Ongoing geopolitical and economic uncertainties, along with positive price expectations, spurred silver investment in the first half of 2025 driving the metal’s price in June to its highest level in 13 years, according to statistics gathered by the Silver Institute.
Futures Trading: On the CME, net managed money positions strengthened this year. As of June 24, the net long position was up 163% from end-2024 levels. Institutional investors have demonstrated a strong commitment to silver as a store of value for much of this year. This is reflected in the average net longs over the first six months of 2025, which achieved their highest level since the first half of 2021.
Retail Silver Investment: Retail investment in silver has experienced contrasting fortunes so far this year. In Europe, the recovery that began in late 2024 has continued into 2025. However, this growth stems from a relatively low base, and retail investment (in volume terms) still lags behind the elevated levels seen during 2020–2022. Nevertheless, the market has benefited from a slowdown in secondary market liquidations, which has lifted demand for newly-minted bars and coins.
Indian retail investment demand remains strong, posting a 7% year-over-year gain over the first six months of 2025. This partly reflects ongoing strong price expectations.
This contrasts with the US, where selling back by retail investors remains high. This dynamic, along with weak retail purchases, has weighed heavily on new bar and coin sales as some US investors have been encouraged by multi-year high prices to take profits. Furthermore, the absence of a crisis in the US (like the collapse of Silicon Valley Bank in 2023) has reduced safe-haven purchases. Overall, US retail demand for physical silver is estimated to have fallen by at least 30% so far this year.
Looking ahead, in the coin and bar market, there is potential for strong two-way activity in the months ahead, although demand for newly-struck products may remain subdued. One area of uncertainty, however, is how investors will react should the silver price eclipse at US$40. The market could see a mixture of profit-taking by some, while other investors jump in, expecting further price gains.
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