Silver price per ounce +/-
Silver price AUD A$ 45.37 -0.07%
Silver price USD 30.78 USD +0.07%
Silver price EUR 28.22 EUR -0.04%
Last update: 13/07/2024 - 3:20pm

Silver price Chart - Silver Spot Price

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Understanding Silver Prices

Investors are frequently interested in understanding how the value and price of silver is determined, who assesses these prices, what methods they use, and what various factors play a role in determining its value. This guide to understanding silver prices answers these questions and other common questions about how the silver market works.

How Daily Silver Prices are Calculated

Daily silver prices are determined using two different methods. One method for calculating the price is called spot pricing, and the other method is futures market pricing. While each of these methods uses similar criteria, spot pricing is used to determine silver's value at a particular place at the current time. Futures market pricing, on the other hand, determines its value at a later designated time. 

The process of calculating silver pricing was handled by a group of multinational banks until recently, when the practice of silver fixing was ended. Market fixing is still being used to determine prices for other metals, and whether the practice of silver fixing will be resumed by another group remains to be seen.

Where Silver Prices are Determined

Currently, the prices of silver are no longer fixed, which means it is subject to market analysis using other means to determine pricing. Before August 2014, however, silver prices were determined by a small group of banks, who used a rather simple method for determining its daily pricing. 

Silver price fixing was handled by The London Silver Market Fixing Limited until August of 2014. The group was comprised of only two commercial banks, HSBC and the Bank of Nova Scotia, at the time of its dissolution. Other banks had previously been affiliated with the group. 

The way prices were determined on a daily basis were incredibly simple. Members of The London Silver Market Fixing Limited met by conference call daily at noon London time, and during that call, the banks exchanged silver offers and bids on behalf of their clients. The fixed price was set when supply and demand nearly equalled, and that price would remain in effect for the remainder of the day. This is the same process that that is currently used to set gold prices and prices for certain other metals.

Before closing, The London Silver Market Fixing Limit had set silver prices daily since 1897. In 1919, The London Gold Market Fixing Limited was modelled after its predecessor to serve the same function for gold pricing. Because there is currently no group that handles price fixing for silver, investors now use the silver spot price or silver futures closing prices to determine its value.

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Factors That Influence Silver Prices

Several different factors influence silver prices, including supply, demand, specific international currency values and the predictions associated with futures markets. Because the supply of silver will always be limited, its supply is calculated as it relates to its availability on the current market. Demand for the metal is subject to market variations.
When more people are buying silver, demand increases. This causes prices to rise. When fewer people are buying, demand has decreased, and the price lowers. 

Similarly, when there is a lot of silver on the market, its prices decrease. However, when it is scarce, its value increases. The ratio of buyers versus sellers still plays an important role, but without price fixing, other methods are required for determining the fair market value of silver. One must now look to the spot price and the futures markets to get an accurate assessment of silver's value

The currency of the buyer also plays an important role in pricing because inflation affects purchasing power. When a currency is strong, it can purchase more goods. When a currency is weaker, it has less purchasing power. Like other commodities, silver is treated as a good on the market. However, at one time it was used as a worldwide currency. The British sterling derives its name from this metal.

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Why Inflation Doesn't Negatively Affect Silver's Value

Inflation is a sustained increase in price of goods relative to currency. Because silver is treated like a commodity or good and not a currency, it is not subject to inflation. Its value is retained even as currencies lose their purchasing power. This is one reason why investors turned to metals like silver, gold, platinum and palladium when trying to preserve wealth. 

As currencies inflate, their purchasing power lessens. Investments that protect wealth from inflation allow the investor to lock in much of the buying power associated with his or her holdings. Historically, silver has retained its value, and even during times when its prices are low, they have a consistent history of bouncing back. Many investors find that the best time to buy is when lots of sellers cause the prices drop. Later, it can often be sold at a high profit.

Why Silver Prices Fluctuate

Several different factors play a role in determining silver's value, and those variables are always changing. Prices will vary among different currencies because the currencies themselves fluctuate in value. The levels of supply and demand also vary, which is an additional factor that must be considered. 

