Silver vs. Gold: Annual Returns During Downturns
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- July 14, 2026
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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 |
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).