What is the difference between a gold or silver ETF and an ETC?

In everyday language people often say ‘ETF’, but many UK gold and silver products are exchange-traded commodities (ETCs) or other securities. Legal structure, ownership of metal and counterparty features can differ. Always check the product documents.

Do gold and silver ETCs give me the same exposure?

No. They track different metals with different demand drivers, volatility profiles and product economics. Holding one is not a substitute for the other.

Is a physically backed ETC the same as owning bars?

No. Even physically backed products are usually securities. You typically do not take personal delivery of allocated retail bars. Custody, redemption and legal ownership terms are set out in the product documents.

Can I hold gold or silver ETCs in an ISA or SIPP?

Some platforms allow certain exchange-traded metal products in Stocks & Shares ISAs or SIPPs, but availability is product- and platform-specific. Check your platform’s eligible list.

Does this page include physical gold or silver?

No. Physical bullion routes are covered on the Physical Precious Metals hub and the individual physical gold and silver guides.

INVEST

Gold & Silver ETFs / ETCs

Gold and silver exchange-traded products let you gain metal-price exposure through an investment platform rather than storing bullion yourself. Many UK products commonly called ‘ETFs’ are legally structured as ETCs or other exchange-traded securities — structure matters.

This hub compares gold and silver exchange-traded routes side by side. Dedicated guides cover each metal in more depth.

Capital at risk. Metal prices and product values can fall as well as rise. You may get back less than you invest.

Last reviewed: 13 September 2026

Exchange traded

Bought and sold via an investment platform during market hours.

Structure matters

ETCs, ETFs and other securities can have different legal and custody features.

Gold ≠ silver

Price drivers, volatility and industrial demand can differ between the metals.

Capital at risk

Product values can fall. Exchange-traded metal products typically pay no income.

METAL GUIDES

Explore gold and silver ETFs / ETCs

Use the dedicated guides for deeper metal-specific detail, then compare live product tables below.

GOLD VS SILVER

Gold and silver exchange-traded products compared

Both can provide exchange-traded metal exposure, but the underlying metals and product economics are not identical. Use this as a comparison checklist — not a recommendation.

Factor: Gold; Silver
Underlying exposure: Gold price / gold-linked product returns; Silver price / silver-linked product returns
Demand profile: More investment / monetary demand emphasis; Greater industrial-demand exposure alongside investment demand
Typical volatility: Different historical volatility profiles — varies by period; Often more volatile than gold in many periods — not guaranteed
Product structure: May be ETC, ETF or other exchange-traded security — read documents; Same: legal form and custody arrangements vary by product
Physical backing: Some products claim physical gold backing — verify allocation/custody terms; Some products claim physical silver backing — verify allocation/custody terms
Ongoing charges: Annual product fee plus platform/dealing costs; Annual product fee plus platform/dealing costs
Currency: Metal often USD-linked; GBP investors can face FX effects; Metal often USD-linked; GBP investors can face FX effects
ISA / SIPP: May be available on some platforms — product and platform specific; May be available on some platforms — product and platform specific
Vs physical bullion: No personal bar ownership; different costs, liquidity and tax profile; No personal bar ownership; VAT/tax and storage differ from physical silver

Underlying exposure
Gold
Gold price / gold-linked product returns
Silver
Silver price / silver-linked product returns
Demand profile
Gold
More investment / monetary demand emphasis
Silver
Greater industrial-demand exposure alongside investment demand
Typical volatility
Gold
Different historical volatility profiles — varies by period
Silver
Often more volatile than gold in many periods — not guaranteed
Product structure
Gold
May be ETC, ETF or other exchange-traded security — read documents
Silver
Same: legal form and custody arrangements vary by product
Physical backing
Gold
Some products claim physical gold backing — verify allocation/custody terms
Silver
Some products claim physical silver backing — verify allocation/custody terms
Ongoing charges
Gold
Annual product fee plus platform/dealing costs
Silver
Annual product fee plus platform/dealing costs
Currency
Gold
Metal often USD-linked; GBP investors can face FX effects
Silver
Metal often USD-linked; GBP investors can face FX effects
ISA / SIPP
Gold
May be available on some platforms — product and platform specific
Silver
May be available on some platforms — product and platform specific
Vs physical bullion
Gold
No personal bar ownership; different costs, liquidity and tax profile
Silver
No personal bar ownership; VAT/tax and storage differ from physical silver

BEFORE YOU INVEST

What to compare on gold and silver ETCs / ETFs

Legal structure (ETC, ETF or other security) and what you actually own
Whether the product claims physical metal backing — and how that custody works
Ongoing charges, dealing spreads and platform fees
Tracking method and any hedging features
Currency exposure for GBP-based investors
Liquidity and typical dealing size on UK platforms
ISA/SIPP availability on your chosen platform
Issuer, custodian and counterparty arrangements in the product documents

Compare products

Verified gold and silver exchange-traded product comparisons — physical bullion is covered separately.

Gold ETCs / ETFs
Silver ETCs / ETFs

Compare Gold ETCs / ETFs

8 options we cover

Current provider/product information checked 12 September 2026. Prices, premiums and availability can change.

Capital at risk. Exchange-traded commodity products can be volatile and product structure/counterparty risks may apply.

Investment gold is generally VAT exempt in the UK. CGT treatment depends on the exact product; qualifying UK legal-tender coins can have different treatment from bars. Tax rules can change and depend on individual circumstances.

Sort

Xtrackers / DWSXtrackers IE Physical Gold ETC Securities

Legal structure: ETC. This is an exchange-traded security, not direct ownership of a retail metal bar.

Visit Xtrackers

You’ll continue on the provider’s website. WiT Money may receive a commission or referral fee.

