2025: When Commodities ETFs Roared Back — And Not Just Gold

In a year when U.S. ETF flows smashed records with $1.49 trillion in net inflows, one of the most interesting shifts wasn't just into equities or bonds, it was into commodities ETFs. According to FactSet's December and full-year 2025 summary, commodities flows jumped a staggering 396% month-over-month in December, bringing nearly $10 billion into the space as investors cast a wider net beyond traditional safe havens. The leading story (but hardly the whole story) within the commodities bucket was gold. In 2025, total commodity ETF flows rose to $58 billion, up sharply from $1.3 billion the prior year. Gold-linked funds accounted for approximately $48.5 billion of that total, underscoring a big appetite for price-stable diversification as macro risks persisted. Gold's comeback was powerful. Prices shattered records through 2025, frequently reaching and crossing new highs, and drove inflows into flagship vehicles such as SPDR Gold Shares (NYSE:GLD) and iShares Gold Trust (NYSE:IAU). IAU saw inflows of more than $11 billion last year, whereas GLD topped $23 billion, according to data aggregated by ETFdb. Globally, physically backed gold ETFs hit their strongest annual inflows ever, nearly $89 billion, as investors sought refuge from geopolitical tensions, inflation uncertainty, and the softening dollar. But the commodity comeback wasn't just about gold. Silver ETFs, often the underrated sibling of gold, enjoyed a pronounced boost as prices jumped sharply and assets under management in silver products swelled, particularly in markets such as India, where combined gold-silver ETF AUM crossed meaningful milestones, according to an article by Business Standard. While silver hasn't yet matched gold's magnitude of flows in the U.S., its relative acceleration highlights a broader diversification trend among commodity investors. Funds like iShares Silver Trust (NYSE:SLV) and abrdn Physical Silver Shares ETF (NYSE:SIVR) drew $3.4 billion and $1.2 billion last year. Traditional equities and fixed income still dominated aggregate ETF demand in 2025, but the pace of commodity inflows suggests investors are hedging more than hedging. They're structuring portfolios with a tilt toward real assets and inflation anchors and not just fleeting safe havens. As 2026 unfolds, the key question for markets will be whether commodities' comeback broadens further (think industrial metals, energy strategy ETFs, or even multi-commodity baskets) or whether gold's shine continues to eclipse everything else.