An analysis suggests that the iShares Gold Trust (IAU) is a better long-term investment than the iShares Silver Trust (SLV), despite silver's recent outperformance. The analysis notes that while SLV returned nearly 60% over the past year and 150% in 2025, and gold has doubled over the past two years, IAU offers lower annual costs (0.25% vs. SLV's 0.5%). The assessment points to persistent inflation risks from the Iran war's impact on energy prices and the potential for global central banks to further diversify away from the U.S. dollar as factors that will sustain higher investor demand for gold.