ETF Inflows Drive Record Gold and Silver Prices in 2025
Global Gold ETFs attracted approximately $26 billion in Q3 2025, pushing total assets under management to $472 billion and holdings to 3,838 tonnes. Silver ETFs mirrored this trend, with millions of ounces added early in the year, tightening supply and amplifying price gains.
The surge in passive investment flows has reshaped precious metals markets. ETF purchases remove physical inventory from circulation, exacerbating short-term volatility. While central bank demand and geopolitical risks remain long-term drivers, retail and institutional participation through ETFs now dominates price action.
This structural shift underscores how financialization is transforming commodity markets. What began as a niche investment vehicle has become the primary conduit for precious metals exposure, eclipsing traditional physical bullion channels.
