भौतिक सोना बनाम चांदी और ETF व्यापार जो अभी सही तरीके से स्थापित हो रहा है

Quick Read
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iShares Gold Trust (IAU) is up 16% year-to-date and trades around $94, while iShares Silver Trust (SLV) has gained 11% and Sprott Physical Silver Trust (PSLV) trails at 8%, though SLV returned 132% over the past twelve months compared to 66% for IAU. SLV’s lower expense ratio of 0.50% and $46.2B in assets make it the most liquid silver ETF, while PSLV’s $20.4B in assets and ability to redeem for physical bars makes it trade at premiums reflecting retail demand.
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Gold’s outperformance year-to-date reflects its safe-haven status during elevated market anxiety, while silver’s historic volatility means it will likely recapture ground once real interest rates stabilize or fall and industrial demand aligns with monetary demand.
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Gold has had a remarkable run in 2026, but silver has quietly done something more interesting over the past year. The divergence between the two metals is setting up a conversation worth having, especially for anyone researching how physical metals ETFs have performed relative to each other.
Gold Leads, Silver Lags Year-to-Date
iShares Gold Trust (NYSEARCA:IAU) is up nearly 16% year-to-date through March 17, trading around $94. That move reflects gold’s traditional safe-haven role — investors have been rotating into the more liquid, more defensive metal as market anxiety has remained elevated.
Silver has lagged behind. iShares Silver Trust (NYSEARCA:SLV) has gained about 11% over the same period, while Sprott Physical Silver Trust (NYSEARCA:PSLV) trails at roughly 8%. The gap between gold and silver year-to-date underscores how differently the two metals respond when fear dominates sentiment.
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The one-year picture tells a different story. SLV returned 132% over the past twelve months compared to 66% for IAU, demonstrating that silver can move dramatically faster than gold when industrial demand and monetary demand align. That historical speed is exactly what makes the current underperformance worth watching.
The short-term picture is different. Last week, silver dropped hard. SLV fell more than 10% in a single week while IAU pulled back only about 4%. That asymmetry reflects exactly how these two metals behave when fear spikes.
The Macro Factor: Market Fear and Real Rates
The single biggest factor for both IAU and SLV is the direction of real interest rates alongside market risk appetite. Elevated anxiety is exactly the environment where gold holds value and silver struggles, because silver carries industrial demand alongside its monetary role.