How to Buy Silver ETFs in Singapore (2025 Guide)

Silver has been one of the standout assets in 2025. As of 17th November, spot silver is trading at ~$50.86 USD, up more than 67% YTD, far outpacing the S&P 500’s gain over the same period. This surge reflects silver’s unique role as both an industrial metal—used in solar panels, semiconductors, and electric vehicles—and a monetary metal that investors turn to in times of inflation and currency uncertainty.

Unlike equities or bonds, silver doesn’t produce income. Even Warren Buffett once argued that gold (and by extension silver) simply “sits there.” Yet history shows that precious metals can play an important role in a well-diversified portfolio. 

Silver, in particular, offers a dual advantage: it provides diversification benefits like gold, while also riding on long-term demand from green energy and tech adoption.

For Singapore investors, the good news is that you don’t need to store heavy silver bars or coins in a safe deposit box to gain exposure. Today, with MAS-regulated brokers and digital investment platforms, you can easily buy Silver Exchange-Traded Funds (ETFs)—low-cost, liquid instruments that track the price of silver directly or indirectly through miners.

Why silver ETFs are worth considering in 2025

Silver has been one of the standout performers in 2025, up more than 50% L12M and beating both gold and the S&P 500. This strength is being powered by two engines: booming industrial demand and a supportive monetary environment. 

Industrial demand – the backbone of growth

Nearly 50% of annual silver demand now comes from industry, a share that continues to grow (it was 10% a century ago). Silver’s conductivity and malleability make it critical in several fast-growing sectors:

• Solar energy: Every solar panel requires silver paste. With global renewable targets tightening and China leading exports of solar cells, this sector is a major structural driver.
• Electric vehicles (EVs): Traditional cars use around 15–28g of silver, but EVs need 25–50g, nearly double. With EV adoption accelerating worldwide, silver demand is scaling rapidly.
• 5G and electronics: From smartphones to semiconductors, silver is irreplaceable thanks to its superior conductivity.

This demand has created a supply deficit for the fifth year running in 2025, keeping upward pressure on prices.

Monetary policy – the tailwind for precious metals

The global macro backdrop is also supportive. With the U.S. Federal Reserve expected to cut rates several times in 2025, the opportunity cost of holding silver decreases. Add to that a softer U.S. dollar and sticky inflation, and the case for dollar-denominated metals like silver looks even stronger.

Why it matters for investors

For investors building diversified portfolios, silver offers two clear benefits:

• Diversification: Silver’s correlation with equities sits at just 0.2–0.3, meaning it often moves differently from stocks and can act as a hedge in periods of market stress.
• Accessibility: Unlike in the past, getting exposure to silver no longer requires owning and storing physical bullion. Today, you can buy low-cost silver ETFs through mainstream brokers and trading apps, often with the option of fractional shares.

What are silver ETFs

A silver exchange-traded fund (ETF) is a publicly traded investment vehicle that aims to mirror the price movement of silver. By buying shares of a silver ETF, investors can gain exposure to silver’s performance without the logistics of purchasing, storing, or insuring physical bullion.

Unlike physical silver, ETFs are traded on stock exchanges just like equities, making them more liquid, lower cost, and easier to access through standard brokerage accounts.

Types of silver ETFs

Not all silver ETFs are structured the same way. Some hold physical silver, others use derivatives, and some invest in mining companies. Each structure carries different levels of risk and return potential.

Physically backed ETFs

This is the most straightforward way to get exposure to silver prices. Physically backed ETFs hold actual silver bullion in secure, audited vaults—typically in financial hubs like London or Zurich.

Each ETF share represents a proportional claim on this silver. Because these funds track the spot price closely and avoid derivatives, they are generally preferred by long-term investors who want simple, low-maintenance exposure to the metal.

Futures-based (Leveraged) ETFs

Futures-based ETFs use derivatives such as futures contracts to replicate silver’s price movements instead of holding the metal itself. These funds are more complex, and their performance can diverge from the spot price over time due to factors like contango, where rolling over expiring futures contracts eats into returns.

Leveraged ETFs, such as AGQ (which targets 2x the daily price movement of silver), can generate outsized gains in short timeframes—but they can also magnify losses. This makes them suitable only for short-term trading strategies, not buy-and-hold investing.