Greater demand leads to higher prices, and lower demand sends prices falling. Futures markets that help predict the expected value in the short-term future also help determine silver's current value. Spot pricing is typically what it is used to determine that value at a given moment in time, and quickly changing variables lead to different price points on a daily basis.

The prices fluctuate because all these factors have to be considered when assessing a fair market value for silver. However, historically, silver has always been in relatively high demand with a limited supply, which makes it a good investment in any economy.

The Role of Silver Spot Pricing

Spot pricing refers to the values a buyer and seller agree upon to price a commodity at a particular moment. Because prices are always fluctuating, the spot price is subject to daily variations. Both time and place must be factored in when making this determination. For silver, the fineness of the metal must also be taken into account. The futures market also must be considered. Specifically, the front futures market month that has the most volume needs to be factored in when assessing the spot price. However, keep in mind that spot pricing is used to determine a price point that applies at the given moment of the transaction, not in the future.

Silver spot pricing is used when buying or selling silver. Because there is no price fixing involved, spot pricing is the primary way to measure its value at a certain time and place. Although spot pricing also plays a role in futures markets, those looking to buy or sell silver now, and not at a later date, will need to use spot pricing to determine the value of the silver they plan to buy or sell. 

Silver Prices and Numismatics

The prices of collectible coins are determined using different methods than those that are used to value bullion. Numismatic coin collectors are often able to command higher prices for their silver because this type of silver trading accounts for factors that other types of trading do not. However, this is not always the case. Coins must be rare to have exceedingly high values. Collectors who are interested in collecting coins value different coins according to factors the bullion market does not account for. For example, numismatic collectors consider the rarity, age and condition of the piece. Bullion investors do not typically account for these things.

For this reason, some silver coins can be worth far more than the spot price of silver itself. Numismatic coins are generally of more interest to those who want coins for their collectible or historical value, while retaining the option to sell them at a profit at some later date. Selling collectible coins requires a different process than selling or trading bullion, and it is important to note that because numismatic coins have higher value among collectors than investors, selling numismatic coins usually requires searching for another collector who wants to purchase them. 

Silver Prices and Bullion

Those whose interest in silver relates more to investing than collecting are almost always more drawn to bullion. Investors prefer bullion over numismatic coins because bullion always lists certain information such as the silver's standardised weight and its fineness. Bullion value is more easily agreed upon in various markets. Because bullion focuses on the standardised commodity itself, it can typically be traded or sold more quickly than numismatic coins. Bullion investors choose this investment primarily to secure wealth in a form that isn't subject to inflation. It can be sold at spot prices at most any given time without searching for a collector to purchase it. 

How Currency Fluctuations Affect Silver Prices

Currency fluctuates in value on a regular basis. This means purchasing power changes according to whether a currency is weak or strong. Strong dollars allow for more buying power, and weak ones limit purchasing power. Because silver uses standardised measurements, the currency ratio is easier to determine by looking at the spot price. However, stronger currencies can always buy more of a commodity, so looking at various currencies side-by-side can be helpful in assessing if that is the cause of the change in pricing.

Because currency values are essentially a measure of one currency against other world currencies, the formula to understand whether a dollar is weak or strong requires evaluating that currency in relationship to other currencies. A dollar is always either strong, weak, or equal to another given monetary unit.

Various Market Factors that Affect Silver Prices

Changing silver prices reflect several other market factors, as well. They can indicate a change in demand for silver, or they can indicate a change in the value of a particular currency. To understand whether a change in silver's value relates to currency or demand, one can look at whether its prices have increased evenly across all currencies or whether its higher pricing applies only to the currency in question. This can help assess whether the currency itself has changed in value or whether the price of silver has changed across all markets.


How Futures Markets Affect Silver Prices

Futures markets are speculative. In futures markets, certain factors are standardised: quantities, quality, time and place of delivery are all decided upon beforehand. Only the price of the commodity in question is variable. Futures contracts help investors achieve various goals: hedging investments against inflation, using them as speculation to gain profits, or holding them as standard investments. 

During times of economic crisis, people often turn to precious metals to gain security against changing values in currencies. When this happens, the market is filled with buyers, and the prices tend to be higher. However, that is not always the case. Futures markets can predict a lower future price, which can lower the overall price of silver. Speculative demand increases or decreases can also affect the prices of silver. In general, however, when economies are shaky, precious metals' values increase.

