The United States, India, Germany, and Australia Account for Almost 80% of the Worldwide Market for Bars and Coins
WASHINGTON, Aug. 26, 2025 (GLOBE NEWSWIRE) — Physical investment is a structurally important part of global silver demand, and the most volatile. Notably, over the past 15 years, physical silver investment has ranged between a low of 157.2 million ounces (Moz) in 2017 and a record high of 337.6 Moz, established in 2022. With growing geopolitical tensions, rising government debt, and an increasing investor perception that silver is undervalued compared to gold, the silver price has experienced a 34 percent year-to-date increase. By comparison, the white metal is outperforming gold, which is up 28 percent, and Bitcoin, rising 18 percent year-to-date.
To gain a deeper understanding of this critical demand center, the Silver Institute commissioned Metals Focus, a leading precious metals consultancy based in London, to produce a new Market Trend Report on the “Key Physical Silver Investment Markets.” The report examines the leading global physical silver markets: the United States, India, Germany, and Australia. Key points from the report include:
The United States
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The scale of US buying has been astounding, with a combined total of 1.5 billion ounces (Boz) of silver purchased by retail investors between 2010 and 2024.
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The value of US silver physical investment has averaged around 70% of the value of gold investment purchases, compared to just 6% in the rest of the world.
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Investment in Individual Retirement Accounts (IRAs) remains a significant part of US physical silver investment. However, precious metals account for a small share of the total IRA market, offering considerable room for IRA silver demand to grow further.
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Through late 2023, there was an exceptionally low level of retail liquidations, but these have increased since then. Even so, US investors still hold much of the 1.5 Boz acquired over the last 15 years.
India
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India is the second-largest physical silver investment market, but it has occasionally eclipsed the US, which has traditionally been the largest physical silver market.
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The country has a long-standing tradition of owning physical silver, typically in the form of silver bars, which in 2024 comprised 70% of total retail demand.
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Attractive local prices helped boost retail silver investment up 21% in 2024
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Between 2010 and 2024, the cumulative demand for Indian bars and coins totaled 840 million ounces. Even at today’s higher and sometimes record-setting rupee prices, the scale of selling back has been surprisingly modest.