The Silver Institute – Market Trend Report: Key Physical Silver Investment Markets, Aug 2025

The main topic of the report is physical silver investments in key markets.

Physical investments are an important and most volatile part of global silver demand. Four countries — the USA, India, Germany, and Australia — account for about 80% of global physical silver investments. In the USA, traditionally the largest market for physical silver investments, there is a significant volume of purchases, especially in the period 2021-2023. In recent years, India has surpassed the USA in silver investment volume. In the USA, the popularity of retirement accounts including precious metals is growing, which may further drive demand.