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Silver Spot Price

$32.43 USD ($0.19) USD -0.58% 24H Ask: $32.43 Bid: $32.06 Change: ($0.19) (-0.58%)
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Silver Spot Price

$32.43 USD ($0.19) USD -0.58%
Silver Spot Prices
Silver Price
Spot Change
Silver Price Per Ounce
$32.43 ($0.19)
Silver Price Per Gram
$1.04 ($0.01)
Silver Price Per Kilo
$1,042.65 ($6.11)

What is Silver's Spot Price?

Silver's spot price is the real-time rate at which silver is bought and sold for immediate delivery in the precious metals market. This rate fluctuates continuously, driven by ongoing market dynamics, world events, and key economic factors. It's vital for investors to monitor these changes to manage their silver transactions effectively. When purchasing silver, buyers should expect to pay this spot price and a dealer-imposed premium to compensate for their overhead costs. 

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Silver Annualized Return

USD
2008-30.5%-5.4%-22.3%-40.0%-2.2%2.8%
200949.9%18.1%49.7%56.6%22.6%37.3%
201065.5%58.5%96.8%58.4%16.8%89.4%
2011-9.6%-9.7%-7.2%-14.1%9.5%-9.6%
20126.8%6.8%7.5%21.2%5.0%4.6%
2013-37.7%-24.0%-38.7%-20.4%-29.4%-37.2%
2014-10.0%-9.3%-8.3%-5.1%11.6%-14.3%
2015-11.2%-3.7%-1.8%-13.6%-12.0%-6.8%
201617.0%16.0%18.8%11.3%11.8%37.7%
20171.8%-3.2%-6.7%0.9%7.6%-2.9%
2018-7.9%0.5%-4.5%-11.0%-0.3%-3.3%
201913.7%18.2%18.0%15.6%16.4%11.1%
202035.3%33.2%35.8%39.0%13.7%43.2%
2021-9.3%-6.1%-5.5%-0.1%-0.9%-11.0%
20224.3%9.6%9.3%16.3%1.4%15.1%
2023-9.5%-0.3%-3.6%6.9%4.4%-5.7%
Average4.3%6.2%8.6%7.6%4.8%9.4%

How Much Your Silver is Worth

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Silver Calculator

If the silver spot price is not listed in your currency, APMEX has a solution with its silver calculator. This tool allows you to calculate the price of silver based on your currency, the quantity and unit of measure you're interested in, and the silver's purity. Our silver coin calculator simplifies the valuation process for those needing to appraise their silver collection for insurance. This resource is invaluable for those looking to sell or invest in their silver holdings. Moreover, you can find the value of any sterling silver items you have. Our silver scrap calculator can assist in decluttering your space while earning you some extra money. 

Silver Spot Price FAQ

Investors can choose from various silver investment forms, including tangible silver bullion and paper silver assets. Silver bullion is commonly available as coins, rounds, and bars, offering a range of sizes. While some investors prefer the prestige of government-minted coins, others opt for the more economical choice of silver bars and rounds due to their lower premiums. Paper silver involves investing in Exchange-Traded Funds (ETFs) or owning certificates that represent silver held on your behalf by financial institutions. Unlike bullion, with paper silver, you don't physically possess the silver. 

Silver bullion is primarily a pure metal form, traded based on its silver content without any added value for collectibility or numismatics. It typically comes in bars, rounds, and government-backed sovereign coins, available in .999 fine (99.9% pure silver) or .9999 fine (99.99% pure silver) varieties. 

Silver bullion prices are determined by the global marketplace, incorporating buyer and seller activities and the current silver futures prices. Prominent markets for precious metals trading, including COMEX, the New York Mercantile Exchange, and the London Bullion Market, play a significant role in setting these prices. 

The value of silver hinges on the constantly changing live spot price, influenced by supply and demand dynamics, market conditions, and global events. For silver items, the value is predominantly based on the metal content. However, due to their collectability, rare or numismatic silver pieces may carry a value that exceeds their metal weight. 

Factors such as packaging, third-party grading, and certification also affect the price of silver products. APMEX relies on reputable grading services like PCGS and NGC to certify the condition of coins, ensuring their authenticity and preserving their quality. 

