As the markets navigated through unprecedented volatility in 2025, gold and silver funds delivered staggering returns that left even seasoned investors wide-eyed. Gold ETFs surged a whopping 64%, with GLDM becoming a standout performer. But that’s nothing compared to the levered gold ETF SHNY, which skyrocketed 215%. Yeah, you read that right. Triple-digit returns while other assets crumbled.
In a market meltdown, precious metals proved their worth as gold ETFs delivered stunning 64% gains while SHNY exploded 215% higher.
Silver didn’t just participate in the rally—it dominated. SLV gained an eye-popping 145%, marking its strongest annual performance since 1979. The levered silver ETF AGQ? A mind-blowing 361% gain. These aren’t typos, folks.
The precious metals rally represented the second-best calendar-year performance since 1970, with only 1979 beating these numbers. Approximately $1.5 billion flowed into the Sprott Physical Gold Trust alone. Money talks.
Central banks fueled much of this demand, announcing continued gold purchases throughout 2025 and into 2026. Their buying remained strong in Q3 despite considerably higher prices. De-dollarization efforts by international institutions created a perfect storm for metals.
Investors weren’t far behind. Gold ETFs saw tens of billions in inflows as people scrambled to protect portfolios. J.P. Morgan forecasts about 250 tonnes of additional gold inflows into ETFs during 2026. This isn’t just momentum—it’s a structural shift.
Looking ahead, analysts project gold to average $4,538 per ounce in 2026. J.P. Morgan even outlined a scenario where prices could reach $6,000 if just 0.5% of foreign U.S. asset holdings diversified into gold. Ambitious? Maybe. Impossible? Hardly.
Silver’s surge wasn’t just monetary. Its industrial applications in renewable energy—solar installations, wind turbines, electric motors—created genuine demand fundamentals. Even during the January index rebalancing pressures, physical demand remained robust, completely disconnected from paper market volatility. It’s the metal with the highest electrical conductivity, after all. Mining stock investors who shifted from gold to silver positions saw record fund performance as demonstrated by the Earth Gold Fund’s impressive 161% return in 2025.
