What is the current price of silver today?
Silver traded at $30.98 per ounce as of 9 a.m. ET. That represents an increase of 0.15% over the past 24 hours. Year to date, silver is up 29.49%.
On the last day, it has reached a low of $30.52 and a high of $31.13.
Silver spot price
Silver’s spot price is the price at which the precious metal can be bought or sold right now. That’s different from futures contracts, where you secure silver for delivery at a later date.
XAG/USD represents silver’s spot price in U.S. dollars. The price in euros is XAG/EUR. For British pounds, it’s XAG/GBP. The market is active 24/7, so prices are constantly in flux.
Silver price chart
This chart shows how silver’s spot price has trended over the last year. The data is updated at 9 a.m. ET and doesn’t have intraday lows or highs.
Silver is up 29.49% over the last 12 months as of 9 a.m. ET. It reached a 52-week high of $32.51 on May 19, 2024. Its 52-week low was $20.69 on Oct. 2, 2023.
The spot price is the current market rate at which silver can be bought or sold for immediate payment and delivery. Spot prices for precious metals are expressed in troy ounces. One troy ounce equals 1.097 standard ounces. This unit of measurement is used almost exclusively to price precious metals.
Silver’s spot price is influenced by various factors and impacted by futures contracts.
Precious metals spot prices
You can trade four main precious metals via physical bullion, exchange-traded products or futures contracts. They are silver, gold, platinum and palladium. All trade 24/7 in various currencies.
Gold/silver ratio
The gold/silver ratio is the price of an ounce of gold divided by the price of silver per ounce. As of today, the gold/silver price ratio is 76.75.
The gold/silver ratio is significant because it is a tool for comparing the relative values of these two precious metals over time. This ratio helps investors and traders understand how the value of gold and silver fluctuates compared to each other.
The high ratio suggests that gold is more expensive than silver, indicating a market preference for gold as a haven, which can mean economic uncertainty. Conversely, a lower ratio implies that silver is gaining value or that gold is becoming less expensive.
This ratio can also indicate potential buying opportunities. For instance, if the ratio is historically high, some investors might see it as a cue to buy silver, expecting it to revert to a long-term average.
The gold/silver ratio is also used to gauge economic health. Shifts in the ratio reflect changes in market sentiment and economic conditions.
Silver price history
Silver prices hit their historic high of nearly $50 per troy ounce in January 1980. The lowest price was $3.56 per troy ounce in February 1993.
Supply and demand, economic data, currency strength, changes in investment trends, and geopolitical events affect silver prices. Thus, the spot price of silver has experienced significant fluctuations over the years.
1970 – 2005
In the mid-1970s, silver was valued at less than $10 per ounce. But it saw a sharp rise toward the end of the 1970s, peaking at over $49 per ounce by 1980.
Despite this sharp rise, the prices fell back down, and by the late 1980s, silver was trading under $10 per ounce again.
2006 – 2024
Silver prices didn’t surpass $10 per ounce until 2006.
The Great Recession marked another significant period for silver prices. In March 2008, the price nearly doubled to about $20 per ounce, potentially driven by the global banking crisis and subsequent economic measures like quantitative easing.
But this was followed by another sharp decline, bringing prices back to around $10 per ounce in October 2008. Silver experienced another historical climb, reaching above $45 per ounce in April 2011.
This history reflects the silver market’s deep drawdowns and high run-ups. Various factors, such as economic crises, market speculation and investor behavior, influence these market shifts.
Silver future prices
Global exchanges exist in London, Hong Kong, Zurich, New York and Chicago. They allow for nearly 24-hour silver trading. The COMEX plays an essential role in setting silver spot prices. This branch of the Chicago Mercantile Exchange uses futures contracts to project silver prices.
Silver futures are contracts to buy or sell silver for a set price at a set future date.
Silver exchange-traded products
Silver exchange-traded products have a variety of structures. These include closed-end funds and grantor trusts.
ETPs typically operate by holding silver bullion in audited storage locations. They trade like stocks on exchanges. Investors buy shares that represent fractional ownership of the stored silver. Note that management fees and other expenses can impact returns.
How to invest in silver
Investing in silver can be approached in several ways, each with unique benefits and considerations:
- Bullion. This direct method involves owning physical silver bars and coins. But investors must consider storage and insurance costs, dealer markups, and the bid-ask spread when buying and selling.
- ETPs. These are available in most brokerage accounts and offer a more accessible alternative. But investors face ongoing annual expense ratios and possible tracking errors relative to the spot price of silver. It’s important to note that redeeming shares for physical silver is only sometimes guaranteed.
- Futures.Futures allow for speculation or hedging against price movements. Trading these derivatives is done on margin, making it highly volatile and potentially unpredictable. It requires a thorough understanding of the market and its risks.
Is buying silver a good investment?
Various economic factors affect silver’s price movement. Your objectives, risk tolerance and time horizon also impact whether silver is a good investment.
Silver is one way to diversify a portfolio that includes stocks and bonds. But it can be volatile and risky. Consider your options before investing in silver.
Frequently asked questions (FAQs)
No, gold is rarer than silver. And platinum is rarer than both silver and gold.
The rarity of a precious metal is understood through its mass fraction. That’s how much of the metal can be found per billion kilograms of the Earth’s crust. Silver is present at 75 parts per billion, while gold is present at four parts per billion.
Investors can gain silver exposure in their IRA through two main methods. One way is by including silver ETPs in their individual retirement account. This method allows investors to have an investment linked to silver without needing physical storage.
Alternatively, investors can use a silver IRA provider to open a specialized IRA that holds physical silver. In this case, the investor’s IRA invests in silver bars or coins stored in a secure, IRS-approved depository.
The process requires choosing a custodian that specializes self-directed IRAs to manage the purchase, storage and security of the physical silver.
