The market talks a lot about safe havens. Right now, two names keep surfacing: the iShares Silver Trust (SLV) and the Goldman Sachs Physical Gold ETF (AAAU). One’s silver, the other gold. Simple enough, you’d think. But in this business, simple is usually just a disguise for complicated trouble. I started digging. The numbers, as always, tell a story, but they rarely tell the whole one.
The Breakdown
AAAU and SLV. They’re both doorways to metal, but different metals. The expense ratio on AAAU is a lean 0.18%. SLV chimes in at 0.50%. A difference, sure, but in a world where fortunes are built and lost on fractions of pennies, it’s just another detail. SLV, though, has been the better performer lately, nearly doubling AAAU’s return in the last twelve months. A good return, if you can get it. But past performance? Let’s just say it’s a ghost haunting the present.
| Metric | SLV | AAAU |
|---|---|---|
| Issuer | iShares | Goldman Sachs |
| Expense ratio | 0.50% | 0.18% |
| 1-yr return (as of Feb. 14) | 137.63% | 73.1% |
| AUM | $44.77 billion | $3.13 billion |
AUM, or assets under management. SLV has the weight. But weight doesn’t always equal wisdom.
Risk & Reward
Five years back, AAAU was designed to hold physical gold, stashed in vaults across the pond. SLV, nearly two decades in the game, does the same with silver. Both promise direct exposure. But the devil, as always, is in the volatility. Over five years, SLV yielded a growth of $2,764 from a $1,000 investment. AAAU? $2,681. Close, but not a victory.
| Metric | SLV | AAAU |
|---|---|---|
| Max drawdown (5 y) | (37.65%) | (20.94%) |
| Growth of $1,000 over 5 years | $2,764 | $2,681 |
The drawdown tells the real story. How far did they fall before climbing back? SLV took a bigger tumble. Silver, it seems, has a habit of dropping like a bad habit.
The Current Mood
2025 saw a surge in precious metals. Gold led the charge, dragging the others along. Geopolitical jitters, economic uncertainty…the usual suspects. The dollar weakened, and metal prices climbed. A predictable dance, really. From the start of 2025 to February 14, 2026, gold nearly doubled in price. Silver? A 170% jump. Sounds good on paper. But the market has a way of reminding you that nothing lasts forever.
Silver, especially, is a wild card. Twice as volatile as gold, it can climb faster, but it can also crash harder. January 30th saw silver plummet 27% in a single day. A reminder that fortunes can evaporate faster than a gin fizz on a hot sidewalk.
If you’re looking for a piece of the metal market, both AAAU and SLV offer a way in. Just remember, a safe haven isn’t necessarily a guaranteed escape. It’s more like a slightly less leaky lifeboat in a very stormy sea.
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2026-02-15 03:13