Silver is down 0.66% today

What is the current price of silver today?

Silver traded at $32.13 per ounce as of 9 a.m. ET. That represents a decrease of 0.66% over the past 24 hours. Year to date, silver is up 34.30%.

On the last day, it has reached a low of $31.58 and a high of $32.46.

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.

Silver is up 34.30% over the last 12 months as of 9 a.m. ET. It reached a 52-week high of $32.71 on Sep. 26, 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

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 83.11.

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

Silver traded for under $10 per troy ounce in the mid-1970s. It peaked at $49.45 per troy ounce in 1980. By the late 1980s, silver spot prices had fallen back under $10.

2006 – 2024

Silver prices didn’t clear $10 again until 2006.

Another significant period for silver prices came during the Great Recession. The price spiked to about $20 per troy ounce in March 2008. But it slid back below $10 by October that year.

A historic climb followed, with prices clearing $45 an ounce by April 2011.

Silver futures

Key global exchanges, including those in cities like Chicago, Hong Kong, London, New York and Zurich, facilitate nearly 24-hour trading of silver. The COMEX, a branch of the Chicago Mercantile Exchange, plays a pivotal role in setting the silver spot price, using futures contracts to project silver prices.

Silver futures are a financial contract where a buyer agrees to purchase, and a seller agrees to sell, a specific amount of silver at a predetermined price on a specified future date. The standardization provided by silver futures makes the contracts easily tradable on exchanges.

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 be approached in several ways, each with unique benefits and considerations:

1. 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.
2. 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.
3. 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)