Gold and Silver ETFs Surge as Fed Cut Expectations Strengthen

Gold Extends Its Rally on Renewed Fed Pivot Bets

Gold finished the last week of November with strong upward momentum, climbing toward $4,240 per ounce, its highest level in six weeks. The advance came as markets priced in an 87% chance of a 25 bps rate cut at the December FOMC meeting, following dovish remarks from Federal Reserve officials and softer economic data released after the extended US government shutdown.

This combination of weak labour indicators, delayed macro releases, and increasingly accommodative central bank commentary reinforced the narrative that the Fed is preparing to ease again — a backdrop that traditionally supports non-yielding assets like gold.

The metal has now logged gains in nearly every month of 2025 and is on track for its best annual performance since 1979. While elevated prices have begun to weigh on jewellery and long-term physical demand, central-bank purchases and strong ETF inflows have kept the uptrend firmly intact.

Silver Breaks Records and Outperforms Gold Yet Again

Silver continued to steal the spotlight with another powerful move higher, breaking above $57 per ounce and registering fresh all-time highs. Supply conditions remained central to its strength: inventories at Shanghai Futures Exchange-linked warehouses dropped to near decade lows, while US tariff considerations raised the prospect of even tighter availability heading into 2026.

The metal has now nearly doubled year-to-date, far outpacing gold’s rise. The gold-silver ratio, above 100 at the start of the year, fell to around 75 at the end of November. Although still above long-term averages, the shift underscores just how decisively silver has led the precious-metals complex this year.

Financial flows also played an important role. With macro uncertainty elevated and rate expectations turning sharply dovish, silver benefited from renewed investor interest as both a momentum trade and a hedge against policy missteps.

Mining Equities Extend a Stellar Year

The strength in bullion carried through to miners, with gold and silver mining equities extending what has already been their strongest year in more than a decade. Several global mining indices have gained well over 100% year to date, boosted by record spot prices and improving project economics.
Higher prices have encouraged new developments, M&A activity and capacity expansions across the sector, all of which further amplified investor interest throughout November.

How Did Precious Metals ETFs Perform Last Week?

ETF performance aligned closely with moves in the underlying metals, with silver-related products once again outpacing the rest of the complex.

Gold and Silver Exposure

The iShares Physical Silver ETC (ISLN) delivered another strong week with a 9.42% gain, in line with the metal’s rapid surge and supported by sizable year-to-date inflows of $954.8 million.

On the gold side, broad bullion products also advanced. The iShares Gold Producers UCITS ETF (IAUP) climbed 11.33%, reflecting the leveraged response of miners to higher gold prices. With more than $3.6 billion in AuM, it remains one of the largest and most significant vehicles for investors seeking equity-linked gold exposure.

Miners Lead the Outperformance

The VanEck Gold Miners UCITS ETF (GDX) posted a similar move, rising 11.87% on the week and accumulating more than $666.9 million in inflows year to date — a sign of sustained investor commitment to the mining theme.

Junior miners were particularly strong. The VanEck Junior Gold Miners UCITS ETF (GDXJ) jumped 14.98%, extending its 127% year-to-date performance as investors continued rotating toward higher-beta exposure within the metals complex.

Among silver-focused equities, the Global X Silver Miners UCITS ETF (SLVR) delivered the standout performance of the group, surging 18.62% last week and surpassing 120% gains for the year — a perfect reflection of silver’s meteoric 2025 rally.

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Please note this article is for information purposes only and does not in any way constitute investment advice. It is essential that you seek advice from a registered financial professional prior to making any investment decision.