Ryan Vanzo, The Motley Fool Thu, November 12, 2026 at 11:35 AM EST 3 min read GC=F GLD SLV NVDA Explore stocks on Coinbase Trading disclosure Trading disclosure The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
It has been a tough year for most popular precious metals. The SPDR Gold Trust (NYSEMKT: GLD), for example, is down roughly 8% year to date. Silver's year has been even worse. The iShares Silver Trust (NYSEMKT: SLV), for example, is down nearly 30%. A $10,000 investment on Jan. 1 would be worth a little over $7,000 today.
Why has silver underperformed gold so heavily? There's one obvious culprit.
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From war to inflation, the global economy continues to face numerous headwinds. Gold is typically an attractive asset in uncertain, inflationary periods. Only about 10% of gold production is used in industry, which minimizes its exposure to swings in the global economy.
Industrial applications, meanwhile, account for roughly 60% of global silver demand. During economic stress, silver's value can suffer. The long-term potential for silver demand, however, remains promising.
"Silver has faced a more challenging backdrop in recent months after a positive 2025, with profit taking and macro headwinds weighing on prices," investment manager BlackRock observes in a Nov. 10 report. "While silver is down year-to-date, its longer-term demand outlook continues to be supported by industrial applications tied to AI infrastructure, electrification, and solar."
Data center construction, grid electrification, and renewable energy remain long-term growth opportunities -- meaning over decades, not months. If you're looking to add exposure to these themes, you can do so at a discount by adding a silver ETF to your portfolio.
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Ryan Vanzo has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends BlackRock. The Motley Fool has a disclosure policy.
What $10,000 in Silver on Jan. 1 Is Worth Today was originally published by The Motley Fool
