Archive · 5 Sep 2026
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.
- 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.
- Where
- The report concerns silver ETF investment in India.
- 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.
- 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