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Masterclass Series Silver

Silver vs. Every Tangible Asset: The 30-Year Data You Haven't Compared

Silver broke a forty-five-year all-time high in 2025. Then gave back thirty-one percent in a single session. If you hold silver, or you're seriously considering it, the returns demand attention. But most people exploring silver have never compared it, with real numbers, side by side, against every other tangible asset you could hold. This masterclass does exactly that.

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8 min
Presented by Senior Analyst
Data-Led Analysis
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Key Takeaways

What This Masterclass Covers

01

Silver's Correlation Problem

Silver's correlation to gold exceeds 0.85. That means silver investors who believe they are diversified within commodities are, effectively holding a concentrated position. The masterclass maps this correlation against every major tangible asset class.

02

The Cyclicality Exposure

Approximately 50% of silver demand is industrial. When manufacturing contracts, silver falls regardless of its monetary metal status. This masterclass quantifies the cyclical drag and identifies which tangible assets operate independently of it.

03

Risk-Adjusted Returns Compared

Knight Frank Luxury Investment Index data reveals that several tangible asset classes have outperformed silver on a risk-adjusted basis over 10 and 25-year periods. The comparison includes volatility profiles, maximum drawdowns, and Sharpe ratios.

04

The Tax Efficiency Gap

Silver bullion is subject to Capital Gains Tax at 18 to 24% (post-October 2024). Certain tangible assets classified as wasting chattels are entirely exempt. The masterclass compares after-tax returns across all major tangible asset classes under current UK legislation.

The Data Behind This Masterclass

Built on Decades of Institutional-Grade Research

0.92
Silver to Gold Correlation
Over 42 years of data (July 1982 to October 2024), silver and gold move in near-lockstep. Holding both metals does not constitute diversification within tangible assets.
CME Group / Octa
−0.04
Lowest Tangible-to-Equity Correlation
One tangible asset class registers near-zero correlation to the S&P 500 across three independent studies. Structurally independent of both commodity and equity cycles.
Citi GPS / Mei Moses / Renneboog & Spaenjers
28.8%
Silver Annualised Volatility
Nearly double gold’s 16.2%. Drawdowns of 90% (1980), 72% (2011), and 31 to 35% (January 2026). Other tangible asset classes run at roughly half this volatility.
BullionVault
Data sourced from
Knight Frank CME Group Silver Institute LBMA Citi GPS BullionVault
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Peer-Reviewed Sources
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75-Year Data Sets
🔬
Institutional Methodology
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Updated Quarterly
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A two-minute assessment that maps your current tangible asset allocation against the correlation, volatility, and tax data presented in this masterclass. The output is a personalised report identifying where you may be concentrated and which gaps exist.

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