According to market reports, silver is entering a correction phase after a period of strong gains and continuous new highs in the international market, leading to a slight slowdown in trading activity. Following the trading session on 9/6, the Vietnam Commodity Exchange (MXV) noted that silver remained the most popular commodity among investors, accounting for 28% of the total market transaction value.

At Sacombank-SBJ specifically, customer demand for silver has decreased compared to the peak period in late 2025 and early 2026, particularly for high-value products such as 1 kg silver bars, 10 tael silver, and 50 tael silver. Despite this, buying volume still exceeds selling volume, indicating that a holding trend continues to dominate the market.

A consultant advises customers on silver products. Photo: SBJ

Meanwhile, the unit's silver accumulation products, like the Kim-Phuc-Loc 1 tael, maintain stable demand due to their accessible price points, appealing to many customer groups, especially young people. According to SBJ, demand for this product line currently represents about 20% of the silver sold by the company.

In fact, 1 kg silver bars and Kim-Phuc-Loc products have experienced shortages at various times, with many customers having to place orders several weeks to one month in advance to receive their products. An SBJ representative stated that this demonstrates significant demand for physical silver, despite short-term market fluctuations.

Customers purchase Kim-Phuc-Loc 1 tael products. Photo: SBJ

Investment pace reflects long-term accumulation strategy

According to the Commitments of Traders (COT) report, net long positions for COMEX silver by Managed Money increased to 10,444 contracts in the week ending 2/6, ending two consecutive weeks of decline. This reflects the tension between the pressure from a high interest rate environment and long-term expectations for industrial silver demand.

Experts from SBJ suggest that while the previous period of strong silver price increases saw a wave of trend-following purchases, market sentiment has now shifted. Many young investors are adopting a phased investment strategy, using corrections as opportunities for accumulation rather than seeking short-term profits.

"As the global economy faces ongoing volatility and traditional investment channels become more competitive, silver is considered an option for portfolio diversification and preserving asset purchasing power," an SBJ expert said.

Other channels also report sustained appeal for silver, driven by its volatility amid market news related to interest rates, inflation, and geopolitical tensions. This makes silver a focus for investors.

This trend extends beyond Vietnam. The World Silver Survey 2026 shows that global investment demand for physical silver in bars and coins increased by 14% in 2025, marking the first year of growth after three consecutive years of decline. Recovery was observed across major markets, from Europe and the Middle East to East Asia.

Customers learn about silver products. Photo: SBJ

Analysts say the return of capital to silver indicates a demand for assets that offer both store of value and practical use in the economy. Additionally, increasing industrial demand and supply shortages support silver's outlook. Unlike gold, which is primarily a safe-haven asset, silver has a unique advantage: it is both a precious metal and a strategic raw material in many modern industries.

This metal is widely used in the production of solar panels, electric vehicles, semiconductors, electronic components, medical devices, and telecommunication systems. According to the World Silver Survey 2026, industrial silver demand reached 657.4 million ounces in 2025, maintaining a historic high.

Notably, the wave of investment in artificial intelligence (AI) is creating new growth momentum. AI data centers, high-performance server systems, and cloud computing infrastructure require numerous electronic components with stable conductivity and signal transmission. Among current metals, silver remains a good conductor used in industrial production.

Experts believe that if the AI race continues to accelerate over the next several years, silver demand could benefit significantly from trillions of US dollars in global technology infrastructure investment. Furthermore, the net zero emissions targets of many major economies are boosting silver demand in the renewable energy sector, considered one of the market's most important long-term drivers.

Positive outlook as supply remains below demand

While investment and industrial demand remain high, global silver supply has not kept pace with growth. The World Silver Survey 2026 states that the silver market has entered its fifth consecutive year of deficit, with a shortfall of about 40.3 million ounces in 2025. This figure is projected to increase to 46.3 million ounces in 2026.

Kim-Phuc-Loc 1 tael silver product. Photo: SBJ

According to SBJ, the prolonged supply deficit is a key factor supporting silver's price outlook in the medium and long term. Some international financial institutions offer optimistic forecasts. Bank of America once predicted silver prices could reach 100 US dollars per ounce by late 2026 if industrial, green energy, and investment drivers continue.

According to Vu Nhat Hai, Director of SBJ Business Center, silver remains a more volatile asset than gold; therefore, sharp short-term price fluctuations are inevitable. However, for investors pursuing an accumulation strategy, correction periods are often seen as opportunities to accumulate at more reasonable prices.

Assessing the silver market outlook, many experts believe that in the short term, silver prices will remain under pressure from high government bond yields and signs of slowing demand in the electronics sector in some major consumer markets. Therefore, investors should monitor the net selling trend of gold by central banks, as this could create psychological pressure on other precious metals like silver. However, for long-term accumulation, this could be a good opportunity.

Hoang Dan