When most investors think about precious metals IRAs, they think about gold. But silver — gold's more volatile, more affordable, and more industrially versatile counterpart — deserves serious consideration as part of a diversified retirement metals strategy. Silver offers unique characteristics that gold does not: significant industrial demand, higher percentage gains during bull markets, and a lower entry price per ounce that provides greater flexibility.
This guide covers the investment case for silver in an IRA, how it compares to gold, the specific products approved by the IRS, which gold IRA companies also handle silver, and the practical considerations (including storage and costs) that are unique to silver investing.
Why Consider Silver in an IRA
Silver occupies a unique position among precious metals. It functions both as a monetary metal (like gold) and an industrial commodity — a dual role that creates distinct investment dynamics.
Industrial Demand Growth
Over 50% of global silver demand comes from industrial applications, including solar panel manufacturing (which uses approximately 100 million ounces per year and is growing rapidly), electronics, electric vehicle components, medical devices, and water purification. As the global economy transitions toward renewable energy and electrification, industrial silver demand is projected to increase substantially in the coming decades. This structural demand growth gives silver an exposure to economic modernization that gold simply does not have.
Higher Volatility = Higher Potential Returns
Silver is approximately 1.5-2 times more volatile than gold. While this means greater downside risk, it also means silver typically outperforms gold in percentage terms during precious metals bull markets. During the 2009-2011 rally, gold gained approximately 70% — silver gained over 300%. During the 2020 pandemic rally, gold rose about 25% while silver surged roughly 47%. For investors with a longer time horizon and tolerance for volatility, silver's higher beta can amplify returns.
Supply Constraints
Unlike gold, which is primarily mined for its monetary and jewelry value, approximately 70% of silver production comes as a byproduct of mining other metals (copper, zinc, lead, gold). This means silver supply cannot easily scale up in response to higher prices — miners cannot simply decide to produce more silver without increasing production of the primary metals. Combined with growing industrial demand, this supply inelasticity creates a structural environment that could support higher silver prices.
Affordability and Flexibility
At roughly $30-$35 per ounce (compared to gold at $2,000+ per ounce), silver is far more accessible and provides greater flexibility. Investors can purchase silver in smaller increments, which is particularly useful for taking required minimum distributions (RMDs) — you can sell small amounts of silver without liquidating a large gold coin. This granularity is a practical advantage that many gold-only investors overlook.
Silver vs. Gold as an IRA Investment
| Characteristic | Gold | Silver |
|---|---|---|
| Primary role | Monetary / store of value | Monetary + industrial commodity |
| Price volatility | Moderate | High (1.5-2x gold) |
| Industrial demand | ~10% of total demand | ~50%+ of total demand |
| Price per ounce (approx.) | $2,000+ | $30-$35 |
| IRA purity requirement | 99.5% (.995) | 99.9% (.999) |
| Storage volume per dollar | Very compact | ~80x bulkier |
| Bull market performance | Steady, moderate gains | Larger percentage gains |
| Bear market behavior | Relatively resilient | Deeper declines |
| Liquidity | Highly liquid | Liquid but wider spreads |
| Dealer markup | 3-5% typical | 5-10% typical (higher per oz) |
The Gold-to-Silver Ratio
The gold-to-silver ratio (GSR) is a key metric for precious metals investors. It represents how many ounces of silver you can buy with one ounce of gold. The historical average is approximately 60-65:1. When the ratio exceeds 80:1, silver is considered historically cheap relative to gold. When it drops below 50:1, silver is relatively expensive. Some investors use the GSR to time their allocation between the two metals — increasing silver exposure when the ratio is elevated and rotating toward gold when it contracts.
IRS-Approved Silver Products
Silver held in an IRA must meet a minimum purity of 99.9% (.999 fineness) and be produced by a manufacturer accredited by NYMEX/COMEX or a national government mint. The following products are widely available and accepted by all major gold IRA custodians.
American Silver Eagle
Purity: 99.9%
Mint: U.S. Mint
The most popular silver coin in the world. Carries a face value of $1 and is backed by the U.S. government. Available in 1 oz size.
Canadian Silver Maple Leaf
Purity: 99.99%
Mint: Royal Canadian Mint
One of the purest silver coins available. Features advanced Mintshield security technology. Available in 1 oz size.
Austrian Silver Philharmonic
Purity: 99.9%
Mint: Austrian Mint
Europe's best-selling silver coin. Denominated in euros. Available in 1 oz size.
