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Silver ETFs trading at a premium as prices soar
The Morning Standard
|October 12, 2025
THE record rally in silver prices has driven its digital counterpart — exchange-traded funds (ETFs) — to trade at a steep premium of 5-12%, thanks to the surge in prices coupled with festive buying, strong central bank demand, and muted mining activity leading to short supplies.
This shortage and excess demand have spilled over into ETFs, which are now trading at a 5-12% premium over the converted imported prices inclusive of customs duty and GST. According to a report by Axis Mutual Fund, this confluence of factors has pushed total silver ETF holdings in the country to roughly 1.13 billion ounces, worth over $40 billion by mid-2025. Silver prices have surged with returns of 65% so far this year, outpacing gold, which has rallied about 55% in the same period.
On October 8, safe-haven demand saw gold and silver prices shatter records, breaching psychologically significant levels of $4,000 per ounce globally. Spot gold touched $4,020/oz, gold futures hit $4,070/oz, silver futures breached the $50/oz mark, and spot silver stood at $48.44/oz.
This story is from the October 12, 2025 edition of The Morning Standard.
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