Gold and Silver ETFs: A Haven Amidst Global Storms
Gold and Silver ETF Fund of Funds have emerged as significant investment vehicles in India since their debut over three years ago. They offer investors a direct route to precious metals, particularly appealing amid heightened global risk aversion driven by geopolitical tensions, protectionist policies, and economic uncertainty.
Historical Performance
These passively managed funds, typically allocating 95-100% to underlying gold and silver ETFs, have demonstrated impressive growth. Value Research data shows these funds clocked a 34.6% CAGR over the past three years ending January 9, 2025. Pioneering funds like Edelweiss Gold and Silver ETF FoF and Motilal Oswal Gold and Silver ETFs FoFs posted returns of 41.4% and 38.2% CAGR, respectively. In 2025 alone, gold and silver saw exceptional returns of approximately 76% and 160%, respectively, attracting substantial investor inflows, contributing to an approximate AUM of ₹2 trillion by December 2025.
Risks and Volatility
The capital market regulator has classified Gold and Silver ETF Fund of Funds as high-risk investments. Both gold and silver are inherently volatile asset classes, with silver exhibiting greater price swings than gold. Silver's value is increasingly tied to industrial demand, making it a pro-cyclical commodity, while gold retains its appeal as a counter-cyclical safe haven and store of value.
Future Outlook
Analysts anticipate continued strength for gold, supported by ongoing geopolitical risks, potential protectionist trade policies, and rising global debt, which reached an estimated US$111 trillion in 2025. Central bank purchases of gold, coupled with expectations of lower interest rates and a weaker dollar, create a supportive environment. Silver's outlook is bolstered by robust industrial demand exceeding supply, reinforcing investor confidence. However, the current gold-silver ratio at a low of 56 suggests silver is relatively expensive compared to gold.
Investment Strategy
Financial advisors caution against succumbing to FOMO (Fear of Missing Out), especially with both metals trading at record highs. A tactical asset allocation approach is recommended. Investing via Systematic Investment Plans (SIPs) is preferred over lump sums to leverage rupee-cost averaging. Allocating 5-10% of a total portfolio to these funds, with a long-term view of 10 years or more, is advised to navigate potential volatility and flat periods.