The SPDR Gold MiniShares Trust (GLDM) and the iShares Silver Trust (SLV) posted historic annual returns in 2025, driven by strong investor demand and macroeconomic shifts. Both ETFs achieved unprecedented performance, outpacing broader market indices.
- GLDM delivered a 34.7% annual return in 2025, its highest on record.
- SLV achieved a 41.2% annual return, also a historical high.
- GLDM's average daily trading volume rose 58% year-over-year.
- SLV's net assets increased from $4.1 billion to $6.2 billion in 2025.
- Global central bank gold purchases reached a 40-year high in 2025.
- Silver's industrial demand, especially in renewable energy, contributed to SLV's strong performance.
In a standout year for precious metal investors, the SPDR Gold MiniShares Trust (GLDM) and the iShares Silver Trust (SLV) delivered record-breaking annual returns, marking a pivotal moment in commodity-driven asset performance. GLDM rose 34.7% over the course of 2025, while SLV surged 41.2%, both surpassing their previous all-time highs and setting new benchmarks for volatility-adjusted returns in the sector. These results were fueled by a confluence of geopolitical uncertainty, rising inflation expectations, and central bank gold purchases that reached a 40-year peak globally. The robust performance reflects an enduring shift toward alternative asset classes amid shifting monetary policies and currency devaluation concerns. Investors increasingly viewed physical metals as a hedge against systemic risk, particularly during periods of heightened U.S. Treasury yield volatility. GLDM’s liquidity and lower tracking error compared to larger gold ETFs like IAU made it a preferred instrument for institutional and retail investors alike, contributing to a 58% increase in its average daily trading volume throughout the year. Market analysts note that SLV’s exceptional return was amplified by a tight silver supply-demand dynamic, with industrial applications in renewable energy technologies driving up consumption. The ETF’s total net assets climbed to $6.2 billion by December 2025, up from $4.1 billion at the start of the year. Meanwhile, GLDM’s net assets grew to $3.8 billion, reflecting growing confidence in smaller-cap gold exposure. The stellar returns have prompted renewed interest in precious metal ETFs across wealth management platforms and retirement portfolios, with several major financial institutions now integrating them into strategic allocations. This shift underscores a broader reevaluation of risk diversification in uncertain economic environments.