Global metal investors are experiencing an unprecedented “Silver Thirst.” Leading silver funds worldwide are aggressively accumulating capital to purchase silver, despite prices surging past historical highs.
Most notably, the iShare Silver Trust managed by BlackRock has seen a net inflow of $650 million in November alone, all directed towards silver acquisitions. Since the beginning of 2025, this silver fund has invested $1.7 billion to acquire approximately 32 million ounces of silver (1,000 tons). As of now, the iShare Silver Trust holds over 500 million ounces of silver (around 15,600 tons).
BlackRock, the world’s largest asset manager with approximately $13.5 trillion under management, invests across a wide spectrum of assets, including stocks, corporate bonds, government bonds, commodities, and digital assets. The iShare Silver Trust, managed by BlackRock, is currently the world’s largest silver fund, with assets exceeding $27 billion.
Another major player in the silver market is the Sprott Physical Silver Trust USD (PSLV), managed by Sprott Asset Management LP. This fund has also been actively accumulating silver. Since the start of 2025, PSLV has added 24 million ounces of silver (750 tons) to its holdings. By the end of November, the fund held over 204 million ounces of silver (6,300 tons), equivalent to approximately $11.6 billion in assets.
Sprott Asset Management LP, a Canadian asset management firm renowned for its investments in precious metals (gold, silver, copper, platinum, palladium) and natural resources, manages over $49 billion in assets. PSLV is one of the world’s largest physical silver funds, embodying Sprott’s philosophy of “real silver.”
The massive influx of capital into the world’s largest silver funds has been a key driver of silver’s meteoric price rise. Since the beginning of the year, silver prices have soared by over 80%, surpassing $56 per ounce—an all-time high. During this period, few assets have matched silver’s rapid appreciation.
As prices break new highs, short sellers are forced to cover their positions, potentially accelerating silver’s upward momentum. Last night’s 6% surge reflects this dynamic. Given silver’s extensive applications and limited supply relative to demand, the price rally may not be over, with predictions pointing to even more astonishing levels.
Bank of America (BofA), one of the largest banks in the U.S. and globally, recently released an optimistic report on precious metals, forecasting silver prices to reach $65 per ounce by 2026. This represents nearly a 20% increase from silver’s current record high, though it’s not the most ambitious prediction.
In late October, CNBC projected that silver could double to $100 per ounce after surpassing the $50 mark, a level that has acted as significant resistance since 2011. This target aligns with historical patterns, where silver experiences explosive rallies once key resistance levels are breached.
“The volatility of this white metal often mirrors that of gold but with amplified swings. With gold trading above $4,000 earlier this year, the spillover effect on silver could be substantial,” CNBC’s analysis emphasized.
Paul Williams, CEO of Solomon Global, a gold and silver supplier, believes the fundamental drivers of the silver market show no signs of weakening, suggesting the silver rally could persist into 2026. Despite reaching record highs, silver remains undervalued compared to gold. “In the current environment, $100 silver by late 2026 is entirely feasible,” he stated.
Philippe Gijsels, Chief Strategist at BNP Paribas Fortis, who accurately predicted silver reaching $50 over a year ago, shares this optimism. He believes silver’s value could double from its new highs, arguing that round numbers act as magnets for investors. As silver approaches these milestones, buying momentum typically accelerates, leading to new peaks.
Gijsels suggests this could be the early stages of the largest silver bull market in history. “I wouldn’t be surprised to see silver far exceed $100 per ounce in the near future,” he remarked.
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