Why Silver is a Relatively Safe Investment

Silver has historically been such a important part of the world economy that some currencies are named after this metal. Investors and collectors tend to use this metal to shield other investments from losses, and precious metals are a crucial part of a balanced investment portfolio. People often use it to offset losses from less stable investment options.

Understanding how silver is priced is somewhat complicated, but this metal has been valued by collectors and investors since ancient times. Although it does fluctuate in price, its values always have a tendency to later exceed the purchase price. Wise investors plan their decision to sell carefully, so that they can get the highest possible return on their investment. A balanced portfolio that includes metals can use these more stable investments to guarantee that more speculative and less proven investments can withstand market fluctuations without wiping out the investor's wealth. In an economy where silver's value rises faster than the dollar declines, investors secure great deals of their wealth in the form of this historically secure commodity.

30 Days - Silver price development - Silverspot

Date Performance to previous day Closing rate
20/04/2018 A$ 0.09 / 0.4% A$ 22.39
19/04/2018 A$ 0.23 / 1.04% A$ 22.30
18/04/2018 A$ 0.50 / 2.32% A$ 22.07
17/04/2018 A$ 0.17 / 0.79% A$ 21.57
16/04/2018 A$ -0.03 / -0.14% A$ 21.40
15/04/2018 A$ 0.00 / 0% A$ 21.43
14/04/2018 A$ 0.00 / 0% A$ 21.43
13/04/2018 A$ 0.23 / 1.08% A$ 21.43
12/04/2018 A$ -0.27 / -1.26% A$ 21.20
11/04/2018 A$ 0.14 / 0.66% A$ 21.47
10/04/2018 A$ -0.08 / -0.37% A$ 21.33
09/04/2018 A$ 0.10 / 0.47% A$ 21.41
08/04/2018 A$ -0.02 / -0.09% A$ 21.31
07/04/2018 A$ 0.00 / 0% A$ 21.33
06/04/2018 A$ 0.01 / 0.05% A$ 21.33
05/04/2018 A$ 0.19 / 0.9% A$ 21.32
04/04/2018 A$ -0.22 / -1.03% A$ 21.13
03/04/2018 A$ -0.29 / -1.34% A$ 21.35
02/04/2018 A$ 0.38 / 1.79% A$ 21.64
01/04/2018 A$ -0.03 / -0.14% A$ 21.26
31/03/2018 A$ 0.00 / 0% A$ 21.29
30/03/2018 A$ 0.00 / 0% A$ 21.29
29/03/2018 A$ 0.04 / 0.19% A$ 21.29
28/03/2018 A$ -0.24 / -1.12% A$ 21.25
27/03/2018 A$ -0.06 / -0.28% A$ 21.49
26/03/2018 A$ 0.05 / 0.23% A$ 21.55
25/03/2018 A$ 0.01 / 0.05% A$ 21.50
24/03/2018 A$ 0.00 / 0% A$ 21.49
23/03/2018 A$ 0.16 / 0.75% A$ 21.49
22/03/2018 A$ 0.03 / 0.14% A$ 21.33

Silver price development - Silver Spot Price

Before Performance to today Closing rate
1 Day A$ 0.09 / 0.4% A$ 22.30
3 Days A$ 0.82 / 3.8% A$ 21.57
5 Days A$ 0.96 / 4.48% A$ 21.43
1 Week A$ 0.96 / 4.48% A$ 21.43
2 Weeks A$ 1.06 / 4.97% A$ 21.33
3 Weeks A$ 1.10 / 5.17% A$ 21.29
1 Month A$ 1.32 / 6.26% A$ 21.07
2 Months A$ 1.53 / 7.33% A$ 20.86
3 Months A$ 1.12 / 5.27% A$ 21.27
6 Months A$ 0.62 / 2.85% A$ 21.77
9 Months A$ 1.88 / 9.17% A$ 20.51
1 Year A$ -1.55 / -6.47% A$ 23.94
2 Years A$ 0.64 / 2.94% A$ 21.75
3 Years A$ 1.73 / 8.37% A$ 20.66