Silver and gold are stored in the same vaults under the same conditions, but the cost of holding equal value in each is very different. The reason is bulk.
Value density differs by a wide margin
Gold is denser than silver and trades at a far higher price per unit weight, so a given sum buys a much greater mass of silver.
The volume difference is greater still, because the lower density compounds the effect of the lower price.
A holding worth the same as a small gold bar can amount to a pallet of silver requiring handling equipment to move.
Vaults charge for space and weight
Storage fees are generally set as a percentage of value, but the vault's own costs are driven by floor area, shelving and structural load.
Silver therefore consumes far more of the vault's capacity per unit of value stored, and the fee schedule reflects that with higher rates.
Some facilities charge silver by volume or weight rather than by value, which makes the underlying economics explicit.
Transport costs scale with mass
Secure shipping is priced on weight, volume and the number of handling movements required, all of which are larger for silver.
Insurance in transit adds to that, and moving a bulky consignment involves more vehicles and more staff time than moving a compact one.
These costs are a meaningful proportion of the metal's value for silver and close to negligible for gold.
Tax treatment can add another layer
Many jurisdictions treat investment gold differently from silver for consumption tax purposes, and the rules vary widely and change over time.
Where such a difference exists, it applies to the full purchase value rather than to a fee, so it can dominate every other cost consideration.
The position depends entirely on local law, which is why the same holding can make sense in one country and not in another.
Storage location changes the calculation
Some holders store silver in jurisdictions with favourable treatment and lower vaulting costs, accepting that the metal is further away.
Others hold silver at home, where bulk becomes a security problem rather than a fee, and where insurance limits bite quickly.
Either way the practical constraint on a large silver position is physical rather than financial, which is not true of gold at comparable value.