Ongoing fee: 0.11%
Metal backing: Physical gold bars
Currency hedge: No
ISA / SIPP: ISA · SIPP Check broker/product

iShares / BlackRockiShares Physical Gold ETC

Legal structure: ETC / debt security. This is an exchange-traded security, not direct ownership of a retail metal bar.

Visit iShares

You’ll continue on the provider’s website. WiT Money may receive a commission or referral fee.

Ongoing fee: 0.12%
Metal backing: Physical allocated gold
Currency hedge: No
ISA / SIPP: ISA · SIPP

InvescoInvesco Physical Gold ETC

Legal structure: Physically backed exchange-traded certificate. This is an exchange-traded security, not direct ownership of a retail metal bar.

Visit Invesco

You’ll continue on the provider’s website. WiT Money may receive a commission or referral fee.

Ongoing fee: 0.12%
Metal backing: Physical gold bullion
Currency hedge: No
ISA / SIPP: ISA · SIPP

WisdomTreeWisdomTree Core Physical Gold

Legal structure: ETC / debt security. This is an exchange-traded security, not direct ownership of a retail metal bar.

Visit WisdomTree

You’ll continue on the provider’s website. WiT Money may receive a commission or referral fee.

Ongoing fee: 0.12%
Metal backing: Physical allocated LBMA gold
Currency hedge: No
ISA / SIPP: ISA · SIPP

WisdomTreeWisdomTree Physical Swiss Gold

Legal structure: ETC / debt security. This is an exchange-traded security, not direct ownership of a retail metal bar.

Visit WisdomTree

You’ll continue on the provider’s website. WiT Money may receive a commission or referral fee.

Ongoing fee: 0.15%
Metal backing: Physical gold
Currency hedge: No
ISA / SIPP: ISA · SIPP

WisdomTreeWisdomTree Physical Gold

Legal structure: ETC / debt security. This is an exchange-traded security, not direct ownership of a retail metal bar.

Visit WisdomTree

You’ll continue on the provider’s website. WiT Money may receive a commission or referral fee.

Ongoing fee: 0.39%
Metal backing: Physical gold
Currency hedge: No
ISA / SIPP: ISA · SIPP

WisdomTree / Gold Bullion SecuritiesGold Bullion Securities

Legal structure: ETC / debt security. This is an exchange-traded security, not direct ownership of a retail metal bar.

Visit WisdomTree

You’ll continue on the provider’s website. WiT Money may receive a commission or referral fee.

Ongoing fee: 0.40%
Metal backing: Physical allocated LBMA gold
Currency hedge: No
ISA / SIPP: ISA · SIPP

Xtrackers / DWSXtrackers Physical Gold GBP Hedged ETC

Legal structure: ETC. This is an exchange-traded security, not direct ownership of a retail metal bar.

Visit Xtrackers

You’ll continue on the provider’s website. WiT Money may receive a commission or referral fee.

Ongoing fee: 0.69%
Metal backing: Physical gold bars
Currency hedge: Yes – GBP
ISA / SIPP: ISA · SIPP Check broker/product

Full guide: Gold ETCs / ETFs →

Compare Silver ETCs / ETFs

5 options we cover

Current provider/product information checked 12 September 2026. Prices, premiums and availability can change.

Capital at risk. Exchange-traded commodity products can be volatile and product structure/counterparty risks may apply.

Delivered silver bullion normally attracts UK VAT at the standard rate. Storage arrangements can have different treatment. CGT depends on the exact product and circumstances. Tax rules can change and depend on individual circumstances.

Sort

InvescoInvesco Physical Silver ETC

Legal structure: Physically backed exchange-traded certificate. This is an exchange-traded security, not direct ownership of a retail metal bar.

Visit Invesco

You’ll continue on the provider’s website. WiT Money may receive a commission or referral fee.

Ongoing fee: 0.19%
Metal backing: Physical silver bullion
Currency hedge: No
ISA / SIPP: ISA · SIPP

WisdomTreeWisdomTree Core Physical Silver

Legal structure: ETC / debt security. This is an exchange-traded security, not direct ownership of a retail metal bar.

Visit WisdomTree

You’ll continue on the provider’s website. WiT Money may receive a commission or referral fee.

Ongoing fee: 0.19%
Metal backing: Physical silver
Currency hedge: No
ISA / SIPP: ISA · SIPP Check product/platform

iShares / BlackRockiShares Physical Silver ETC

Legal structure: ETC / debt security. This is an exchange-traded security, not direct ownership of a retail metal bar.

Visit iShares

You’ll continue on the provider’s website. WiT Money may receive a commission or referral fee.

Ongoing fee: 0.20%
Metal backing: Physical silver
Currency hedge: No
ISA / SIPP: ISA · SIPP

WisdomTreeWisdomTree Physical Silver

Legal structure: ETC / debt security. This is an exchange-traded security, not direct ownership of a retail metal bar.

Visit WisdomTree

You’ll continue on the provider’s website. WiT Money may receive a commission or referral fee.

Ongoing fee: 0.49%
Metal backing: Physical silver
Currency hedge: No
ISA / SIPP: ISA · SIPP Check product/platform

WisdomTreeWisdomTree Silver

Legal structure: ETC / debt security. This is an exchange-traded security, not direct ownership of a retail metal bar.

Visit WisdomTree

You’ll continue on the provider’s website. WiT Money may receive a commission or referral fee.

Ongoing fee: 0.49%
Metal backing: Collateralised silver exposure per issuer structure
Currency hedge: No
ISA / SIPP: ISA · SIPP Check product/platform

Full guide: Silver ETCs / ETFs →

Not covered on this page

This hub covers exchange-traded gold and silver products only. Physical bullion, mining shares and precious-metals funds are different ownership structures.

FAQS