Silver exchange-traded funds have emerged as one of the best-performing asset classes for Indian investors, delivering a three-year CAGR of more than 50% and generating returns of over 13% so far in 2026. According to reports from Mint, this sharp rally has left many investors questioning whether silver still offers value or if the metal has already priced in most of the optimism. The strong performance comes as silver has staged a powerful rally following significant underperformance in previous periods.
The gold-silver ratio currently stands at 60.7, according to data from GoldPrice, representing a significant decline from its 52-week high of 94.5 reached in June 2025. As reported by Mint, the ratio has fallen sharply over the past year, with the figure above 90 in June 2025 indicating that silver was significantly underperforming gold. The ratio plunged to a low of 44 in January 2026 before stabilizing around current levels, representing a dramatic shift in the precious metals relationship.
According to Emkay Wealth Management's latest report, gold briefly crossed the $5,000-an-ounce mark earlier this year and is currently trading at around $4,500 an ounce, while silver has rebounded from around $72 to about $77 an ounce. The decline in the gold-silver ratio from 94.5 to 60.7 indicates that much of silver's valuation catch-up relative to gold has already played out. At the current 60.7 ratio, the metric no longer points to the deep undervaluation that existed in 2025, though it does not suggest silver has entered overvalued territory.
Kedia Stocks and Commodities Research expects Silver prices to fall to $48.60 levels in the bear-case scenario, with current prices trading near the 0.5 Fibonacci retracement level at $62.55. As reported by Business Standard, the brokerage firm recommends an 'Underweight' rating on Silver as analysts believe the metal is in a short-term bearish zone. However, Kedia Advisory remains upbeat on long-term prospects for Silver, viewing it as being in a 'Structural Buy Zone' with potential for prices to zoom up to $170 in the next bull cycle. The firm expects interim support around $53-54 levels and requires Silver to break above $78 for the overall structure to turn favourable.
Emkay Wealth Management expects gold to remain well supported below $4,000 an ounce, with upside targets of $4,800 and $5,200 an ounce. For silver, the firm notes that near-term corrections could extend toward $74 and $62, while medium-term upside targets are seen at $92 and $110 an ounce. The wealth manager emphasizes that gold and silver are increasingly being viewed as strategic portfolio assets rather than short-term trading instruments, with the current trend driven more by structural allocation demand than speculative positioning. Key factors supporting continued bullion prices include expectations of further US Federal Reserve rate cuts and continued central bank buying since 2022.
