Silver may climb to $62: Emkay Wealth says ETFs beating physical silver

Silver expected to bounced back to the US$ 52-US$53 levels and thereafter may move towards the next targets of $ 58 and $ 62, strong support at $ 47.60.: Emkay Wealth Management

Silver is emerging as one of the most compelling tactical opportunities in the precious metals space, with Emkay Wealth Management projecting a sharp rebound in global prices and highlighting strong outperformance by Silver ETFs and Fund of Funds (FoFs) over physical silver.

 

In its latest outlook, Emkay said silver is poised to bounce back to $52–53 per ounce in the near term, potentially advancing to $58 and $62 thereafter. The metal currently trades around S$48.80, following a brief correction triggered by profit-taking and easing US–China trade restrictions on critical minerals.

 

According to Emkay, silver has built strong support at $47.60, with additional layers at $45.60 and $42.00. Given elevated volatility, the firm advised investors to treat fresh silver positions as tactical allocations with a 6–12 month time horizon and clear exit targets.

 

Silver ETFs Outperform Physical Silver

 

The report highlights that Silver ETFs and Silver FoFs have outpaced physical silver returns over the past year, thanks to efficient tracking and robust fund flows.

 

As of October 31, 2025:

 

ICICI Prudential Silver ETF and Nippon India Silver ETF delivered 50%+ one-year gains, exceeding the roughly 49% return from physical silver.

 

Over three- and six-month periods, returns ranged from 34% to 56%, underscoring the strength of the rally.

 

Nippon India Silver ETF leads the category with an AUM of ₹15,284 crore, followed by ICICI Prudential at ₹9,481 crore.

 

Silver FoFs have mirrored this performance, generating 49–50% one-year returns. The ICICI Prudential Silver ETF FOF, with ₹3,232 crore in AUM, is the largest in the segment. Minor underperformance versus ETFs is attributed to fund-level expenses. 

Fundamentals Remain Strong Despite Volatility

 

Emkay Wealth Management is optimistic about silver’s long-term outlook. Industrial demand — particularly from renewable energy, battery technology, electric vehicles, and electronics — continues to rise, while global supply remains constrained.

 

The firm notes that while the US Federal Reserve’s earlier rate cuts had supported precious metals, the lack of clarity on further easing has caused near-term consolidation. However, the broader structural drivers remain intact.

 

Investment Playbook 

For investors seeking diversification or tactical opportunities:

 

Consider ETFs and FoFs over physical silver due to better liquidity, ease of execution, and historically higher returns.

 

Use a 6–12 month horizon with target exits at $52–53, then $58, and $62.

 

Treat silver as a satellite allocation, not a core holding, given its higher volatility compared to gold.

 

Watch for policy signals from the Fed and geopolitical developments that could impact precious metals.