What is the current price of silver today?
Silver’s price as of 9 a.m. ET was $31.65 per ounce. That’s up 2.17% from the previous day and up 32.30% since the beginning of the year.
The lowest price for the precious metal in the last 24 hours was $30.65 per ounce per ounce. The highest was $31.75 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.
12-month 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 is up 32.30% since the beginning of the year. The 52-week high reached $32.51 on May 19, 2024, and the 52-week low dropped to $20.69 on Oct. 2, 2023.
The spot price of silver represents the current market rate at which silver can be exchanged and immediately delivered. Similar to gold, silver prices can be provided in troy ounces, grams and kilograms. Notably, a troy ounce, the standard unit for quoting silver prices, is slightly heavier than a standard ounce, with one troy ounce equaling 31.103 grams or 1.097 ounces.
The worldwide silver spot price calculation is a complex process, influenced by several factors and majorly impacted by futures contracts rather than physical silver trading.
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 76.02.
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 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 been characterized by high volatility, with 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 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 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.
Investing 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?
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)
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.
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.
