Indian silver Exchange Traded Funds (ETFs) concluded 2025 with remarkable and at times, tumultuous, market activity. On December 29, 2025, investors witnessed the year's sharpest intraday swings in silver ETF prices. For instance, the Nippon Silver ETF, India's largest, surged by 11% to a record high of ₹243.29 per gram shortly after opening, only to plunge approximately 19% by afternoon, eventually closing slightly lower for the day. Similarly, Kotak Silver ETF experienced a 24% intraday swing, while Tata Silver ETF gyrated by a substantial 29%. This extreme volatility was attributed to a combination of factors, including impending Chinese export restrictions on silver, effective January 1, and increased margins imposed by the CME Group over the preceding weekend. Elon Musk's comments on the Chinese restrictions also contributed to the initial surge. Despite this late-year intraday drama, 2025 proved to be an exceptionally strong year for silver ETFs in India. Numerous funds delivered triple-digit returns, with many exceeding 150% year-to-date. The Nippon Silver ETF itself saw a year-to-date rise of 159.99% by December 29, 2025. This phenomenal rally was largely driven by a significant global supply shortage, rising industrial demand from sectors like electric vehicles and solar panels, and increased investment demand, positioning silver as one of the best-performing assets of 2025.