What is the current price of silver per ounce today?
Silver traded at $30.39 per ounce as of 9 a.m. ET. That represents a decrease of 1.80% over the past 24 hours. Year to date, silver is up 27.00%.
On the last day, it has reached a low of $30.05 and a high of $31.06.
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
The chart below shows how the spot price of silver is trending over the year. The data is updated at 9 a.m. ET and doesn’t have intraday lows or highs.
As of 9 a.m., silver was up 27.00% since Jan. 1. It hit its 52-week high of $32.51 on May 19, 2024. The 52-week low was $20.69 on Oct. 2, 2023.
The spot price represents the current market rate, or what the price is “on the spot.” Like gold prices, silver prices are typically provided in troy ounces. One troy ounce equals 1.097 standard ounces.
Various factors drive spot prices for silver. Many investors opt to trade using futures contracts rather than spot prices.
Precious metals spot prices
Investors can trade four main precious metals via physical bullion, exchange-traded products or futures contracts. Gold, palladium and platinum spot prices are updated 24/7 in various currencies like silver spot prices.
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 81.10.
The gold/silver ratio helps you understand how the value of gold and the value of silver fluctuate over time relative to each other.
A high ratio means gold is more expensive than silver. This preference for gold as a haven could suggest economic uncertainty. A low ratio means gold is becoming less expensive or silver is gaining value.
The gold/silver ratio can also help you identify buying or selling opportunities. For example, a historically high ratio may be a cue to buy silver, as the ratio could revert to its long-term average.
History of silver prices
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 futures
Key global exchanges facilitate nearly 24-hour silver trading. They exist in cities such as New York, Chicago, Hong Kong, London and Zurich. The COMEX, a branch of the Chicago Mercantile Exchange, uses futures contracts to project silver prices. In this way, it plays an essential role in setting the silver spot price.
Futures contracts set delivery dates and delivery prices. They’re a popular way to speculate on the prices of commodities, including precious metals. That popularity means trading futures on exchanges is relatively easy.
Silver exchange-traded products
Do you want to invest in silver using your normal broker? Then you might consider exchange-traded products. ETPs have ticker symbols and trade like stocks on exchanges. They typically hold physical bullion stored in audited facilities. Shares represent ownership of a fraction of that silver.
Note that ETPs may have management fees. They may also have tracking errors relative to silver’s spot price.
Investing in silver
There are three primary ways to invest in silver:
- Bullion.Directly owning physical silver is a simple way to invest. But you’ll need a place to store it. You’ll likely want insurance too. These costs can eat into your returns.
- Futures. Futures contracts are a popular way to speculate on silver prices. They also let you hedge against price movements. Note that futures can be risky, especially if you’re trading on margin.
- ETPs. ETPs are available in most brokerage accounts, making them accessible. Their downsides include potential management fees and tracking errors.
Is silver a good investment?
Whether silver is a good investment depends on an investor’s objectives, risk tolerance and the specific time considered. For some, silver can be a way to diversify a portfolio that already includes stocks and bonds.
But investors must be aware of several factors: the limitations in accessing silver in different forms, its high volatility, and the potential for extended negative or flat return periods.
It’s also important to understand that investments in silver can experience multiyear troughs and may not always align with broader market trends or inflationary pressures.
Frequently asked questions (FAQs)
Gold is rarer than silver. The rarity of these metals can be understood through their mass fraction, which indicates how much of the metal can be found per billion kilograms of Earth’s crust.
Gold is found at a rate of four parts per billion, while silver is more abundant at 75 parts per billion. This means that while there is a significant amount of gold in the Earth’s crust, it’s much less than silver.
Silver’s effectiveness as a hedge against inflation is mixed and varies by time and location. Some studies indicate that silver does not correlate well with consumer price movements in the U.S. But there has been some correlation in the U.K. market over the long run.
But for a more reliable hedge against inflation, investors might consider other commodities like energy and agricultural products. These often have a more direct and consistent relationship with inflationary trends.
