Silver is outshining gold. Is it the smarter investment?

Summary: Silver has quietly outperformed gold over the last three years, beating it both in the past 12 months and on a three-year basis. Yet, gold continues to attract record inflows from Indian investors. Why is that? In this story, we break down the real case for silver, but also reveal why history warns caution. So, should you stick with gold or bet on silver’s surge? The answer might surprise you. In the glittering world of precious metals, gold has always hogged the limelight. It’s the safe-haven asset investors rush to in times of crisis and the one with cultural and emotional appeal in India. According to World Gold Council data, India’s gold ETFs attracted net inflows of $233 million (about Rs 2,000 crore) in August 2025, a staggering 67 per cent jump from the previous month itself. Equally impressive, the year-to-date inflows have reached $1.23 billion (nearly Rs 11,000 crore), just shy of the full-year total of $1.29 billion (around Rs 11,300 crore) in 2024. Clearly, investors are piling into gold despite its already high prices. Silver, by contrast, has always played second fiddle. However, over the last three years, silver has quietly outpaced gold. I