What is the current price of silver today?
The price of silver opened at $29.21 per ounce, as of 9 a.m. ET. That’s down 0.98% from the previous day and up 22.09% year to date.
The lowest trading price within the last day: $28.97 per ounce. The highest silver spot price in the last 24 hours: $29.63 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.
Silver is up 22.09% 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
Silver is one of four main precious metals investors can trade via physical bullion, exchange-traded products, or futures contracts. Gold, palladium, and platinum spot prices are also updated 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 79.68.
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 peaked in January 1980 at $49.45 per troy ounce. They hit a low of $3.56 per troy ounce in February 1993.
Silver’s spot price has fluctuated over the years. Variables such as supply and demand, geopolitical events, currency strength, economic data, and changes in investment trends impact silver prices.
1970 – 2005
Silver was under $10 per ounce in the mid-1970s. It reached nearly $50 in 1980. But silver fell back under $10 by the late 1980s.
2006 – 2024
Silver prices cleared $10 again in 2006.
The Great Recession drove prices higher. In March 2008, spot prices reached about $20 per ounce. But another sharp decline followed. Silver dropped back below $10 by October 2008.
Another major jump occurred a few years later. In April 2011, silver traded at over $45 per ounce.
History of silver prices
Silver prices reached their highest peak in January 1980, at around $49.45 per troy ounce. Conversely, their lowest trough was in February 1993, at around $3.56 per troy ounce.
Silver prices fluctuate based on multiple variables, such as supply and demand, geopolitical events, currency strength, economic data, and changes in investment trends. The historical spot price of silver has thus been characterized by high volatility, with significant fluctuations over the decades.
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 deep drawdowns and high run-ups characteristic of the silver market. 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 ETPs
Silver exchange-traded products come in various legal structures, including closed-end funds and grantor trusts.
These ETPs generally hold silver bullion in audited storage regardless of their structure. They trade on exchanges with tickers similar to stocks, allowing investors to buy shares representing fractional exposure to the silver stored.
The price of a silver ETP can fluctuate, trading at discounts or premiums to its net asset value. This variation is often due to supply and demand imbalances in the market.
Additionally, investors should be aware of annual management fees and other expenses, which can impact overall returns.
How to invest in silver
Investing in silver can have different benefits and drawbacks depending on the method:
- Bullion. Purchasing physical silver is fairly simple. But storage and insurance costs, dealer markups, and bid-ask spreads can eat into returns.
- Futures. Futures contracts allow you to speculate on prices. They can also be used to hedge against price changes. But futures trading is complex and requires expertise.
- ETPs. Available through most brokerage accounts, ETPs might be the most accessible option. You’ll pay expense ratios for management. What’s more, these products can have tracking errors relative to silver spot prices.
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)
Gold is rarer than silver.
A precious metal’s rarity can be understood through its mass fraction. This indicates how much of the metal can be found per billion kilograms of Earth’s crust. Gold is present at four parts per billion, compared to 75 parts per billion for 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.