Equity-based silver miners ETFs

These ETFs don’t own silver. Instead, they hold shares in companies involved in silver mining, exploration, and production. When silver prices rise, mining companies often experience an even greater increase in profits, which can drive their stock prices up faster than the metal itself.

However, this comes with added layers of risk—from operational challenges to management decisions and geopolitical issues in mining regions. As a result, silver miners ETFs are best suited for investors with a higher risk tolerance who are comfortable with equity market volatility.

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Factors to consider before buying

Choosing the right silver ETF isn’t just about picking a familiar name. A smart investment decision involves understanding the costs, liquidity, structure, and risks behind the product. These are the key factors to weigh carefully before making your first purchase.

Expense ratio (TER)

The total expense ratio (TER) is the annual fee charged by the fund manager to cover management, administration, and, in the case of physical ETFs, storage and insurance costs for the silver.

Most silver ETFs have a TER between 0.30% and 0.70% per year. This may seem small, but it compounds over time, eating into your returns. If you plan to hold your ETF for the long term, a lower TER can make a meaningful difference.

Liquidity

Liquidity refers to how easily you can buy or sell an ETF without significantly moving its price. Highly liquid ETFs tend to have narrow bid–ask spreads, which lowers your transaction cost.

For example, iShares Silver Trust (SLV) trades more than 10 million shares a day, making it one of the most liquid silver ETFs globally. High liquidity also means smoother entry and exit, which is especially important for larger positions or active traders.

Tracking error

Tracking error measures how closely an ETF mirrors the performance of the underlying silver price.

• Physically backed ETFs tend to have minimal tracking error since they simply hold the metal.
• Futures-based ETFs can deviate more due to rolling costs, management complexity, or market structure issues.

For investors who want to closely track the spot price, lower tracking error is a big advantage.

Currency exposure (USD/SGD)

Most major silver ETFs are denominated in U.S. dollars, so your returns depend on both silver prices and currency movements. If silver goes up 10% but the U.S. dollar weakens 5% against the Singapore dollar, your net return in SGD would only be about 5%.

This doesn’t mean you should avoid USD assets, but it’s important to understand how FX fluctuations can affect your overall returns.

Domicile and tax implications

Where an ETF is legally domiciled can have major tax consequences, particularly for non-U.S. investors. For example, U.S.-domiciled ETFs may expose investors to U.S. estate taxes above certain thresholds.

Many investors prefer UCITS ETFs domiciled in Ireland, which offer exposure to global assets without these estate tax risks. Understanding the ETF’s domicile can help you avoid unnecessary tax complications down the line.

Popular silver ETFs for investors in 2025

There are currently no silver ETFs listed on SGX, but investors can access global options through international brokerages such as FSMOne, Interactive Brokers, Tiger Brokers, and Moomoo. The most actively traded silver funds are listed in the U.S. or Europe (under the UCITS ETC framework), offering a range of choices in cost, structure, and liquidity.

U.S.-domiciled silver ETFs

U.S.-domiciled ETFs offer deep liquidity and trading volume, making them ideal for active investors. However, they are considered U.S. situs assets and may expose non-resident investors to U.S. estate tax on balances above $60,000 USD.

UCITS (European) silver ETCs

In Europe, silver is typically offered as ETCs (exchange-traded commodities) rather than ETFs, due to UCITS diversification rules. These products are physically backed and provide similar exposure, but with different tax treatment.

UCITS ETCs are not subject to U.S. estate tax, making them an attractive option for long-term, non-U.S. investors. They also tend to have competitive TERs and provide exposure similar to SLV or SIVR, though liquidity is generally lower and tracking error is higher.

How to buy silver ETFs in Singapore

Once you’ve decided on the ETF that fits your strategy, the next step is choosing where to buy it. The platform you use can make a real difference — not just to your costs, but also to how easily you can access global markets and manage tax reporting.

In Singapore, investors generally use three main channels: local bank brokerages, global or fintech brokers, and robo-advisors.

Local bank brokerages

These are the traditional brokerage arms of local banks like DBS, OCBC, and UOB. They’re known for strong customer support and easy integration with existing bank accounts.

However, their fees are typically higher than other options, especially for U.S.-listed ETFs. Minimum commission charges can also eat into returns if you trade in smaller amounts.

Local bank brokerages can make sense if you value familiarity, integrated cash management, or prefer to keep all your investments within your banking ecosystem.

