ETF assets jump as gold and silver pull in capital

The minerals trade spoke before prices did. By the end of 2025, money tied to metal and mining exchange-traded funds climbed past $750 billion, according to data from Critical Minerals Institute.

That $750 billion sits inside metal and mining ETFs worldwide. Christopher Berlet, President and Chief Investment Officer of MineralFunds.com, said the number tracks real allocations.

ETF assets jump as gold and silver pull in capital

Christopher said 2025 marked the third year MineralFunds published its annual ETF report. By year end, the firm tracked 249 metal and mining ETFs. He said assets crossed $750 billion twice in December.

The first break came early in the month. The second came around December 20. Assets dipped briefly at year end, then bounced back fast. “That’s three-quarters of a trillion dollars in metal and mining ETF assets,” Christopher said.

Total assets across the sector rose about 117% during 2025. Precious metals drove most of that rise. Christopher said the firm tracks 79 gold ETFs worldwide. Together, those funds now hold more than $500 billion.

Silver grew even faster. Assets tied to silver ETFs rose from about $25 billion to $75 billion by year end. That marked a 200% increase in one year. Christopher said the key signal came from rising shares outstanding. “That shows capital allocations increasing to the sector,” he said. That trend showed growing demand for exposure to minerals through ETFs.

Exchanges and ETF structure are changing the supply and demand of critical minerals

Christopher said the location of ETF assets surprised many people. Canada has a strong mining image, but it does not dominate ETF capital. He said the New York Stock Exchange, mainly NYSE Arca, and the London Stock Exchange together host about 75% of all assets across the 249 ETFs.NYSE Arca alone holds about 55% of global assets.

Meanwhile, metal ETFs make up for about 85% of total assets, and mining-company ETFs hold about 12%, equal to roughly $70 billion, while hedged and leveraged products make up the remaining 3%.

Inside metal ETFs, concentration remains heavy, with gold and silver together representing about 95% of metal ETF assets. Platinum group metals, critical minerals, and industrial metals each sit around 2% or less.

Christopher said issuance data matters more than price charts. During 2025, nine new ETFs launched. Five came from Canada, after a wave of launches in India and China the year before.

He said the stronger signal came from share creation inside existing funds. “The biggest indicator for us is the growth in the number of shares outstanding, which tells you more about capital flows than price changes.”

He said asset managers are pushing deeper into the space. Fees are rising. New products are appearing across Asia. He also said ETF demand affects physical supply.

When someone buys a metal ETF, what they’re really getting is the actual metal, locked up in storage. That same metal could’ve gone to a battery maker or a steel plant, but now it’s sitting in a vault because it’s tied to an ETF. That’s how these funds are soaking up physical supply. Over time, this has pulled money away from digging up new supply. Less money is going into exploration, fewer discoveries are being made, and supply is getting tighter.

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