jan. 20, the ratio had fallen to roughly 50, a sharp move from levels near 90 in early 2024, signaling a period of significant silver outperformance.

That shift was driven primarily by a rapid surge in silver prices over the past year. From January 2025 through January 2026, silver prices climbed roughly 180%, placing the precious metal among the top-performing assets over that period.

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Several forces converged to produce that outcome. One was a tightening of margin requirements for silver futures by CME Group. These exist to ensure traders can meet potential losses on leveraged futures positions, and increases are typically intended to dampen speculative excess.

Even a relatively modest increase, such as lifting margins to around 9% of a contract’s notional value, is notable because it raises the capital required to maintain positions. The fact that demand remained strong despite higher margin requirements suggested persistent conviction among silver traders.

Supply-side concerns also played a role. While silver is not classified as a rare earth metal, its extensive use in electronics, solar panels and manufacturing ties demand to economic activity.

Those dynamics were amplified by export controls introduced by China in December on a range of industrial materials, which reinforced concerns about future availability.

At the same time, global interest rate cuts have continued to push investors toward risk assets. But in 2026, elevated political risk and shifting trade relationships have encouraged some investors to look beyond stocks and bonds to real assets.

As a result, silver has increasingly filled that role, benefiting from both industrial demand and its perceived function as an alternative monetary asset.

That renewed interest has shown up clearly in exchange-traded fund (ETF) performance. According to ETF.com and ETF Central, several of the top-performing ETFs of 2025 were tied to the silver industry, particularly through mining equities.

Here are seven of the best silver ETFs to buy in 2026:

iShares Silver Trust (SLV)

“I really like silver ETFs over other ways to hold silver,” says Anessa Custovic, chief investment officer at Cardinal Retirement Planning Inc. “You get the diversification benefits of holding silver without the headache of trying to purchase and store bullion.” For investors, buying physical silver involves visiting a precious metals dealer, accepting markups through wide spreads and arranging secure storage at home.

A physically backed silver ETF like SLV removes those frictions. Shares can be bought and sold like a stock in most brokerage accounts, including tax-sheltered accounts such as Roth IRAs. The ETF also trades with a very liquid 30-day median bid-ask spread of just 0.01%. SLV currently charges a 0.5% annual expense ratio, which equates to roughly $50 per year in fees on a $10,000 investment.

abrdn Physical Silver Shares ETF (SIVR)

“Physically backed silver ETFs offer three significant advantages over other types of silver investments: transparency, liquidity and convenience,” says Sean August, CEO of the August Wealth Management Group. “These ETFs regularly disclose the amount of silver held, are easily traded on major exchanges and grant exposure to silver prices without the need to store and insure bullion.”

SIVR is a lower-cost alternative to SLV that highlights those attributes. The ETF charges a 0.3% expense ratio and places a strong emphasis on transparency, clearly disclosing its custodian, ICBC Standard Bank in the U.K. Its documents also include a detailed bar list showing serial numbers, fineness, and manufacturing and storage locations, along with a vault inspection letter from the ETF’s auditors.

Global X Silver Miners ETF (SIL)

“Silver mining stocks can offer indirect exposure to silver prices and tend to be leveraged plays on silver prices, owing to the fixed costs of extracting the metal,” explains Roberta Caselli, commodities investment strategist at Global X ETFs. “Unlike investing directly in silver, miners can expand production as profit margins grow, which can benefit their share prices.” For this role, Global X ETFs offers SIL.

SIL tracks the Solactive Global Silver Miners Total Return Index, a benchmark of 39 materials sector companies with significant silver mining operations. The portfolio is dominated by 63% in Canadian equities, reflecting the country’s role as a major global hub for publicly listed precious metals miners, supported by established infrastructure, stable capital markets and favorable listing standards.

Amplify Junior Silver Miners ETF (SILJ)

“Silver’s recent rally has been driven by tight physical supply, strong industrial demand and a more supportive macro environment,” says Nathan Miller, vice president of product development at Amplify ETFs. “That backdrop can favor junior silver miners, which tend to exhibit higher operating leverage as prices rise.” This mechanic has led to SILJ earning a spot among 2025’s best-performing ETFs.

“SILJ provides diversified exposure to smaller silver producers and developers, offering a higher-beta way to express a bullish silver view,” Miller explains. “The trade-off is increased volatility, but sustained higher silver prices could disproportionately benefit junior miners.” However, investors interested in SILJ must be comfortable with a higher allocation in riskier small-cap stocks. SILJ charges a 0.69% expense ratio.

Sprott Silver Miners & Physical Silver ETF (SLVR)

The operating leverage embedded in silver mining equities can work in both directions. In rising silver markets, miners can outperform the spot price, but during downturns, that same leverage can lead to severe drawdowns. For investors looking for a more balanced approach, SLVR combines equity and physical exposure within a single ETF, backed by a renowned precious metals asset manager.

Roughly 80% of the ETF is allocated to the Nasdaq Sprott Silver Miners Index, which provides global exposure to silver producers, developers, explorers and streaming companies. The remaining portion is invested in Sprott’s physically backed closed-end silver trust, adding spot exposure that does not rely on mining company fundamentals. The hybrid structure comes with a 0.65% expense ratio.

Kurv Silver Enhanced Income ETF (KSLV)

“Silver, the ‘poor man’s gold,’ is stepping into the spotlight,” says Howard Chan, founder and CEO of Kurv Investment Management. “Strong industrial demand, short-term technical squeezes and long-term supply-demand imbalances are making the precious metal hard to ignore.” However, one criticism of silver and other precious metals is the lack of cash flows compared to assets like stocks or bonds.

That limitation is addressed by options-based strategies such as KSLV, which aims to monetize silver’s volatility. The ETF does this by opportunistically selling options on SLV with the objective of generating income. As a result, KSLV currently offers an elevated distribution rate of about 18.5%, though investors should be aware that this approach comes with capped upside potential and a high 1% expense ratio.

Amplify SILJ Covered Call ETF (SLJY)

“SLJY is designed for investors who are constructive on silver but want an income-oriented approach through a covered call strategy,” Miller says. “By writing out-of-the-money options on junior silver miners and physical silver ETFs, the fund seeks to turn equity volatility into a differentiated income stream from a segment of the market that has historically shown a low correlation to traditional equities and bonds.”

Choosing between SLJY and KSLV largely comes down to whether an investor wants options premium generated solely from spot silver ETFs, or is willing to add exposure to riskier junior silver mining equities. That trade-off underpins SLJY’s objective of targeting a high annualized distribution rate around 18% with monthly payouts, though investors pay a relatively pricey 0.75% expense ratio for the strategy.

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7 Best Silver ETFs to Buy originally appeared on usnews.com

Update 01/20/26: This story was previously published at an earlier date and has been updated with new information.