Historic and Live Silver Prices
Here are displayed live, current silver spot prices per ounce of silver, 7-day average, 30-day average, and 1-year average. The silver price chart is interactive, and displays recent movement in silver prices is also displayed, along with macro trends in the silver markets. Also displayed are current items featured on CBMint.com, including some of our featured inexpensive silver bullion products.
What is the Silver Spot Price?
Silver, like most precious metals, is typically weighed using troy ounces, instead of avoirdupois ounces or the metric system. The current silver spot price is displayed as a dollar amount per troy ounce of silver. Traditionally, the spot price of silver was determined daily, during a meeting in London, where silver, gold, and platinum prices are set based on the average reported metals prices from several entities. The commodities markets today, however, fluctuate rapidly during the course of a single day, so the price of silver will increase and decrease many times during one day of trading.
Online gold and silver dealers such as CBMint use the current silver spot price to determine pricing for silver bullion bars, coins, and rounds. Since the value of silver bullion products is derived mainly from the silver content of the item, the spot silver price is the most important factor in determining product pricing.
Many factors influence the price of silver, most of them based on supply and demand. Assuming a stable supply of silver, demand will increase during times of economic trouble, high unemployment, the strength of major world currencies, and heavy speculation. Demand falls during times of economic boom, when many buyers who invest in silver bullion tend to move their money to stocks and bonds. Listed below are categories of the most common product types that are purchased by buyers looking to invest in physical silver bullion:
Investing in Silver Bullion
In recent years, silver prices have been rising, along with the prices of most precious metals. This has moved investing in silver into the mainstream, and has attracted many new buyers to the market. There are three common reasons for buying silver bullion, depending on what the goal of the investor is.
Many investors buy silver to simply make a profit -- that is, they treat it like any other commodity, hoping to buy cheap silver online and then sell it for a profit down the road. Other buyers invest in silver as a hedge against inflation and economic troubles. Silver prices can greatly increase during times of stock market fluctuation and currency devaluation. Owning physical silver bullion is a great way to diversify an investment portfolio. The third common group of buyers who invest in silver are known as "preppers," and feel that owning silver metal is crucial in the event of an economic or environmental collapse.
Investors can buy physical silver or buy "paper" silver. Paper silver refers to ownership where the investor does not take actual physical possession of the silver metal. Instead, it is held on the owner's behalf by a depository or ETF (Exchange Traded Fund). The investor merely holds a certificate indicating the number of troy ounces of silver (or kilograms) that are held on the investor's behalf.
Most investors who buy silver bullion online prefer to own the physical metal themselves, however. Physical silver bullion is manufactured in the form of silver bars, silver coins, and silver rounds, and they come in a large array of different sizes. Junk silver coinage, though technically comprised of small silver coins, is such a popular item for silver investors that we group junk silver into its own category. Silver bullets have lately become a popular item, as well. Many silver bullion portfolios contain a mixture of all of these types of products. More about investing in silver can be read in the CBMint Investing Guide to Buying Silver Bullion.
Frequently Asked Questions about Silver Prices
Below is a list of common questions about silver prices that we receive. If you are unable to answer your question with this FAQ, please feel free to Contact CBMint and we will respond promptly.
What factors determine the current price of silver?
Supply and demand, along with speculation, determine the current spot silver price. Supply is provided by silver mines, and recycled sources of silver. Thus far, the supply of silver has been adequate, so demand and speculation are the real drivers of changes to the silver price. Economic factors like interest rates, currency health, and stock market indexes affect investor demand which, in turn, affects the price of silver bullion.
How quickly do silver prices change?
During market trading hours, the price of silver changes every few seconds, if not sooner. Much investing in silver is done electronically, with algorithms programmed to buy and sell silver in a fraction of a second. After markets close, however, there is an internationally-recognized 45 minute period of downtime, to allow the spot price of silver to stabilize. This occurs between 5:15 pm (EST) and 6 pm (EST) each weekday, as well as between 5:15 pm on Friday until 6 pm on the following Sunday.
What are the differences between the Ask Price and the Bid Price of silver?
The bid and ask prices for silver can be thought of as analogous to silver buy and sell prices. The ask price is the minimum asking price that will be accepted for a particular commodity at that time. The bid price is the highest amount that will be paid for that commodity at that time. When you buy silver, you pay the ask price, and when you sell silver, you receive the bid price. The difference between silver bid and ask prices is known as the Bid-Ask Spread, and it is often a reliable indicator of liquidity. The less the difference between the two is, the lower the premiums that silver dealer is charging, allowing the investor to buy more silver for the money.
Do I have to pay taxes when I buy physical silver bullion?
Depending on where you live, you may have to pay sales or use taxes when buying silver bullion. Many US states feature tax exemptions for buying bullion and coins. CBMint, being an online retailer, is not required to charge sales taxes to almost all customers. Only customers residing in the US state of Wisconsin are required to pay sales taxes when buying silver online. You can reference our Local Directory for Buying Bullion to learn about the tax laws where you live.
Do I need a lot of money to invest in silver? How much money do I need to start buying silver?
Silver is the perfect precious metal for beginning investors. One troy ounce of silver is relatively inexpensive, so even buyers with a tight budget can buy cheap silver bullion online. Large investors still buy silver, as well -- they just buy it in bulk. 100 ounce silver bars, 1 kilogram silver bars, and even 1,000 troy ounce silver bars serve the needs of these heavy investors.
What is the gold and silver ratio?
The gold/silver ratio (GSR) is a tool used to measure the ratio between gold prices and silver prices. Specifically, the ratio examines the price of silver relative to the price of gold. Many savvy precious metals investors use this ratio to determine if silver seems undervalued or overvalued. You can read more about the gold/silver ratio in the CBMint Investing Guide to Silver Bullion.
What is a silver futures contract?
A silver futures contract is just like any other commodity futures contract. A buyer agrees to purchase silver in a fixed quantity, for a fixed price, at a fixed time in the future. For example, if an investor bought silver futures contract for 100 ounces of silver at $20 an ounce 1 month in the future, that investor must buy that silver for that price regardless of how the market affects silver prices in the meantime.
What is the NYMEX?
NYMEX is the New York Metals Exchange. They are the main exchange for the trade of palladium and platinum futures contracts. Standard palladium contracts are for 100 troy ounces of palladium, whereas a standard platinum contract is for 50 ounces of platinum.
What is COMEX?
COMEX (COmmodity EXchange) is the main institution for setting up gold and silver futures contracts. Standard silver contracts are for 5,000 troy ounces of silver, whereas standard gold contracts are for 100 troy ounces of gold.
How many grams are in one troy ounce of silver?
One troy ounce of silver contains approximately 31.1034768 grams. Remember, a troy ounce of silver is heavier than a standard, avoirdupois ounce, which only contains around 28 grams.
How many troy ounces of silver is one kilogram?
There is approximately 32.151 troy ounces in one kilogram of silver.
Where can I buy physical silver online?
You can buy cheap physical silver right here, on CBMint.com. CBMint strives to be the best place to buy silver bullion online. We have the industry's best prices on silver bars, silver rounds, and silver coins. In addition, CBMint does offers Free Shipping to the lower 48 US states, reducing the cost of buying silver bullion products even further.