Many American investors missed out on 2025’s spectacular surge in silver, as global buyers saw their physical holdings soar in value. Silver coin and bar demand jumped by 14 percent worldwide last year and posted even stronger gains in key markets. India saw a 33 percent increase in coin and bar demand, replacing the United States as the world’s largest market for physical silver investment, according to the newly-released World Silver Survey 2026. Demand in Australia was up 70 percent, while China saw an increase of 115 percent. In contrast, physical silver investment in the United States dropped by more than 40 percent to 1,085 million ounces. All the while, silver was surging from $30 an ounce up to $70 the ounce by year’s end.
U.S. buying did pick up in mid-October, as silver climbed above $50, and continued into the new year, resulting in some product shortages. “Spurred on by silver’s unprecedented price gains, the level of buying echoed the frenzy of 2020-22,” states the World Silver Survey.
Overseas, strong demand for physical silver resulted in “widespread product shortages, longer delivery times, and higher premiums,” leading some mints to ration silver bullion coins. This was particularly noteworthy in Europe, where most countries charge a value-added tax on physical silver, ranging from 19 percent to 25 percent, a fee that normally suppresses silver investment demand. Gold is not subject to value-added taxes in Europe.
