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Price of Silver

Current PriceWeekly HighWeekly LowWeekly Change
£11.9904£11.9954£11.7328£0.2236 (1.9%)

The price of silver can be more volatile than other precious metals such as gold, largely due to its high uses in industry, making it highly susceptible to supply and demand chains.

Whilst new uses for silver are discovered frequently driving demand, the finite supply of silver can help further raise the silver price.

The most common use of silver is still in Jewellery, but it is being used increasingly in medical applications due to its excellent sterile properties.

In uncertain economic times many investors fall back on physical investments such as silver, making the silver price very resilient in slow markets and financial crises.

Fascinatingly Silver and Gold have been used as currency for thousands of years.

In Roman times, the silver/gold ratio was set at 12 to 1.

In 1792, the gold/silver price ratio was fixed by law in the United States at 15 to 1, which meant that one troy ounce of gold was worth 15 troy ounces of silver.

The average gold/silver price ratio during the 20th century, however, was 47 to 1.

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Is it good to invest in silver?

Silver can be an excellent investment due to its robustness in times of financial crisis and economic uncertainty.

It can however be more volatile than traditional investments, as shown in 1980 when the silver price halved in just 4 days.

Highest Silver Price

The highest recorded silver price was in January 1980 where silver hit an unprecedented  high of $49.45 per troy oz and increase of over 724%

The Hunt brothers had begun hoarding silver since 1973 and by 1980 were estimated to hold one third of the entire world supply of privately held silver (not counting the silver held by governments). Sending the silver price sky rocketing.

The situation for other prospective buyers of silver who had not stocked up on the metal in advance of this was so bad that the jeweller Tiffany’s took out a full page ad in The New York Times, blaming the Hunt Brothers for the increase in price and stating that:

“We think it is unconscionable for anyone to hoard several billion, yes billion, dollars’ worth of silver and thus drive the price up so high that others must pay artificially high prices for articles made of silver”.

Highest Silver Price fall

50% fall in silver price in 4 days

By this time something had to give and in response to the Hunts’ accumulation, the exchange rules regarding leverage were suddenly changed, with “Silver Rule 7”, coming into force.

It placed heavy restrictions on the purchase of the commodity on margin, causing massive liquidations and enormous downward pressure on the price. The Hunt brothers had borrowed heavily to finance their purchases, and as the price began to fall again, dropping over 50% in just four days due to the sudden forced liquidation of margin positions, they became unable to meet their obligations, causing further panic in the precious metal markets.

What is today’s silver price?

Current PriceWeekly HighWeekly LowWeekly Change
£11.9904£11.9954£11.7328£0.2236 (1.9%)

How much is a 1 troy ounce of silver worth?

ConversionSilver Price (spot)
1 Troy oz = 31.1 gramsSilver Price per 1 gram = £0.37
1 Troy oz = 0.031 kgSilver Price per 1 kg = £370
1 Troy oz = 1.097 ozSilver Price per 1 oz = £10.49

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