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Silver is the overlooked precious metal — part store of value, part industrial commodity. Here's how Canadians can invest in 2025.
Silver occupies a unique position among precious metals. Unlike gold — which is almost entirely held as a monetary asset or jewelry — approximately 50% of annual silver demand comes from industrial applications: solar panels, electronics, electric vehicles, and medical devices. This dual nature means silver responds both to investor demand (like gold) and industrial cycles.
Silver is also significantly more affordable per ounce than gold, making it accessible to investors with smaller budgets. The gold-to-silver ratio (currently around 80:1) is often watched as a signal of relative value.
ETFs are the simplest and most cost-effective way to gain silver exposure without storing physical metal:
| ETF | Ticker | MER | Exchange |
|---|---|---|---|
| iShares Silver Bullion ETF | SVR | 0.61% | TSX (CAD) |
| Sprott Physical Silver Trust | PSLV | 0.35% | NYSE (USD) |
| iShares Silver Trust | SLV | 0.50% | NYSE (USD) |
| Aberdeen Physical Silver ETF | SIVR | 0.30% | NYSE (USD) |
Physical silver can be purchased from the Royal Canadian Mint, bullion dealers, and some banks. Common products:
Physical silver is bulkier and cheaper per dollar than gold, requiring more storage space. A $100 silver investment represents roughly 350 oz — significantly more to store than the equivalent in gold (about 4 oz).
Canadian silver mining companies include:
Like gold, silver investments are treated as capital property. Profits from selling silver ETFs, physical silver, or silver mining stocks are capital gains (50% inclusion rate). Silver held in a TFSA via ETF generates tax-free gains. Physical silver sold at a profit generates capital gains reportable on Schedule 3.
Investment-grade silver (minimum 99.9% purity in bar form, or certain silver coins) is generally exempt from GST/HST when sold as investment bullion in Canada. The Royal Canadian Mint's silver Maple Leaf coins qualify for this exemption. Lower-purity silver items are subject to HST.
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Get KOHO Free — Use Code BREMO2026| Silver | Gold | |
|---|---|---|
| Price per oz (approx.) | $40–$50 USD | $3,000+ USD |
| Industrial demand | ~50% of use | ~10% of use |
| Volatility | Higher | Lower |
| Inflation hedge | Yes | Yes (stronger) |
| Portfolio allocation typical | 1–5% | 5–10% |
Silver offers Canadian investors an affordable precious metal with both monetary and industrial demand drivers. Silver ETFs are the most practical route for most investors, offering TFSA eligibility and no storage requirements. Those with higher risk tolerance might add silver mining stocks for leveraged exposure to silver prices. Physical silver makes sense for those who want tangible assets but requires appropriate storage solutions.