Silver has been on a tremendous bull run in 2026. Physical supply shortages, combined with huge escalation in demand from the AI industry and its associated infrastructure has pushed the spot price of silver past $67 per oz. as of the time of this writing. As such, ETFs that track silver companies have delivered triple-digit returns year-to-date, and many think that trajectory will continue. Among these ETFs are ProShares Ultra Silver (NYSE: AGQ), iShares Silver Trust (NYSEARCA: SLV), and Sprott Physical Silver Trust (NYSE: PSLV).
While gold and silver have both been valued as forms of currency by multiple cultures and nations since early civilization, Silver’s commercial and industrial properties have far outweighed its historical currency value. Silver is unquestionably the best metal conductor of electricity. As a chemical catalyst, it is used in making adhesives, textiles, and plastics, as well as for photography. Silver’s antimicrobial qualities also make it useful for surgical use, cardiac devices, water purification and medicinal treatments.
AI Industrial Silver Consumption in 2025 and Beyond
AI hardware infrastructure has created a huge new industrial demand for physical silver, sending prices soaring.
With silver starting 2025 at $28.92/oz., its surge to over $67 equates to over 120% YTD. Much of the price escalation is due to the combination of industrial use, which accounts for over 50% of silver demand, geopolitical economic events, and the physical market for silver supplanting the futures market, which has suppressed prices ever since the Hunt Brothers cornered the market in 1979.
The silver industrial market, already dominated by solar power industry consumption, has seen the AI industry emerge as the next huge silver binge consumer. Practically every crucial hardware element of AI requires silver for its manufacturing process:
- High Performance GPUs and TPUs (i.e., Nvidia, AMD and Google unit designs)
- Semiconductor substrate to chip bonding
- AI accelerator high-frequency pathway nano connections.
- AI data center servers
- GPU switches and connectors
- High voltage data center power distribution and heat sinks
Insatiable Solar Power Industry Hunger For Silver
The solar industry alone could cumulatively demand 85-90% of today’s known silver reserves by 2050.
According to GoldSilver.com, solar power is still the largest industrial consumer of silver by far. The solar industry is predicted to increase silver offtake by nearly 100% within the next five years. In fact, the solar industry alone could cumulatively demand 85-90% of today’s known silver reserves by 2050 if present growth rates continue on course. Given the backwardation of the spot silver market in late October and the perpetual shortfall of annual silver production vs. demand, prices are anticipated to continue rising.
Separately, EV silver consumption, which utilizes silver in the manufacturing of thousands of components in addition to batteries, increased demand by 20% in 2025 and is likely to grow even more in 2026.
ETFs With Triple Digit 2025 Gains and No End in Sight
Silver ETFs have delivered triple-digit YTD returns in 2025.
Three silver ETFs bear monitoring going into 2026. While they have made triple-digit gains in 2025, the aforementioned industrial case alone justifies a strong continued bullish trend.
- Sprott Physical Silver Trust (NYSE: PSLV): Recently reaching a $13.9 billion in silver holdings with an NAV of $14 billion, this trust holds its silver bullion in Royal Canadian Mint vaults. Under certain circumstances, it is one of the only funds that a shareholder may be able to redeem some shares for physical silver. It is listed on both the NYSE and TSX and tracks pricing on the LBMA. Its YTD return at the time of this writing is 128.70%. Founded in October 2010, PSLV has a 1-year return of 80.72%, a 3-year return of 35.30%, and a 5-year return of 18.86%.
- iShares Silver Trust (NYSEARCA: SLV): SLV is the “800-lb. Gorilla” of the silver ETF arena, with $33.9 billion silver AUM. SLV tracks the silver bullion market and holds 516.5 million oz. of silver in trust. Its YTD return is 113.06%. Debuting in April 2006, SLV’s 1-year return is 98.94%. Its 3-year return is 37.76%. Its 5-year return is 18.88%.
- ProShares Ultra Silver (NYSE: AGQ): Unlike SLV and PSLV, AGQ does not physically hold silver bullion. Instead, it is a 2X leveraged platform predicated on silver futures and swaps. Its YTD return is a whopping 272.44%. With an inception date of Dec. 1, 2008, AGQ has a 1-year return of 219.98%, a 3-year return of 60.15%, and a 5-year return of 23.36%. Of course, the 2X leverage factor also means higher risk and greater volatility, so prospective investors will need to take this into consideration.
At over $67/oz., the silver bull market has already surpassed 2026 price target predictions from The World Bank ($41.00), J.P. Morgan Chase ($58.00), and is already within striking distance of Citibank’s $72.00 price prediction with a week of trading days left in 2025. The other factors for the bull market were already referenced. It looks like this train has left the station a while ago, but there are still plenty of stations left on its route for others to get on board.
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