Silver's price per ounce is dynamic, adjusting to market trends, supply-demand balances, geopolitical events, etc. The "price of silver per ounce" commonly denotes the spot price. Despite this, the value of silver coins can vary based on their minting numbers, rarity, and condition, which applies to coins from both private and sovereign mints. 

The unit of measurement for silver prices, the troy ounce, differs from the standard avoirdupois ounce used in the U.S. A troy ounce equals 1.09711 avoirdupois ounces, 31.1035 grams, or 0.031 kilograms. Originating from medieval France, the troy weight system is crucial for precisely trading precious metals today. 

In silver trading, the bid price is the purchase price offered by dealers, and the ask price is their selling price to consumers. The spread, which is the difference between these prices, includes the coin's fabrication and distribution costs, referred to as the premium. For instance, a silver purchase at $20.00 per troy ounce ($642.95 per kilogram) and sale at $25.00 per troy ounce ($803.69 per kilogram) would result in a $5.00 ($160.74 per kilogram) USD spread. 

While the spot price of silver influences the base value of silver coins, their actual market value also depends on mintage, scarcity, and condition. This variation occurs with coins from both private and sovereign mints. Consulting a financial advisor for specific product eligibility is recommended for those considering coins or bullion as investment options. 

No matter your location, the silver spot price is the same at any given moment, denominated in U.S. dollars. Local currencies adjust the price from USD to show the cost for one troy ounce (0.031 kilograms) of silver. Prominent trading platforms such as COMEX, NYMEX, LBM, and CGSE keep their silver spot prices up-to-date, ensuring a consistent price point worldwide. 

Deciding on how to store your silver safely is crucial after purchase. Home storage options include safes or lockboxes for added security. Alternatively, for superior protection against theft and environmental harm, consider third-party storage solutions like Citadel (an APMEX subsidiary), which offers storage for a fee.  

Citadel's service includes dedicated storage for your assets, an online portfolio for easy tracking and valuation of your holdings, the option to sell back to APMEX without shipping fees, and assurance against theft, damage, and loss. 

Are you looking to sell your silver? APMEX simplifies the process, allowing you to sell your precious metals online easily. For detailed instructions on how to proceed, visit our "Sell Silver to Us" page or contact our specialists for a step-by-step guide. 

The gold to silver ratio calculates the amount of silver needed to buy the same weight in gold, derived from dividing the gold price by the silver price. Investors utilize this ratio to gauge silver's relative value and identify potential investment opportunities. Monitoring the live gold price can provide valuable insights for your investment decisions. 

For those interested in diversifying their investment strategies, our selection of gold coins, rounds, and bars offers a variety of options to enhance your portfolio. 

Investing in a Precious Metals IRA, with options like silver, offers a self-directed IRA with growth potential. Like traditional IRAs, it allows for the tax-deferred buying and selling of metals, enabling profits to grow untaxed until they are withdrawn at retirement, possibly under more favorable tax conditions. 

Purchasing silver through APMEX online may incur state and local taxes, influenced by the order's value and the delivery address. For detailed tax information relevant to each state, our State Tax Information page provides the necessary insights. 

When you place an order for silver with APMEX, either online or over the phone, your price is immediately locked in. We will send an order confirmation email to you outlining your purchase and the secured price. 

APMEX accepts various payment methods for silver purchases, with some offering discounts. For detailed information on eligible payment methods for discounts and more on pricing and payments, our Payment FAQ page is available for consultation. 

Why Do Investors Buy Physical Silver

Silver is a valuable asset due to its limited availability and extensive applications in various sectors, including healthcare, automotive, and energy. This ensures its consistent demand. Moreover, owning physical silver eliminates counterparty risk, the risk associated with the failure of another party to fulfill their contractual obligations. When banks or firms like FTX collapse, it leads to significant losses for investors and depositors. In such cases, physical silver serves as a reliable safeguard, offering a versatile option that supports diverse investment approaches. 

