Silver vs. Gold: Annual Returns During Downturns

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2 hours ago

July 14, 2026

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Cody Good

Graphics & Design

Abha Patil

This graphic compares annual gold and silver returns during periods of recessions and market downturns. It shows silver’s higher volatility, including a 148% surge in 2025.

Silver vs. Gold: Annual Returns During Downturns

Key Takeaways

Silver had an annual return of 148% versus gold’s 65% in 2025, showing how much more volatile silver can be during periods of market stress.
During the 2008 downturn, gold rose 3.4% while silver fell 26.9%, but silver rebounded by 57.5% in 2009 and 80.3% in 2010 as conditions improved.

Silver has historically experienced greater volatility than gold during recessions and market downturns. In 2008, for example, gold rose 3.4% while silver fell 26.9%, before silver rebounded 57.5% in 2009 and 80.3% in 2010.

Gold and silver are both precious metals, but the data shows they can behave very differently under stress. Gold tends to act as the steadier metal, while silver reacts more sharply as investor sentiment and industrial demand shift.

This graphic, in partnership with Global X Canada, is the second of three graphics in the Investing in Silver series. It compares annual gold and silver returns during recession and downturn periods using data from the World Bank and Macrotrends.

Mexico Leads with the Most Silver Production

Silver has historically shown larger moves than gold in both directions. In 2025, silver surged nearly 150%, more than doubling gold’s 65% gain.

Year	Gold Returns (%)	Silver Returns (%)
2000	-6.26	-14.07
2001	1.41	-1.31
2002	23.96	3.32
2003	21.74	27.84
2004	4.97	14.24
2005	17.12	29.47
2006	23.92	46.09
2007	31.59	14.42
2008	3.41	-26.9
2009	27.63	57.46
2010	27.74	80.28
2011	11.65	-8
2012	5.68	6.28
2013	-27.79	-34.89
2014	-0.19	-18.1
2015	-11.59	-13.59
2016	8.63	15.86
2017	12.57	7.12
2018	-1.15	-9.4
2019	18.83	15.36
2020	24.43	47.44
2021	-3.51	-11.55
2022	-0.23	2.64
2023	13.08	-0.72
2024	27.23	21.36
2025	64.69	148.14
2026	4.13	23.32

Source: Macrotrends

Silver’s spikes have also followed by sharp reversals. In 2008, silver fell 26.9% while gold rose 3.4%, showing gold’s relative resilience during the global financial crisis.

And yet, silver rebounded strongly in the recovery years that followed, rising 57.5% in 2009 and 80.3% in 2010.

A Higher-Beta Precious Metal

Silver’s sharper moves reflect its dual role as both a precious metal and an industrial input. When markets weaken, silver can be pressured by slowing industrial demand. But when conditions improve, it can rebound quickly as both investor demand and industrial activity recover.

This matters because silver’s volatility can create larger drawdowns, but also larger price movements. For investors, that makes silver a more tactical precious metals exposure than gold.

Investing in Silver

As demand grows from solar, electrification, and industrial applications, silver remains a key metal to watch for investors tracking long-term supply and demand trends.

Global X Canada’s ETFs can help investors access commodities without choosing individual miners.

To learn more, explore the Global X Silver Miners Index ETF (SLVX).

See how SILVX offers potential upside through rising prices and operational growth within the silver sector.

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