Silver Leads Canada’s Precious Metals ETF Rally
Silver is driving Canada’s ETF performance as precious metals climb to record and multi-year highs.
Why are precious metals surging?
Precious metals have achieved one of their most significant rallies in over a decade, with silver emerging as the sector's standout performer.
On September 29, 2025, the surge brought a host of milestones: gold reached a new all-time high near $3,812/oz, silver hit a 14-year peak around $47/oz, platinum breached $1,600/oz (a level unseen since 2013), and palladium approached $1,280/oz.
This momentum is fueled by a convergence of favorable dynamics, including expectations of U.S. Federal Reserve rate cuts, a softening dollar, ongoing geopolitical uncertainty, and constrained supply in the platinum group metals.
Why is silver in the spotlight?
Silver has been the breakout star of the 2025 precious metals rally, climbing over 57% and handily beating gold and the PGMs.
Its strength lies in a dual-demand engine of safe-haven buying and growing industrial use. The industrial catalyst is particularly strong: China's UN commitment to cut emissions by 7–10% by 2035 and expand renewable capacity sixfold positions silver, a critical component in solar panels, as a chief beneficiary of the global green transition.
This unique blend—straddling the worlds of clean technology and a store of value—makes silver a singular investment, highly attractive in the current economic environment.
How are Canadian ETFs performing?
In Canada, silver ETFs led the way last week, delivering the highest gains among precious metals funds.
- SVR (iShares Silver Bullion ETF – CAD Hedged) rose 6.5% WTD and 52.7% YTD, with inflows of C$13 million this week.
- MNS (Royal Canadian Mint Silver – CAD) gained 7.9% WTD and 53.9% YTD.
Gold ETFs also posted solid results, though less dramatic than silver:
- XGD (iShares S&P/TSX Global Gold Index ETF) climbed 4.2% WTD and 116.3% YTD, despite recording outflows of about C$82 million this week.
- CGL (iShares Gold Bullion ETF – CAD Hedged) advanced 2.9% WTD and 41.7% YTD, with inflows of C$36 million.
By contrast, base metals funds such as XBM (iShares S&P/TSX Global Base Metals Index ETF) and ZMT (BMO Equal Weight Global Base Metals ETF) posted weekly gains of 4.5% and 6.5% respectively but remain well behind silver on a year-to-date basis.
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Please note this article is for information purposes only and does not in any way constitute investment advice. It is essential that you seek advice from a registered financial professional prior to making any investment decision.
