Silver Spot Prices & Charts
Our silver spot price page contains various interactive charts of silver prices, including spot silver charts. Not only can these charts be adjusted for different time frames, one can also compare silver prices directly to other asset classes such as the SP 500, crude oil or U.S. dollar.
In addition to some of the standard date ranges, one can also plug in customized date ranges to look for price action or trends in any time frame desired.
What Exactly Does Silver “Spot” Mean?
When looking at the spot price of silver, or other commodities, the spot price refers to the price at which the metal may be transacted on and delivered on now as opposed to in the future. The spot price of silver is always changing due to supply/demand and other factors.
Silver Price FAQs
Why is the spot silver price always changing?
As a commodity and investment vehicle, the spot silver price is always in a state of flux. Like any market, silver is driven by basic supply and demand. Some of the specific factors that can affect supply and demand are:
- Industrial demand
- Investment demand
- Risk aversion
- Geopolitical risks
- Economic risks
- Currency markets
How is the spot silver price determined?
Silver is traded all over the globe and is in a constant state of price discovery. The spot price is calculated using the front month futures contract, or nearest month futures contract with the most volume.
Does silver trade at the same price all over the world?
Silver is a dollar denominated commodity. As such, the price of silver is the same whether quoted in the U.S. or Asia.
What exactly does the spot silver price quote?
The spot silver price reflects the current price for one troy ounce of .999 fine silver.
Do silver dealers charge a premium over spot?
Yes. A precious metals dealer will charge a premium over the spot price for various silver bullion products. This premium over spot represents the dealer’s gross profit margin. Dealers must, however, then subtract various overhead costs to determine their net profit.
What is the spread on silver prices?
The spread on silver prices is the difference between what a dealer will buy silver for and what they will sell silver for. For example, if spot silver is currently priced at $17 per ounce, a silver dealer may list a basic silver round for sale at $17.80. That same dealer may also list an offer to purchase the same silver round for $16.50. The difference between the buy price and the sell price is the dealer’s gross profit.
Does silver move inversely of the dollar?
While no relationships are set in stone, silver is a dollar denominated commodity and, therefore, may at times exhibit an inverse correlation to the dollar. Because silver is priced in dollars, the metal may become relatively cheaper for foreign buyers when the dollar is weaker. Conversely, when the dollar is stronger, silver may become relatively more expensive for foreign buyers.
Spot Silver and Paper Silver
I want to own silver. Should I buy shares of a silver based ETF?
Owning shares of a silver-backed ETF is not the same as owning physical silver. The same can be said for owning shares of silver mining companies or any other paper asset based on silver. These paper assets all carry counterparty risk, whereas ownership of the physical metal does not.
Should I buy silver futures contracts?
A futures contract is a standardized contract for the purchase or sale of an asset at a set price at a certain date in the future. These instruments may be highly leveraged, and carry a significant risk of loss. Futures are not suitable for all investors. While owning a silver futures contract is not the same as owning the physical metal, one can take steps to take delivery on a futures contract.
What is the primary exchange silver is traded on?
Silver is traded on several prominent exchanges all over the world. The COMEX exchange, however, is the primary exchange used for spot silver pricing.
How much silver does a futures contract equal?
A standard silver futures contract is for 5000 troy ounces of .999 fine silver.
Is the spot silver price the same as paper silver product prices like an ETF?
No. The spot silver price is the price of silver for immediate delivery. ETF, stock or other paper asset prices can be affected not only by the spot silver price, but many other factors, as well.
Other Silver Price FAQs
Why does silver trade around the clock?
The silver market has numerous influences. Different market participants may need to access the silver market at different times based on current prices, outlook, hedging needs and other factors. In addition, because silver is traded all over the world, those in other areas need to be able to access the silver market at any time.
Spot silver is at $17 per ounce, yet I saw a one ounce coin selling for $50. What gives?
The price and premium of silver bullion can vary greatly depending on numerous factors. A very basic silver round, for example, may carry a very small premium over the spot price. A collectible silver coin of limited mintage, however, could carry a significantly higher premium based on supply and demand.
Are silver coins bought for their face value?
No, generally speaking. Silver coins are typically purchased for their bullion content and any collectible value they may have.
Are dealer premiums over spot a fixed amount?
Dealer premiums can vary a great deal by product and other factors. A basic silver round with large supply may carry a very small premium, while a very old numismatic silver coin of very limited supply may carry a much higher premium.
Do I need a lot of money to start building a physical silver portfolio?
Absolutely not. With silver prices at current levels, even the smallest of investors can begin building their precious metals portfolio. In fact, one can get started with less than $20.
Can I buy physical silver for my IRA account?
Yes. Physical silver can be purchased and held within an IRA account. There are, however, very specific guidelines that must be adhered to. Some of the guidelines include the type of silver bullion and use of an approved depository.
How can I get the most ounces of silver for my money?
When looking to maximize investment dollars, it is best to stick to the basics. Basic silver coins, rounds and bars are all good options. The important thing is to look for products with the lowest dealer premiums and to buy in bulk when possible. Most dealers will offer bulk discounts on prices, and buying in bulk may also save significant money on shipping costs.
Why is silver bullion more expensive if I pay by credit card?
Silver dealers often work on very tight profit margins. When accepting a credit card, the credit card company charges a percentage of the transaction as a processing fee. Dealers cannot afford to simply eat this cost, and therefore pass this cost along directly to customers.
I’ve heard that silver can be very volatile, is this true?
Silver, like any commodity, can exhibit periods of heightened volatility and price movement. When looking at silver as a long-term investment, however, we believe that the day-to-day or even month-to-month fluctuations in silver prices should not be the area of focus. We are more concerned with the long-term trend in silver, as well as the potential protection that physical silver ownership may provide. And remember, when you buy physical silver, you own it. There are no margin calls to be met or additional money to be added to hold it (outside of any storage costs etc). That being said, a physical silver investment can increase or decrease in value over time.
Will I get a better deal buying large silver bars as opposed to coins?
Buying larger silver bars, such as 100 ounce or 1000 ounce bars, may have a significant cost savings. These larger bars will usually carry lower premiums than smaller bars, coins or rounds. One will, however, also want to consider the issue of storage and security.
Do people pay for everyday purchases with silver bullion coins?
No. Silver bullion coins derive most of their value from their bullion content or any collectible value. Have you ever seen someone pay for groceries in a store with silver eagles? Probably not. That being said, however, silver bullion coins like American silver eagles are considered good, legal tender and could be used to make purchases.
Should I buy silver online or from a coin shop?
Purchasing silver from an online dealer may have numerous advantages. Online dealers often have significantly lower prices because they do not have the overhead costs associated with running a brick and mortar coin shop. In addition, online dealers may have significantly larger product selections to choose from.