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1、Market Trend ReportKey Physical Silver Investment MarketsPrepared by Metals Focus August 20252Key Physical Silver Investment MarketsAugust 2025Contents1.Introduction 2.United States3.India4.Germany5.Australia361322303Key Physical Silver Investment MarketsAugust 2025Chapter 1Introduction&SummaryIntro

2、ductionPhysical investment is an integral part of global silver demand,and is undoubtedly the most volatile.Over the past 15 years it has ranged between a series low of 157.2Moz(4,891t)in 2017 and a record high of 337.6Moz(10,501t),established in 2022.From a market share standpoint,in 2010,total sil

3、ver bar and coin investment accounted for 20%of global demand.By 2015,its share had jumped to 28%,but just two years later its contribution had fallen to just 16%,a position that has been revisited in 2024 and also,basis Metals Focus latest forecast,for this year as well.Another characteristic that

4、stands out is the degree of market concentration.Just four countries,the US,India,Germany and Australia,account for around 80%of global silver physical investment.This compares with around 60%for the top four in the gold market.The final point to note is that the trends in retail investment are not

5、always as straightforward as being an industrialized:emerging market split.It is for these reasons that the Silver Institute commissioned Metals Focus to take a closer look at physical investment in these four markets,providing some historical context,which in turn should help to explain current tre

6、nds that characterize these countries silver bar and coin demand.SummaryLooking first at the US,this traditionally being the largest physical silver investment market.However,in 2018 and 2019,it was overtaken by India,an outcome which looks set to be repeated this year.This aside,the scale of US buy