Can’t Choose Between Silver and Gold? These ETFs Hold Both—A 2026 Investor’s Guide

If you’ve been watching precious metals lately, you’ve probably noticed something wild: gold and silver have both been on a tear. And if you’re stuck thinking, “Do I pick gold for safety or silver for growth?”—here’s the good news: you don’t have to choose.

This rewritten and expanded news-style report explains why gold and silver have rallied, what’s driving demand in 2026, and how two popular exchange-traded funds (ETFs)—GLTR and GBUG—give investors exposure to both metals in different ways. You’ll also learn the pros, cons, costs, and risks, plus practical portfolio ideas for everyday investors.

Why Precious Metals Are Back in the Spotlight

Precious metals often shine when investors feel uncertain—about inflation, interest rates, geopolitics, currency strength, or stock market volatility. But this recent run isn’t just a “fear trade.” A mix of global factors has pushed both metals higher, and the momentum that began in 2024 has carried into 2026.

According to the original report, over the past year gold gained more than 70% while silver rose more than 194%. Those are eye-catching moves for any asset class—especially for metals many people think of as “slow and steady.”

Gold’s big drivers: safety, central banks, and policy uncertainty

Gold is often treated like a “financial seatbelt.” When investors worry about instability, gold tends to benefit. The report highlights several catalysts that supported gold: ongoing geopolitical conflict, renewed buying from central banks and institutions, and concerns about monetary policy and rising fiscal debt burdens.

It also notes that U.S. policy headlines and market volatility added to the appeal of gold, while the U.S. dollar weakened over the period discussed. When the dollar falls, gold sometimes looks more attractive internationally because it’s typically priced in dollars.

Silver’s big drivers: industrial demand and supply tightness

Silver is not just a “mini gold.” It’s also a heavily used industrial metal. The report attributes silver’s surge to a multi-year deficit, where demand has outpaced supply. That imbalance matters because silver is used in a long list of industries—especially those tied to modernization and electrification.

Silver demand is linked to products and systems like solar panels, certain automotive components, water purification technology, and even specialized uses in aerospace. In other words, silver can rise not only because people want a safe haven—but also because factories and infrastructure projects need it.

Stocks vs. Metals: Why Some Investors Want Both in a Portfolio

Over very long periods, stocks have historically been strong wealth builders. But commodities can outperform in certain cycles—especially during inflationary periods or when markets are choppy. That’s why some investors add precious metals as a diversifier rather than a replacement for stocks or bonds.

Think of it like a sports team: you don’t want every player to do the exact same job. In a portfolio, metals can sometimes behave differently than stocks—meaning they might hold up better when stocks stumble. That doesn’t mean metals always go up when stocks go down, but the mix can help smooth out the ride.

What the World Gold Council highlighted about ETF flows

The report points to a major signal: ETF demand. It references a World Gold Council update noting that gold set dozens of record prices in 2025 and that investors poured substantial capital into physically backed gold ETFs, with annual inflows described as the largest on record. It also mentions that gold ETF assets under management rose to an all-time high.

Meanwhile, the report adds that silver ETF inflows were also strong, with the Silver Institute noting that silver ETF inflows in the first half of the year exceeded the prior year’s total (as described in the source article).

The Investor Problem: Gold or Silver?

Here’s the dilemma:

• Gold often behaves like a “stability asset.” It may benefit from uncertainty, central bank buying, and currency concerns.
• Silver can be more volatile, but it has a strong industrial demand story—meaning it can sometimes move faster in both directions.

If you buy only one, you might feel like you’re guessing which narrative will win. But ETFs can reduce that stress—especially ETFs that hold both metals (directly or indirectly).

Two ETFs That Provide Exposure to Both Gold and Silver

The original article focuses on two funds:

• abrdn Physical Precious Metals Basket Shares ETF (GLTR) — a basket of physical precious metals (with heavy weightings to gold and silver).
• Sprott Active Gold & Silver Miners ETF (GBUG) — a fund that holds shares of gold and silver mining companies.

They sound similar, but they are actually quite different in how they behave, how they’re built, and what risks come with them.

ETF #1: GLTR—A “Physical Metals Basket” Approach

GLTR (abrdn Physical Precious Metals Basket Shares ETF) aims to track the spot prices of a basket of precious metals. It was launched in 2010, and it includes not only gold and silver, but also platinum and palladium.

In the report’s snapshot, GLTR posted a one-year gain of about 108%. While performance changes over time, the key takeaway is what’s inside the fund and why that matters.

GLTR holdings: how much gold and how much silver?

GLTR’s metal mix (by weight) was described in the article as approximately:

• Gold bullion: 57.20%
• Silver bullion: 35.05%
• Palladium bullion: 4.16%
• Platinum bullion: 3.59%

This is important because GLTR is not a pure “gold + silver only” ETF. It’s a broader basket. That can be good (more diversification) or not ideal (if you only want gold and silver).

Costs: GLTR’s expense ratio

The article notes GLTR’s net expense ratio at 0.60%. Expense ratios matter because they quietly reduce returns over time. A higher fee isn’t automatically bad—but you want to know what you’re paying for.

Sentiment signals: short interest and institutional flows

The report also highlights that GLTR’s short interest was very low at the time referenced, suggesting that relatively few traders were betting against it. It also notes strong institutional inflows over the prior 12 months in the snapshot provided.

These indicators don’t guarantee future gains, but they can help investors understand market positioning and confidence around the fund.

Who GLTR may fit best

GLTR may appeal to investors who:

• Want direct exposure to precious metals (rather than mining company stocks).
• Prefer a basket approach that includes gold and silver plus smaller allocations to other metals.
• Want a metals position that is more “asset-like” than “business-like.”

