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Silver Rally Delivered 98%, But FOMO Investors Earned 18%
Silver prices rose a lot during the period studied.
However, many investors bought silver only after its price had already climbed.
This meant they did not receive the full 98% market gain.
The average investor earned 18% when the timing of their investments was considered.
In January 2026, investors put a record ₹11,761 crore into silver ETFs.
That happened when silver prices were at their monthly peak.
By July 31, 2026, 56% of money invested over the previous year was showing a loss.
DSP Netra said this behavior was driven by FOMO, or fear of missing out.
The report’s message was that buying after a big rise can reduce returns, even when the asset itself performs strongly.
Silver’s market return was 98% over the one-year period, while the average investor’s money-weighted return was 18%.
Silver ETFs received a record ₹11,761 crore in January 2026, when prices reached a monthly peak.
The January inflow matched the cumulative inflows from September 2024 through August 2025, when silver prices were below ₹1.41 lakh.
As of July 31, 2026, 56% of money invested in silver ETFs during the preceding 12 months was showing a loss.
DSP Netra said pro-cyclical demand and FOMO led investors to buy after much of the rally had already occurred.
- Who
- Investors in silver exchange-traded funds and DSP Netra, which analyzed their investment outcomes.
- What
- Silver’s market return reached 98%, but the average investor’s money-weighted return was 18%, with 56% of recent investment money showing a loss at the end of the analysis period.
- Where
- The report concerns silver ETF investment in India.
- When
- The analysis covered the preceding 12 months, with a record inflow in January 2026 and results measured as of July 31, 2026; the source is identified as DSP Netra, September 2026.
- Why
- Investor demand became increasingly pro-cyclical, with large inflows arriving after prices had risen, which DSP Netra linked to FOMO and buying after much of the return had already occurred.
Key facts
- Silver market return
- 98% over one year
- Average investor return
- 18% money-weighted return
- Money invested showing a loss
- 56% of money invested in the preceding 12 months, as of July 31, 2026
- Record monthly ETF inflow
- ₹11,761 crore in January 2026
- Timing of record inflow
- The monthly silver price peak
- Comparison period
- September 2024 through August 2025, when silver prices were below ₹1.41 lakh
- Report source
- DSP Netra, September 2026
Quotes
DSP
The investment firm whose DSP Netra analysis examined silver investor behaviour.
“The bigger risk is that FOMO makes them buy the right asset after most of the return has already happened.”
businesstoday.in
“FOMO converts past returns into future expectations,”
businesstoday.in
Sources
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