Silver Price History

During the 1990s, the price for one troy ounce (0.031 kilograms) of silver hovered around $5.00 ($160.74 per kilogram). The 2000s saw a rise in silver prices, marked by significant fluctuations. The record low was $3.55 ($114.12 per kilogram) in 1991, while the peak reached $48.70 ($1,565.58 per kilogram) in 2011. A notable surge occurred in 1980, hitting $49.45 per troy ounce ($1,589.69 per kilogram) due to the Hunt Brothers' attempt to monopolize the silver market, leading to a financial tumult. This event brought about stricter regulations to prevent market monopolies. The 1980 price spike is often cited by silver advocates as an indicator of its potential value in times of scarcity, equating $49.45 per troy ounce ($1,589.69 per kilogram) to $184.64 ($5,935.71 per kilogram) in 2023's money, suggesting a potential maximum value for silver. 

Using All-Time Highs for Timing

Investors keen on market timing may look to historical peaks to decide their buying or selling strategies. The 1980 peak of $49.45 per troy ounce ($1,589.69 per kilogram), driven by exceptional circumstances, and the 2011 peak of $48.70 per troy ounce ($1,565.58 per kilogram) are pivotal references. These benchmarks are adjusted for inflation to guide investment decisions, with the 1980 peak equivalent to $184.64 per troy ounce ($5,935.71 per kilogram) and the 2011 peak to $66.61 per troy ounce ($2,141.34 per kilogram) in 2023, offering insights into silver's potential in various market conditions. 

Could Silver Reach $100, $300 or $1,000 Per Ounce?

Our Knowledge Center's article, "Could the Price of Silver Ever Reach $1000 Per Ounce," takes a detailed look into the speculation surrounding silver's price potential. Such predictions have not been realized despite frequent online speculation about dramatic price increases. Investing in silver has its merits, including its tangible nature, historical appreciation of nearly 600% since the 1990s, and inherent scarcity and utility, ensuring its value remains above zero. We advise conducting thorough research and investing judiciously in silver. 

Factors that Influence Silver Prices

Silver prices are affected by macroeconomic indicators, prevailing market sentiments, and demand within specific industries. Economic factors such as inflation, interest rates, and economic growth significantly impact silver's valuation. Sentiment around geopolitical events and the appeal of silver as a safe investment can quickly alter its price. The demand from industries, especially in electronics and renewable energy, plays a crucial role, alongside the production output from mines, stability in key silver-producing areas, and the US dollar's performance, as silver prices are quoted in dollars. 

For instance, in the week of November 28th, 2023, the Federal Reserve's Christopher Waller hinted at possible rate reductions in 2024, which led to a decrease in the two-year treasury yield by 8.9 basis points and a surge in both gold and silver prices, with silver jumping 4.21%. This episode underscores how market sentiment can directly influence silver's market value.

How is the Silver Spot Price Determined?

The current price for immediate delivery is the silver spot price, which is mainly determined on the COMEX through a dynamic auction of futures contracts. This price reflects the real-time balance of supply and demand, influenced by various factors, including geopolitical events and investor sentiment. While the COMEX is critical for this determination, global pricing is also shaped by other markets and exchanges like the LBMA, TOCOM, and SHFE, ensuring a comprehensive global pricing mechanism for silver. 

How Silver Futures Influence Silver Spot Prices

Silver futures, agreements for future delivery, play a vital role in shaping the spot market price by reflecting the market's future expectations. The gap between spot and futures prices is shaped by market predictions, cost considerations, and the overall balance of supply and demand, making it a key aspect for market participants to consider. 

Why are there Differences Between Silver Spot and Silver Future Prices?

The phenomena of contango and backwardation, where future prices are higher or lower than spot prices, respectively, highlight market anticipations regarding silver's supply and demand. Contango suggests an expectation of increasing demand or decreasing supply, factoring in costs like storage, while backwardation indicates the opposite. These market states are critical for investors and traders to understand, as they influence silver trading strategies and market outlook. 

