After a very good year 2025, where my portfolio gained 31.65%, a start to 2026 has also been very favourable with a gain of 5.44%. The continued rises in prices of silver ( $SLV (iShares Silver Trust) or $SILVER) and gold ( $GLD (SPDR Gold) or $GOLD) have been the strongest drivers of the portfolio’s performance.
Silver has extended its dramatic ascent into 2026, climbing to record levels as persistent geopolitical risk and the continuation of strong demand trends fuel investor interest. After gaining nearly 150% in 2025, silver prices surged another 30% in the opening weeks of the new year, briefly topping more than $ 94 per ounce.
This momentum reflects a broad shift in how investors position precious metals generally within portfolios and silver has been a large beneficiary of that. Retail and institutional inflows into silver-linked ETFs have reached unprecedented levels, with nearly $ 922 million added over the last month. Apparently, SLV.US has experienced 169 days of positive inflows into the ETF.
On top of the strong demand, the supply side has also played a role in rising prices. Physical inventories in U.S. warehouses significantly increased last year. This wave of buying disrupted established global supply patterns and created shortages in London, the market’s primary distribution center. The shift was largely driven by concerns over President Trump’s proposed tariffs on precious metals such as silver and platinum. Although those tariff threats have now been softened, their impact continues to influence current market dynamics. and disrupted traditional market flows, although some tariff-related uncertainties have recently eased.
I have used the recent silver rally to lock in profits and to reallocate part of my silver exposure into gold. In my view, geopolitical risks and central-bank buying remain the key long-term drivers of the precious-metals rally. Gold is therefore the more natural core holding, given its reserve-asset status, high liquidity, and lower volatility. Most central banks around the world hold gold as a major reserve asset because it is recognized under International Monetary Fund (IMF) reserve frameworks and offers high liquidity, lower volatility, and a long history as a store of value.
Silver, by contrast, is not typically included in official foreign exchange reserve statistics. Silver, however, retains strong industrial relevance, particularly in fast-growing sectors, which justifies maintaining a partial allocation. That said, while the long-term gold-to-silver ratio previously favored silver, the recent price surge has made that relative valuation far less compelling (please see the attached graph).
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Sat Mar 07 2026 20:58:05 GMT+0000 (Coordinated Universal Time)
