What is the current price of silver per ounce today?
Silver’s price as of 9 a.m. ET was $30.60 per ounce. That’s down 0.27% from the previous day and up 27.89% since the beginning of the year.
The lowest price for the precious metal in the last 24 hours was $30.49 per ounce per ounce. The highest was $31.09 per ounce.
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.
As of 9 a.m., silver was up 27.89% 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
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 gold per ounce divided by the price of silver per ounce. Today, it’s 79.50.
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.
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
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 ETPs
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.
How to invest 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?
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)
Silver’s highest historical price was $49.45 per ounce on Jan. 18, 1980.
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.