In plain language: GLTR is often closer to “owning metals” than “owning companies.”

ETF #2: GBUG—Gold and Silver Exposure Through Miners

GBUG (Sprott Active Gold & Silver Miners ETF) takes a totally different route. Instead of holding physical metals, it holds mining stocks—companies that explore for, produce, or profit from gold and silver.

In the report’s snapshot, GBUG posted a one-year gain of about 137%–138%, and it notes that performance was supported by how the portfolio is weighted.

Global exposure: where the miners are based

The article describes GBUG’s holdings as being internationally distributed, with a majority of holdings based in Canada, plus meaningful exposure to Australia and the United States.

Why miner ETFs can move faster than metal ETFs

Mining stocks can act like “leveraged” exposure to metals—without being leveraged products. Why? Because miners have operating costs. When metal prices rise faster than costs, profits can expand dramatically. Investors may then revalue the stock upward.

But the reverse is also true. If metal prices drop, profits can shrink quickly. Plus, mining companies carry business risks that metal bars don’t:

• Operational disruptions (equipment, labor, weather)
• Permitting and regulatory changes
• Geopolitical risk in mining regions
• Debt levels and cost overruns
• Management execution

So, GBUG can offer bigger upside—but it can also be bumpier.

Weighting: reducing single-stock dominance

The report notes that no single holding exceeded roughly 4.58% at the time, which can help reduce the impact of one company going sideways.

Analyst sentiment inside the portfolio

GBUG also reflects analyst sentiment toward the miners it holds. The report describes an aggregate “Moderate Buy” rating based on analyst ratings of select companies in the portfolio and specifically references miners like AngloGold Ashanti (AU) and Newmont (NEM), noting strong past-year gains for those stocks in the snapshot discussed.

Who GBUG may fit best

GBUG may appeal to investors who:

• Want potential higher upside tied to gold and silver trends.
• Are comfortable owning equities (mining companies) rather than metal exposure.
• Can tolerate higher volatility and business risk.

GLTR vs. GBUG: Which One Is “Better”?

There isn’t one perfect answer. It depends on what you want the investment to do in your portfolio.

A simple comparison table

Feature	GLTR	GBUG
Type of exposure	Physical precious metals basket (includes gold & silver)	Mining stocks (gold & silver miners)
Main driver	Metal prices	Metal prices + company performance
Volatility	Often lower than miners (but still can swing)	Often higher (equity + operational risk)
Diversification	Includes platinum & palladium too	Diversified miners; position caps reduce single-stock dominance
Best for	Investors seeking “metal-like” exposure	Investors seeking “growth-like” exposure tied to metals

Practical Portfolio Ideas (Without Overcomplicating It)

Here are a few simple ways investors sometimes think about adding precious metals exposure. This is educational, not personal financial advice.

1) The “stability first” metals sleeve

If you mainly want a hedge-like holding, some investors prefer a more direct metals approach (like GLTR) as a smaller portfolio slice.

2) The “growth tilt” metals sleeve

If you’re chasing upside and can handle swings, miners exposure (like GBUG) can act more like a high-beta play on precious metals.

3) The blended approach

Some investors mix both types: a core metals holding plus a smaller miners allocation. The logic is: “Own the metals for the theme, and own miners for torque.”

Key Risks Investors Should Not Ignore

Metal price risk

Gold and silver can drop sharply, especially if interest rates rise, the dollar strengthens, or risk appetite returns to stocks.

ETF structure and tracking differences

Physical metals ETFs aim to track metals more closely, but fees and structure can create tracking gaps over time.

Mining-company risk (for GBUG)

Miners face real-world business problems: costs, politics, labor, geology, and management decisions. Even if gold rises, a miner can still disappoint.

Headline and policy risk

Precious metals react to big macro headlines. That can create sudden spikes and sudden drops—sometimes within days.

Frequently Asked Questions (FAQ)

1) Do I need to buy physical gold or silver to invest in them?

No. Many investors use ETFs for exposure, which can be simpler than storing physical metals. ETFs also make it easier to buy and sell quickly.

2) What’s the biggest difference between GLTR and GBUG?

GLTR is tied to precious metals prices (a basket that includes gold and silver). GBUG is tied to the performance of gold and silver mining stocks, which can be more volatile.

3) Why can silver move more dramatically than gold?

Silver often has higher volatility because it’s smaller in market size and has strong industrial demand cycles. Supply-demand imbalances can also impact it quickly.

4) Are miners “safer” than owning metals?

Not necessarily. Miners are businesses with operational and financial risks. Metals don’t have management teams or cost overruns—but they also don’t produce earnings.

5) Do these ETFs pay dividends?

Physical metals funds typically do not generate income the way dividend stocks do. Mining companies sometimes pay dividends, but that depends on each company’s policy and profitability.

6) Is it too late to invest after a big rally?

That depends on your time horizon and risk tolerance. The source article cites commentary suggesting the move could be part of a longer cycle, but prices can still pull back sharply in the short run. Many investors manage this by sizing positions conservatively and avoiding “all-in” decisions.

Bottom Line: You Don’t Have to Pick Just One Metal

Gold and silver can play different roles—gold often leaning toward protection and stability, and silver leaning toward industrial growth and volatility. If you don’t want to bet on just one story, ETFs that include both can simplify your approach.

GLTR offers a basket of physical metals with meaningful gold and silver exposure. GBUG offers miners exposure that can amplify moves—up or down—because it’s tied to company performance as well as metal prices.

If you want to review the original piece this rewrite is based on, you can start here: MarketBeat’s report on GLTR and GBUG.

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