Silver price today: Silver is up 1.23% today
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Published 1:34 p.m. UTC July 2, 2024
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What is the current price of silver per ounce today?
The price of silver opened at $29.57 per ounce, as of 9 a.m. ET. That’s up 1.23% from the previous day and up 23.59% year to date.
The lowest trading price within the last day: $29.14 per ounce. The highest silver spot price in the last 24 hours: $29.73 per ounce.
Silver spot price
| Metal | Today | 24-hour change | YTD |
|---|---|---|---|
Silver price per ounce
| $30.48
| 3.06%
| 27.38%
|
Silver price per gram
| $0.98
| 3.06%
| 27.38%
|
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.
APMEX
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 23.59% 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
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
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 78.72.
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 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
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 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 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
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 buying 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.
Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.
Blueprint has an advertiser disclosure policy. The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider’s website for the most current information.
