Silver held by ETFs rose by a record 10,229 tonnes last year, more than double the previous record increase, which came in 2009 after the global financial crisis.
Silver holdings in ETFs went beyond 1bn ounces for the first time as a result, reaching 1.07bn ounces by the end of December 2020.
This year’s increase is expected to be smaller, at around 4,666 tonnes, still a big increase by historic standards.
The silver price jumped earlier this year when Reddit users were turned towards it in the wake of the Game Stop bubble, but the silver market wasn’t open to the same kind of manipulation.
The silver price has settled back at around US$26 since.