Australian Silver Kookaburra
Purity: 99.9%
Mint: Perth Mint
Features a new kookaburra design each year. Available in 1 oz, 10 oz, and 1 kg sizes.
Australian Silver Kangaroo
Purity: 99.9%
Mint: Perth Mint
The Perth Mint's companion series to the Kookaburra. Available in 1 oz size.
Silver Bars & Rounds
Purity: 99.9%+
Mint: Various accredited manufacturers
PAMP Suisse, Engelhard, Johnson Matthey, Sunshine Minting, and other NYMEX/COMEX-accredited refiners. Available in 1 oz, 5 oz, 10 oz, 100 oz, and 1,000 oz sizes.
For the complete list of IRS requirements and approved metals across all four precious metals, see our How to Buy Gold in an IRA guide.
Companies That Offer Silver IRAs
All eight gold IRA companies we review offer silver as an investment option. Here is how they compare for silver IRA investors specifically.
| Company | Silver? | Other Metals | Minimum | Silver-Specific Notes |
|---|---|---|---|---|
| Augusta Precious Metals | Yes | Gold | $50,000 | High minimum but excellent education program |
| Goldco | Yes | Gold | $25,000 | Free silver promotions for qualifying accounts |
| American Hartford Gold | Yes | Gold | $10,000 | Low minimum; good for first-time silver investors |
| Birch Gold Group | Yes | Gold, Pt, Pd | $10,000 | Broadest metal selection; strong silver inventory |
| Noble Gold Investments | Yes | Gold, Pt, Pd | $20,000 | Offers silver in Royal Survival Packs |
| Advantage Gold | Yes | Gold, Pt, Pd | $25,000 | Education-focused with silver allocation guidance |
| Patriot Gold Group | Yes | Gold | $25,000 | Dealer-direct pricing may benefit silver purchases |
| Rosland Capital | Yes | Gold, Pt, Pd | $2,000 | Lowest minimum; good for small silver positions |
Costs and Considerations Specific to Silver
While the custodian and storage fee structures are the same as for gold IRAs, silver has several cost characteristics that investors should understand.
Higher Dealer Markups (Percentage Basis)
Silver dealer markups are typically higher as a percentage of spot price compared to gold — roughly 5-10% for standard bullion vs. 3-5% for gold. This is partly because silver's lower price per ounce means that fixed manufacturing and distribution costs represent a larger percentage of the total price. American Silver Eagles, the most popular IRA silver product, often carry premiums of $3-$5 per ounce above spot, which can represent a 10-15% markup.
Storage Volume Considerations
Silver is approximately 80 times bulkier per dollar of value compared to gold. A $50,000 allocation to silver requires significantly more vault space than the same value in gold. While most companies charge the same storage fee regardless of the metal, some depositories apply scaled storage fees for large silver positions. Verify your depository's policy before making a large silver purchase.
Shipping Costs
Because of its weight and volume, shipping silver to the depository costs more than shipping gold of equivalent value. A $50,000 gold purchase might weigh less than 2 pounds; the same value in silver could weigh over 100 pounds. Insured shipping costs are typically passed through to the investor.
Wider Bid-Ask Spreads
The difference between the buy price and sell price (the spread) is typically wider for silver than for gold, both in absolute and percentage terms. This means the cost of round-tripping a silver investment (buying and then selling) is higher than for gold. Investors should plan to hold silver for the long term to amortize this spread over time.
Silver Performance History
Silver's performance profile is distinct from gold's: higher highs, lower lows, and a strong correlation with investor sentiment about inflation and economic growth.
| Period | Silver Return | Gold Return | Context |
|---|---|---|---|
| 2009-2011 | +300%+ | +70% | Post-crisis precious metals rally |
| 2011-2015 | -55% | -28% | Commodity bear market, strong dollar |
| 2016-2019 | +15% | +44% | Mixed performance, gold outpaced |
| 2020 | +47% | +25% | Pandemic rally, inflation fears |
| 2021-2024 | +30% | +55% | Inflation era, industrial demand growth |
Returns are approximate. Past performance does not guarantee future results. Silver returns can be significantly more volatile than gold.
The data illustrates silver's characteristic behavior: when precious metals rally, silver tends to outperform gold in percentage terms. When they decline, silver falls harder. This amplified volatility is silver's defining investment characteristic — both its greatest appeal and its greatest risk.