Global and fintech brokers

Platforms like Interactive Brokers, Saxo, Tiger, and Moomoo have changed how many Singapore investors access overseas markets. They offer lower trading fees, modern digital interfaces, and direct access to major exchanges like NYSE Arca, LSE, and NASDAQ.

The trade-off is that you’ll need to manage foreign exchange conversions, be aware of platform fees, and handle any overseas tax reporting for foreign-listed ETFs. For active or cost-sensitive investors, these platforms are often the most cost-effective choice.

Robo-advisors

Some robo-advisors are expanding beyond managed portfolios to offer direct ETF trading. For example, StashAway ETF Explorer allows you to buy ETFs directly for a flat $1 USD per trade without additional management fees.

Robo platforms are generally more user-friendly and better suited for beginners or those who prefer a simplified investing experience, but their product range is usually more limited compared to full brokerages.

Platform comparison

Tip: For frequent or small trades, fintech and global brokers often offer the best value. For larger, less frequent trades, some bank brokerages can be competitive once minimum commissions are amortised over bigger order sizes.

Risks and things to watch out for

Investing in silver ETFs can be a smart way to diversify your portfolio, but like any asset class, it comes with its own set of risks. Understanding these risks upfront will help you manage expectations, build better strategies, and avoid costly mistakes.

Volatility risk

Silver is notoriously more volatile than gold. Price swings of 5–10% within a few weeks are not uncommon, and during periods of market stress, the moves can be even sharper. This volatility stems from silver’s dual role as both an industrial metal and a monetary asset. If you’re investing in silver ETFs, be prepared for a bumpy ride and adopt a longer-term view to ride out short-term turbulence.

Leverage risk

Leveraged ETFs, such as ProShares Ultra Silver (AGQ), are designed to magnify daily price movements of silver. While they can deliver big gains in a rising market, they can also amplify losses just as quickly. Over time, volatility decay can erode returns even if the metal’s price trends upward.

Unless you’re an experienced trader with a high tolerance for risk, leveraged silver ETFs are not suitable for long-term holding.

Currency risk

Most silver ETFs are denominated in U.S. dollars, so your returns depend not only on the price of silver but also on USD/SGD exchange rate movements.

If the U.S. dollar weakens significantly against the Singapore dollar, your net return will shrink — even if silver prices rise. This currency exposure is unavoidable when investing in foreign-listed ETFs, but being aware of it helps you size your positions more prudently.

ETF closure risk

Not all ETFs are built to last. Smaller, thinly traded funds with low assets under management (AUM) are more likely to be shut down by the provider. If that happens, you’ll be forced to sell your position, which may trigger a taxable event or lock in a loss if the timing isn’t ideal.

To reduce this risk, it’s generally wiser to stick with larger, more liquid ETFs that have strong trading volumes and established track records.

Alternatives to silver ETFs

ETFs are one of the easiest and most cost-efficient ways to gain exposure to silver, but they’re not the only option. Depending on your goals, risk appetite, and level of sophistication, there are several other ways to invest in the metal.

Physical silver bars and coins

The most traditional way to invest in silver is to buy physical bullion. In Singapore, silver bars and coins can be purchased through major banks such as UOB or authorised precious metals dealers.

Pros:

• Direct ownership of a tangible asset
• No counterparty or management risk
• Can be stored privately or in allocated vaults

Cons:

• Premiums over the spot price are typically higher
• You’ll need secure storage and possibly insurance
• Lower liquidity compared to ETFs

For investors who value holding a physical asset, bullion can be appealing. But for most, the additional costs and logistics make ETFs the more practical choice.

Silver savings accounts

Silver savings accounts work like gold savings accounts — you own a claim on silver held by the provider rather than the physical metal itself.

While popular in some markets, these accounts are not widely available in Singapore, unlike their gold counterparts. They can be a useful middle ground between physical silver and ETFs, but availability and pricing are limited.

Silver futures and CFDs

For experienced traders, derivative instruments like futures and contracts for difference (CFDs) provide a more aggressive way to gain exposure.

These products are typically offered through platforms like IG or via exchanges such as Singapore Exchange (SGX) and Chicago Mercantile Exchange (CME).

Pros:

• High leverage allows large exposure with smaller capital
• Useful for short-term trading or hedging strategies

Cons:

• Very high risk due to leverage
• Requires active management and trading expertise
• Potential for significant losses

Futures and CFDs are not suitable for most retail investors, but they can play a role in more advanced, tactical portfolios.