If analyst forecasts are correct, it doesn’t appear to be a one-and-done rally for both gold and silver. Both metals saw gains in 2024. And both are rallying in 2025, with more upside to come in 2026.
A quarterly Reuters poll revealed analysts and traders see gold and silver continuing their upward trajectories in 2026:
- Gold to average $3,065/oz in 2025, and then $3,000 in 2026
- Silver to average $33.10/oz in 2025, and then $34.58/oz in 2026
With gold and silver prices pushing higher, miners may benefit. A report by Mining Weekly revealed data from the World Gold Council (WGC), showing inflows into gold mining ETFs were heavy during Q1.
What's Fueling Demand for Gold Mining ETFs?
Tariffs and market uncertainty fueled the latest inflows. But ongoing macroeconomic concerns should help sustain the momentum, according to the WGC. In addition to the normal worries of trade wars, stagflation and the risk of a recession could help fuel demand for gold mining ETFs.
Silver could also attract investors looking for alternative precious metal exposure. But it can also serve as a long-term play. With the global push to reduce carbon emissions, a heavier reliance on electrical energy technology (like electric vehicles) may help spark demand for silver. This speaks to the potential benefit of silver exposure, as it can serve as both a precious and industrial metal.
Given upside that both gold and silver present, one option to consider is the "Sprott Active Gold & Silver Miners ETF":https://www.miningweekly.com/article/first-quarter-gold-demand-underpinned-by-increasing-etf-inflows-2025-04-30 (GBUG). As GBUG’s fund name explicitly states, investors can also get gold exposure alongside silver, offering the duality of precious as well as industrial metals.
Pliability in the Precious Metals Space
Furthermore this actively managed means portfolio managers of GBUG can adjust the holdings of the fund based on current market conditions. That allows for pliability in the precious metals space. GBUG contains holdings of companies engaged in, among others, mining, developing, exploring, and financing operations in relation to gold and silver. For those looking to maximize diversification in these metals, this is an ideal fund.
For more news, information, and analysis, visit the Gold/Silver/Critical Minerals Channel.
An investor should consider the investment objectives, risks, charges, and expenses carefully before investing. To obtain a Prospectus, which contains this and other information, contact your financial professional or call 888.622.1813. Read the Prospectus carefully before investing, which can also be found by clicking one of the links below.
Past performance is no guarantee of future results. One cannot invest directly in an index.
S&P GSCI Silver Index and S&P GSCI Gold Index are sub-indexes of the S&P GSCI, providing benchmarks for investment performance in the silver and gold commodity markets, respectively.
Funds that emphasize investments in small/mid-cap companies will generally experience greater price volatility. Diversification does not eliminate the risk of investment losses. ETFs are considered to have continuous liquidity because they allow an individual to trade throughout the day. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses, affect the Fund’s performance.
Sprott Asset Management USA, Inc. is the Investment Adviser to the ETFs. ALPS Distributors, Inc. is the Distributor for the ETFs and is a registered broker-dealer and FINRA Member. ALPS Distributors, Inc. is not affiliated with Sprott Asset Management USA, Inc. or VettaFi.
Exchange Traded Funds (ETFs): GBUG, SLVR, SETM, LITP, URNM, URNJ, COPP, COPJ, NIKL, SGDM and SGDJ
