Retail investors are pouring unprecedented amounts of capital into silver, pushing the metal into what analysts now describe as the most crowded commodity trade in global markets.

According to data from Vanda Research, individual investors have channelled nearly $922 million into silver-backed exchange-traded funds over the past month alone. Much of that demand has focused on products such as the iShares Silver Trust, which saw a sharp surge in buying interest this week.

On Wednesday, retail inflows into the iShares Silver Trust reached $69 million, marking the second-largest single day of retail buying on record. The only larger inflow occurred during the 2021 silver rally, when speculative trading by individual investors briefly drove prices sharply higher.

Silver’s price performance has been extraordinary. The metal has climbed more than 31% year-to-date, while gains over the past twelve months exceed 210%. Prices have repeatedly broken new highs, trading around $91.90 per ounce on Thursday afternoon, after starting the year near $72.60. Earlier in the week, silver briefly pushed above $93 per ounce, according to market data.

The rally has extended well beyond physical silver and ETFs. Shares of silver-linked mining companies have also surged, with the MSCI ACWI Select Silver Miners Investable Index posting gains of roughly 225% over the past year.

While comparisons have been drawn to the speculative frenzy of 2021 — when retail traders piled into meme stocks such as GameStop and AMC Entertainment — analysts argue this rally is different. Vanda Research says today’s silver demand is being driven less by short-term hype and more by longer-term macro positioning.

“This is no longer just a speculative spike,” Vanda noted, describing the current move as a structural accumulation phase that has surpassed the scale of the 2021 surge. As a result, the firm believes silver is increasingly being treated as a core macro asset rather than a niche trading bet.

Retail investors are also active in leveraged and inverse products such as the ProShares UltraShort Silver ETF, highlighting how deeply individual traders are now embedded across multiple silver strategies.

Still, not everyone is convinced the rally can continue at its current pace. Some market participants warn that the speed of the move itself is a risk.

“We waited decades for silver to convincingly break above $50 an ounce,” said Kathy Kriskey, head of alternatives ETF strategy at Invesco. “Now it has raced past $80 in a matter of months. That kind of acceleration naturally raises caution.”

As silver captures growing attention from retail traders worldwide, the debate is shifting from whether silver belongs in portfolios to how sustainable this surge may be if positioning becomes too crowded.

Disclaimer: The information contained herein (1) is proprietary to BCR and/or its content providers; (2) may not be copied or distributed; (3) is not warranted to be accurate, complete or timely; and, (4) does not constitute advice or a recommendation by BCR or its content providers in respect of the investment in financial instruments. Neither BCR or its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.