Silver’s Big Comeback: 3 Central Banks Already In — What’s Next?

Published: 11-12-2025, 09:30 am

When a GoldSilver viewer from Poland approached Mike Maloney at the New Orleans Investment Conference, he asked a question that stopped the room: 

“Central banks are buying gold like crazy… but why not silver?” 

It’s a question investors have been quietly wondering for years — and Mike’s answer reveals something few people are talking about: central banks have already started buying silver. 

Let’s break down what’s happening, why it matters, and how it could mark the start of silver’s return as a true monetary metal. 

The Quiet Shift: Central Banks Are Buying Silver 

According to Mike, three central banks — Russia, India, and Saudi Arabia — have already entered the silver market. 

That might sound small compared to the massive tonnage of gold being hoarded globally, but this shift is significant. For decades, silver hasn’t been recognized by the IMF as an official reserve asset. It simply wasn’t part of the modern monetary playbook. 

Now, that’s changing. 

Russia and India have added physical silver to their reserves. Saudi Arabia, however, took a different route — reportedly purchasing shares in the SLV ETF, a paper claim to silver rather than the real metal itself. And that, Mike warns, is where the danger begins. 

The ETF Trap: Paper Silver Isn’t Real Silver 

Mike doesn’t mince words when it comes to silver ETFs like SLV. He’s read the fine print — and it’s not reassuring. 

“Every sentence in those filings either means the opposite of what you think it means… or nothing at all,” he says. 

These documents are written by armies of lawyers to protect institutions, not investors. Which is why, in Mike’s view, the Saudi central bank made a serious misstep: buying paper silver instead of taking delivery of real, thousand-ounce bars. 

The Reawakening of Silver as a Monetary Metal 

Despite silver’s long absence from the world’s official reserves, Mike believes we’re entering a new phase — one that mirrors history. 

“Silver is reasserting itself as a monetary metal,” he says. 

When systems break down, he explains, central banks will look to what has always worked — gold and silver. As global debt spirals and confidence in fiat currencies erodes, both metals are likely to reemerge as anchors of trust. 

The first three central banks are just the beginning. “As things fall apart — and I do believe they will over the next few years — all the world’s central banks are going to be looking around going, ‘What worked before?’” 

The answer, he says, will be clear: gold and silver worked before — and they’ll work again. 

Why This Matters for Everyday Investors 

This small but growing trend marks a powerful shift. Central banks are quietly signaling that they’re no longer relying solely on paper assets and digital promises. 

And if history is any guide, the moment central banks start competing for physical silver, prices can move fast. 

Mike’s message is simple: investors should take note before the rush begins. Physical silver isn’t just an industrial metal — it’s money. And the world’s monetary authorities are finally remembering that. 

Watch the Full Clip 

In this short conversation, Mike breaks down why this move by central banks could mark the start of silver’s next major bull run — and why physical ownership matters more than ever. 

Watch the full video on YouTube now. 

Investing in Physical Metals Made Easy

People Also Ask 

Are central banks buying silver in 2025? 

Yes. Mike Maloney confirms that at least three central banks — Russia, India, and Saudi Arabia — have already begun buying silver. While small compared to gold purchases, it signals silver’s comeback as a monetary metal. Watch Mike’s full breakdown here: Silver’s Big Comeback — YouTube 

Why did Saudi Arabia buy silver through SLV instead of physical metal? 

Saudi Arabia reportedly bought shares of SLV, a silver ETF, rather than physical silver bars. Mike cautions that ETF structures protect institutions more than investors and that real ownership requires physical delivery of thousand-ounce bars. 

Why don’t central banks usually hold silver reserves? 

The International Monetary Fund (IMF) doesn’t officially recognize silver as a reserve asset, which is why most central banks have focused on gold. But as economic uncertainty grows, more nations may add silver to their holdings for diversification and protection. 

Is silver becoming a monetary metal again? 

According to Mike Maloney, yes — silver is “reasserting itself as a monetary metal.” As trust in fiat currencies declines, both gold and silver are regaining their historic roles as real stores of value. 

What’s the risk of owning “paper silver” instead of physical silver? 

ETFs like SLV offer exposure to silver prices but not guaranteed ownership of the metal itself. Mike warns that the fine print allows issuers to avoid delivering actual silver, leaving investors with counterparty risk — the opposite of what precious metals are meant to provide.