Much like gold, the price of silver saw significant growth across the month of August.
Key Takeaways:
- Silver and gold both saw their spot prices increase in August, but insights from Sprott note that silver’s price rose across the month even higher than gold did.
- As for why this is happening, the experts at Sprott attribute it to a mix of high beta, beneficial price volatility, and an ongoing supply deficit, among other factors.
- Those looking to benefit from silver’s ongoing momentum may want to consider doing so through a silver mining ETF like the Sprott Silver Miners & Physical Silver ETF .
As Paul Wong, CFA, managing partner and market strategist, and Zenny Zhu, CFA, director, research & investment strategy at Sprott Asset Management noted, gold and silver prices both rose in August. As of August 31, 2026, spot gold grew by 9.67% across the month, while spot silver surged by 15.59%.
Gold and silver are both doing well, but as Wong and Zhu’s report notes, spot silver saw stronger price gains than spot gold did in August. Some advisors and investors may be wondering why this occurred.
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Supply-Demand Dynamics Can Benefit Silver Miners
Wong and Zhu noted that silver has surpassed gold’s rally due to its higher beta compared to gold. Furthermore, silver’s higher price volatility could be playing a noticeable factor here.
“Investors need no reminder that silver tends to exhibit greater volatility than gold,” Wong and Zhu added. “Yet in certain environments, what is often perceived as a drawback can become a distinct advantage. Investors need look no further than the tremendous rally from October 25, 2025, to January 28, 2026, during which spot silver surged from $46.85 to $116.70, outperforming gold handily.”
The Sprott Insights piece also noted a noticeable silver supply deficit at play. With global silver inventories struggling amid robust demand for the metal, spot silver could see favorable tailwinds in the months to come.
See More: Gold’s Summer Surge Fueled by the Debasement Trade
Silver’s recent price movements — and the factors that may be driving them — could work in the favor of silver miners. Mining companies can take advantage of rising silver prices, tightening supplies, and a growing need for the metal.
As an example, take a closer look at the Sprott Silver Miners & Physical Silver ETF . SLVR is an ETF from Sprott that invests in silver miners and physical silver itself. Those who believe in silver’s long-term thesis may find great appeal from the fund’s approach.
In the meantime, SLVR, much like spot silver, saw significant gains during the month of August. As SLVR’s fund page notes, the fund’s NAV rose 31.39% across the month of August, as of August 31 2026.
For more news, information, and analysis, visit the Gold/Silver/Critical Minerals Content Hub.
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Disclosures
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.
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): SETM, LITP, URNM, URNJ, COPP, COPJ, NIKL, SGDM, SGDJ, SLVR, GBUG, METL, and REXC
Physical Bullion Funds: PHYS, PSLV, CEF, and SPPP.
Gold and precious metals are referred to with terms of art like store of value, safe haven and safe asset. These terms should not be construed to guarantee any form of investment safety. While “safe” assets like gold, Treasuries, money market funds and cash generally do not carry a high risk of loss relative to other asset classes, any asset may lose value, which may involve the complete loss of invested principal.