Why did silver investors earn only 18% despite prices nearly doubling?

According to the Netra report by DSP MF, silver prices surged by 98% in the year leading up to July 31, yet investors only saw an 18% gain. The report highlights that by the end of July, 56% of capital held in silver ETFs was in the red. This discrepancy exists because many investors did not maintain their positions in silver for the full year, resulting in lower overall returns.

by shortkt.com
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Why did silver investors earn only 18% despite prices nearly doubling? | ShortKT