How to Trade the Gold to Silver Ratio

The gold to silver ratio, indicating the amount of silver needed to buy an ounce of gold, is a critical metric for assessing the comparative value of these metals. A high ratio may indicate silver's undervaluation against gold, suggesting an opportune time to invest in silver. Conversely, a low ratio favors gold investments. Savvy investors use this ratio to toggle between silver and gold investments. For example, in January 2019, an investor could have exchanged 5 ounces (0.16 kilograms) of gold for 560 ounces (17.42 kilograms) of silver by 2020, when the ratio peaked at 112. Later, when the ratio decreased to 70, trading back to gold could yield 8 ounces of gold (0.25 kilograms). If the initial purchase price was $1300/ounce ($41,791.73 per kilogram) and the subsequent price was $1900/ounce ($61,080.22  per kilogram), trading the ratio potentially net over a 133% profit, excluding taxes and other costs. Investors typically liquidate to a currency like the USD for these trades, preferring silver forms that are both low in premium and highly liquid, such as bars or official mint coins. 

Why is Silver Used as a Store of Wealth

Silver has long been a bastion of stability in turbulent economic times, particularly during hyperinflation, when it becomes a go-to asset for safeguarding wealth. This was evident in Zimbabwe's late-2000s hyperinflation and Venezuela's mid-2010s economic crisis, where silver and gold emerged as a reliable value store. Historical instances of hyperinflation in countries like Germany, Greece, and Yugoslavia further highlight silver's enduring appeal as a hedge against currency devaluation. 

The Green Revolution and Silver’s Industrial Uses

Given the constrained supply and escalating demand for silver, there's a widespread consensus that demand will surpass supply, inevitably driving prices upward. The focal points of this scenario are the silver demands from electric vehicles (EVs) and photovoltaics (solar panels). The substantial funding for a green revolution, mainly through initiatives like the Build Back Better bill, underscores the heavy reliance on silver, attracting keen interest from traders. Silver's annual supply has seen minimal increments, with a mere 4.9% rise in 2021, a virtually flat increase of 0.02% in 2022, and a forecasted 2% uptick in 2023. This limited supply is attributed to regulatory obstacles and the prolonged lead time for new mining ventures to become operational. Despite the surge in demand from 2020 to 2023, the supply hasn't kept pace. 

The solar industry, a major consumer of silver, has exhibited significant growth in silver consumption, with a 10% increase in 2021 and a notable 28% rise in 2022. Projections indicate a further 15% surge in consumption for 2023, with forecasted demand reaching 161 million ounces (5,007,659.76 kilograms). Remarkably, between 2020 and 2023, the solar sector alone absorbed 91% of the supply increment. With ongoing investments poised to drive further expansion in this sector, silver consumption is anticipated to outstrip available supply. 

Silver Supply & Solar Use (millions of oz)
Year 2020 2021 2022 2023 FC
Silver Supply 957.9 1004.5 1004.7 1024.9
Supply Increase YoY -- 4.9% 0.0% 2.0%
Solar Demand 100 110 140.3 161.1
Solar YoY Increase -- 10% 28% 15%

Electric vehicles (EVs) significantly outstrip internal combustion engine (ICE) vehicles in silver consumption. Although the silver content varies among EV brands and models, a rough estimate suggests that EVs utilize approximately twice as much silver as ICE vehicles. For every EV replacing an ICE vehicle, an additional 0.5 troy ounces (0.016 kilograms) of silver consumption is anticipated. Notably, this estimation excludes the silver required to fully electrify the grid for widespread electric car charging infrastructure across the US. Projections regarding electric vehicle production are subject to constant change, with recent slowdowns attributed to rising interest rates in 2023 and manufacturers revising their forecasts. Despite these challenges, the share of EVs in new vehicle sales surged to 14% in 2022, a significant leap from 4% in 2020. If the current pace of EV adoption continues, full electrification could entail an additional consumption of 100 million ounces (3,110,347.68 kilograms) of silver by 2030. 

Silver stackers are closely tracking the progression of the green revolution, acknowledging its potential to significantly elevate silver prices as the intricate interplay between supply and demand seeks equilibrium. 

Why You Should Never Attempt to Buy Silver Below Spot 

In any market, it is critical to be cautious against offers seemingly too good to be true. Transactions proposing silver sales below spot price should be met with skepticism, as they often signal counterfeit products. The spot price accurately reflects silver's market value, with premiums essential for maintaining the supply chain's viability. Encounters with offers below this price warrant careful consideration, reflecting the broader principle of market integrity and the risks of opportunistic scams. 

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