What is the current price of silver per ounce today?
Silver traded at $30.97 per ounce as of 9 a.m. ET. That represents a decrease of 0.73% over the past 24 hours. Year to date, silver is up 29.44%.
On the last day, it has reached a low of $30.76 and a high of $31.52.
Silver spot price
The spot price refers to the price at which silver can be bought or sold “on the spot,” or immediately. The futures price, however, reflects the price for silver delivered later.
Silver’s spot price in U.S. dollars is denoted as XAG/USD on the foreign exchange market. You can track silver’s spot price in other currencies, including XAG/GBP for British pounds and XAG/EUR for euros. Silver trades 24/7, so its price is always shifting.
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 29.44% over the last 12 months as of 9 a.m. ET. It reached a 52-week high of $32.96 on Oct. 4, 2024. Its 52-week low was $21.88 on Nov. 13, 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 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
One metric people follow closely is the gold/silver ratio. It’s the price of an ounce of gold divided by the price of an ounce of silver. As of 9 a.m. ET, that was 85.51.
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 like 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.
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 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.
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 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)
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.
Read More: Silver is down 0.73%, trading at $30.97