Spot Silver Price

Spot Silver Price


This is a simple and brief explanation about precious metal spot price. Many first time buyers of Gold or Silver are not familiar with the term Spot Price. There are also some misconception regarding spot price and the retail price of Gold or Silver. As an internationally traded commodity, silver price changes constantly, the spot price of silver is the price an institutional seller quotes to an institutional buyer for delivery of the metal within two business days. The spot price is also known as the cash price. Silver trades on a number of exchanges around the world, including the London Bullion Market, Association (LBMA), the New York Mercantile Exchange, Tokyo Commodity Exchange and the Australian Securities Exchange.

From the above exchanges, the LBMA is considered to be the authority on setting the benchmark price of silver. The LBMA first started the spot price for silver back in 1897 and the concept was fairly simple, market participants such as banks, meet once a day in order to determine the spot price for silver. The basis of setting the current spot price is determined based on the previous spot price, and the number of buyers and sellers. If the market determines more buyers, then the spot silver price is raised and if the market determines more sellers, the spot price is lowered.

For investors in silver, the spot price is a useful benchmark, or guide, to what the final price of a particular kind of silver investmentwill be. But it isn't the definitive price per ounce for each sale of silver, since other factors affect the price in each individual transaction. Spot silver is defined as the price a buyer or a seller is willing to pay in exchange for a unit of silver. A unit of silver is known as a Troy Ounce (1 troy ounce = 31.1034768 grams or 480 grains). The Silver Spot Price is updated minute by minute and can fluctuate quite rapidly depending on current market conditions. Like most commodities, the price of silver is driven by speculation and supply and demand Compared to gold, the silver price is notoriously volatile.

The Value Of Silver

Silver often tracks the gold price due to store of value demands, although the ratio can vary. The gold/silver price ratio is often analyzed by traders, investors and buyers. In Roman times the price ratio was set at 12 or 12.5 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 Spot Silver Price Charts

The silver bullionprices in the chart below come from and are a good indicator of where the precious metals spot price stands when the market is open. For more information on prices you can click on the chart.

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Live Precious Metals Spot Prices

Historical Silver Spot Charts

The silver price charts below provide a historical view of the silver spot prices from the last 30 days to the last 10 years.


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Live Historical Silver Spot Prices


The Premium Price On Sillver Bullion

There are many factors that affect the premium price on silver bullion, the smaller the size like 1oz, the premium is higher this is mainly due to production cost. Then there is the supply and demand, take for example of how many people can afford to buy a 1000oz Silver bar compare to a 1oz silver bullion coin. Other factors such as labour cost, production cost, shipping/handling charges, insurance, geographical location etc. The premium over spot also varies whether the bullion is a Private Mint and Government Mint coin. Then you have the collector bullion like the Chinese Panda, British Britanniaor various Perth Mint coins. The 1oz Silver Kookaburrahas a limited mintage of between 300,000 & 500,000 annually worldwide. These types of silver bullion coins usually commands higher premiums, even up to 45% or more above spot for a 1oz silver bullion coin.

Silver KookaburraSilver BritanniaSilver Panda
Selection Of Premium Bullion Coins