Gold prices have dropped substantially over the last few months — a stark contrast from the record-setting run-up the precious metal saw late last year. There are many reasons for the drop in gold prices, but high interest rates, rising oil prices and changing Federal Reserve sentiments have certainly played a role. And, what goes up must also come down.

"Gold ran red hot earlier this year and it did so in a nearly uncontested manner," says Brett Elliott, director of content at the American Precious Metals Exchange (APMEX). "The market usually begs for a correction at some point under those conditions, and that's what we're getting now."

Silver has also seen a hefty price drop recently, particularly over the last month. Since mid-May, the price per ounce has fallen by about 15%. Does that significant decline make it a better option for investors who want to buy in this summer, though, or is gold still the winner? 

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Is silver a better investment than gold this summer? Experts weigh in

Here's what experts say about whether silver could be a better option than gold for investors who want to make a move in this landscape: 

No, if you can't deal with a little volatility 

Silver isn't a good choice over gold if you're planning to watch everyday price fluctuations and buy or sell based on that. 

"Silver is the more volatile of the two," Elliott says.

That means the price of silver will typically move up and down more often than gold and have bigger swings in either direction, both of which can look scary if you're constantly watching your investments. 

The price of silver has also been particularly volatile in recent history. And, with inflation high and oil prices surging, that trend could continue for a while. 

"Silver has been much more volatile in the last five years," says Steve Azoury, a chartered financial consultant and owner of Azoury Financial. "Gold has had much more gradual growth."

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Maybe, if you're looking for outsized returns

If you're silver looking at returns, silver could be a better choice than gold this summer, but that also changes day by day.

"It's all a matter of perspective," Elliott says. "If I look at the one-week return right now, silver is outperforming gold. If I look at the one-month return, gold is outperforming silver."

Over the last five years, silver has performed particularly well, Elliott says. And over longer periods, it can be a strong growth engine, too. 

"Here is what tends to be true: Silver is more volatile than gold but typically has better returns over long periods," Elliott says. "If you look at the five-year return, silver is sitting at +156% right now, while gold enjoys +121%. These numbers will change depending on the day you examine, but the overall trend tends to hold fast."

Maybe, if you plan to hold onto it for a bit

As Elliott mentioned, silver tends to have better returns over the long haul, so if you can't hold onto it for a while, it's not the right choice. However, gold likely isn't either.

"I would never recommend buying silver if your timeframe is just a few months," Elliott says. "Precious metal investors tend to do best when they hold precious metals with the intention of going long. Sometimes, an investor gets lucky. Someone who bought silver a year ago has just about doubled their investment. That's a great return. But it's not historically the standard."

Silver also has many manufacturing and industrial uses, which make for a strong long-term outlook for the metal. 

"Silver is a commodity used in many AI projects, so I think the demand will increase," says Chuck Czajka, a financial consultant and founder of Macro Money Concepts.

No, if you're most concerned about inflation 

If you're primarily concerned about inflation — which has surged in recent months — then gold is a better investment than silver, experts say.

"Should not be looked at as income replacement or even as a typical investment," Czajka says. "It should be looked at as wealth insurance. It's a buy-and-hold asset. It's a safe-haven during economic uncertainty and also takes up less physical space than silver."

The most recent government data has the U.S. inflation rate at 4.2%, up from just 2.4% at the start of the year. 

"When you want something that historically beats inflation and isn't subject to industrial demand flows, gold is a strong choice," Elliott says. "As a long-term store of wealth, gold remains king." 

The bottom line

With prices down on both gold and silver, it could be a good time to buy either, depending on your goals, budget and timeline. But there's no telling how long those prices will stay or where they'll head next. 

"Excluding an extreme spike and drop in January 2026, silver has had a similar year as compared to gold," Azoury says. "Many buyers are waiting to buy the dip, and as we know, trying to time anything in the market — much less precious metals — is near impossible."