Four Countries Dominate Investment Demand for Silver Bars and Coins

[Ben Graham]

2025 has been a bellwether year for precious metals and not just gold. As investors around the world turn to the safety of precious metals, demand for silver bars and coins has shot sharply higher. Notably, investment demand from the United States, India, Germany, and Australia accounts for nearly 80% of global demand for silver bars and coins, according to a new report from precious metals consultancy Metals Focus.  

Why are investors turning to silver bullion?

Rising government debt, heightened global political tensions and historical evidence that shows silver is undervalued compared to gold has increased investor appetite for silver in 2025.  

This year’s silver gains have been eye-catching. Spot silver hit a new record high at $54.56 an ounce in October and has soared 65% since the start of 2025. Record gold prices have also boosted silver’s appeal as the white metal delivers many of the same safe-haven properties, but at a less expensive price point.  

Wondering what lies ahead? Silver is rising in a long-term historic uptrend, and the metal is still climbing.  

In October, Bank of America raised its 2026 silver forecast to $65. This year, the global silver supply forecast is expected to come up short for the fifth year in a row. Big picture, a persistent supply/demand imbalance, driven by strong investment and industrial demand keeps Wall Street focused on higher levels for silver in the years ahead. 

Digging deeper into the four major countries driving gold demand, investors in the United States lead the pack, according to the Silver Institute.  

United States: The scale of U.S. buying has been astounding, with a combined total of 1.5 billion ounces (Boz) of silver purchased by retail investors between 2010 and 2024. 

India: India is the second-largest physical silver investment market in the world, but has occasionally eclipsed the U.S. There is a long-standing tradition for India’s citizens to own physical silver, typically in the form of silver bars, which in 2024 comprised 70% of total retail demand. 

Germany: Germany has long held stood as the world’s third-largest market for silver bar and coin investment. Germans have a particular affinity to own silver bullion coins, which accounts for roughly 80% of total silver demand there.  

Australia: In recent years Australia emerged as the world’s fourth-largest physical silver market. While in 2019, Australian silver coin and bar demand stood at just under 3.5 million ounces, by 2022, that number surged to a record high of 20.7 Moz.  

Precious metals investors have witnessed a historic run in 2025. The uptrend is still strong and the factors which created robust demand for gold and silver remain in place. Looking into 2026, forecasts stand at $5,000 for gold and $65 for silver. For many precious metals investors today, the question is not when to get into the market, but how much should you buy?   

No matter whether you prefer silver bars or silver coins, Blanchard has a large selection of bullion inventory available to ship today. Explore your options. If you are unsure about how much gold or silver is optimal for your portfolio, call Blanchard today. We stand ready to assist.  

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