Precious metals have spent the past two and a half years reminding investors why they still belong in a portfolio. Gold broke past $2,060 an ounce in December 2023, then found another gear entirely in March 2024, vaulting through decades-old resistance levels on its way to a record-shattering rally.
Rate-cut anticipation, aggressive central bank buying led by China, and spring banking-sector stress all pushed capital toward the metal at the same time. That combination doesn’t come around often. Gold ultimately peaked near $5,590 an ounce in late January — a gain of roughly 170% from where the move began. It has since pulled back to about $4,385.
That’s still a massive advance from the starting line, but a sharp retreat from the top. Now gold is climbing again, up roughly 10% over the past month. The question for investors is whether silver is the better way to play renewed interest in precious metals.
Gold’s Comeback Is Pulling Real Money Back In
The recent bounce isn’t just a price chart curiosity — it’s showing up directly in fund flows. The VanEck Gold Miners ETF (NYSEARCA:GDX) attracted $9 million in retail inflows on Wednesday, its sixth positive inflow day in the last seven trading sessions. That followed $17 million on Monday and $25 million on Friday, the largest single-day inflow the ETF has posted in at least a year.
For context, the previous high-water mark in 2026 was $23 million back in February. Add it up and VanEck Gold Miners has pulled in $419 million so far this month, putting it on pace for its largest monthly intake since February.
Investors chasing that inflow data are, in effect, betting the Fed’s rate path and continued central bank accumulation keep gold’s tailwind intact. Granted, a 20% drawdown from an all-time high is nothing to shrug off. But the metal is still up well over 100% from its late-2023 starting point, and the last month’s move suggests buyers aren’t finished.
Silver Has Actually Outperformed Gold
Here’s what the newswires don’t tell you: over that same roughly 26-month stretch, silver didn’t just keep pace with gold — it outran it. Silver started around $24 an ounce, topping out above $121, and now trades near $65. That’s a 405% return from trough to peak, versus gold’s 170% gain from its late-2023 breakout to its January peak. Silver’s one-month move is up 16%, solid outperformance to gold’s gain.
| Metal | Starting Price | Peak Price | Current Price | Total Return | 1-Month Move |
| Gold | ~$2,060 | ~$5,590 | ~$4,385 | ~170% | +10% |
| Silver | ~$24 | ~$121 | ~$65 | ~405% | +16% |
Importantly, silver’s edge isn’t just a monetary-metal story. Roughly half of annual silver demand comes from industrial use — solar panel manufacturing, AI infrastructure buildout, and electronics production all consume the metal directly. Underscoring that, the Institute for Supply Management’s manufacturing index hit 55.6 in its latest reading, a four-year high, marking seven straight months of expansion. That’s a demand signal gold simply doesn’t have working in its favor.
There is also a severe physical silver supply shortage that has stretched into its sixth year, and it is growing.
SLV vs. GDX: Which Deserves Your Capital
For investors choosing between vehicles, the iShares Silver Trust (NYSEARCA:SLV) tracks the metal directly, while the VanEck Gold Miners ETF owns miners whose profitability is leveraged to gold’s price. That leverage cuts both ways — it can amplify gains, but it also means the ETF’s shareholders absorb company-specific risk: labor costs, mine output, and balance sheets, on top of commodity price swings.
The iShares ETF strips that complexity out. In a period where the underlying metal is already outperforming, owning the metal directly through the ETF looks like the more direct — and arguably more efficient — way to capture the move.
Key Takeaway
In short, gold’s rally has been real and rewarding, but silver has delivered the bigger return with a structural demand story that gold lacks. Regardless of which metal an investor prefers, the fund-flow data into the gold miner’s ETF shows renewed conviction in the trade. For those choosing between products, the iShares Silver Trust ETF offers direct exposure to silver’s stronger momentum, making it the more compelling pick over the VanEck Gold Miners ETF right now.
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