Silver prices have really surged this time—hitting new highs again recently—and many people have been asking me how to enter. To be honest, silver ETFs are indeed the most convenient option, especially for investors in Taiwan.

At the beginning of this year, the silver price broke through the $95 mark in one go, which is rare in history. Influenced by geopolitical tensions, an expanding global supply-and-demand shortfall, and the fact that silver has been included in the U.S. critical minerals list, the silver rally has kept moving steadily upward. Last year, silver rose by nearly 150%, and it’s still continuing into this year—this kind of market trend has definitely drawn a lot of retail investors’ attention.

Why do I recommend silver ETFs instead of buying physical silver bars directly? Mainly because there are too many hassles. With physical silver, you have to find a place to store it yourself, and you also have to worry about oxidation, theft, or damage. Renting a safe deposit box costs a considerable amount of money every year too. And when you urgently need cash, physical silver has poor liquidity—unlike ETFs, which can be sold in the market at any time.

Silver ETFs are different. They are fully securitized, so you can buy and sell them just like stocks, with much higher liquidity. And you don’t have to store them yourself, and there are no issues with authenticity verification. For people who want to participate in this rally but don’t want to have their money tied up in physical assets, silver ETFs truly are the easiest way.

At present, there are several mainstream choices. SLV is the best-known globally, managed by Blackrock, with a size of over $30 billion. It directly holds physical silver, and the fee is only 0.5%. There are also DBS and AGQ, which track the price of silver through futures, with fees ranging from 0.75% to 0.95%. If you’re a Taiwanese investor, you can also consider Qianyuan Daotong Qiong Silver, a silver ETF listed in Taiwan.

There are two main channels for buying silver ETFs. The first is through domestic securities firms via omnibus custody/collection—options like Fubon, Cathay, and Yuanta all have support. The advantages are that they are regulated by the Financial Supervisory Commission, funds are safer, and tax issues are handled for you. The downside is that transaction fees are relatively higher, and there are also limitations on the available underlying products.

The second option is to open an overseas brokerage account directly. Costs are lower and there are more underlying products. But you need to handle remittances and tax filings yourself, and U.S. dividends are subject to 30% withholding tax. If you don’t mind the hassle, this approach can save you a lot of money in the long run.

When it comes to taxes, if you buy the Taiwan-listed silver ETF, it’s very simple: you only pay a 0.1% tax when you sell. But if you buy an overseas silver ETF, it needs to be included as overseas income. If your total overseas income exceeds 1,000,000 for the year, the portion that exceeds that threshold is calculated using a basic tax rate of 20%.

That said, I have to say: even though silver ETFs are convenient, the risks can’t be underestimated. Silver price volatility is far greater than gold and stocks. Last year, although it rose by more than 140%, historically it has also gone through sharp pullbacks. In early this year, when margin requirements were raised, silver prices once crashed by more than 11%, and many investors lost big on the same day. So if your risk tolerance isn’t strong enough, you may need to think again.

Also, different silver ETFs have differences. Futures-based ones come with rollover costs, and their long-term returns may not match those of spot-based products. While physically backed ones track more accurately, their annual fees of 0.4% to 0.5% will gradually erode your returns. So when choosing, you need to look at things clearly.

If you want higher leverage and returns, silver futures, silver CFD, or mining stocks are also options, but the risk will increase significantly. My suggestion is to start with silver ETFs first, accumulate experience, and then consider other tools. Most importantly, don’t put all your eggs in one basket—diversify your allocation and review your positions on a regular basis. That’s the way to make money over the long term.