The current silver spot price per troy ounce, gram, and kilogram — updated every 60 seconds from COMEX futures data.
| Coin | Silver Content | Melt Value | Per $1 Face |
|---|---|---|---|
| Roosevelt Dime (pre-1965) | 0.0723 oz t | — | — |
| Washington Quarter (pre-1965) | 0.1808 oz t | — | — |
| Walking Liberty / Franklin Half | 0.3617 oz t | — | — |
| Morgan / Peace Dollar | 0.7734 oz t | — | — |
| 40% Kennedy Half (1965–1970) | 0.1479 oz t | — | — |
| American Silver Eagle (1 oz) | 1.000 oz t .999 | — | — |
The silver spot price is the current market price for one troy ounce (31.1035 grams) of .999 fine silver for immediate delivery. It is determined primarily by COMEX in New York — the world's largest silver futures exchange — and closely correlated with the LBMA Silver Price benchmark published once daily at noon London time. Silver trades under ISO 4217 currency code XAG, the same international designation system used for gold (XAU), legally classifying it as a currency in international trade, not merely a commodity.
COMEX silver futures are approximately 95%+ cash-settled — most buyers never take physical delivery. The spot price reflects this paper-dominated market, which is why the Shanghai silver premium is tracked separately: it shows what physical buyers in the world's largest silver market are actually paying.
Silver has two distinct all-time highs that define its price ceiling psychology:
| Date | Price | Driver | What Happened After |
|---|---|---|---|
| Jan 18, 1980 | $50.35/oz | Hunt Brothers corner — Nelson & William Herbert Hunt accumulated ~250M oz (~⅓ of annual world production) | Silver Thursday (Mar 27, 1980): crashed $21.62→$10.80 in one session on $135M margin call. CFTC rule changes ended the squeeze. |
| Apr 28, 2011 | $49.80/oz | QE2 speculation, near-zero rates, simultaneous investment + solar industrial demand convergence | Silver fell 46% over the next 12 months — a strong gold signal in hindsight. US Mint sold 47.0 million Silver Eagles that year (production record). |
| Aug 7, 2020 | ~$29.24/oz | Post-COVID recovery. GSR compressed from 127:1 peak; silver gained 142% in 5 months from March 2020 low of ~$12 | Silver consolidated 2021–2023 as industrial demand restructured around solar buildout. |
In inflation-adjusted terms, the 1980 peak of $50.35 is equivalent to well over $180/oz in today's dollars — a level never reached in real terms.
Silver has a split personality that makes it both more volatile and potentially more rewarding than gold. Roughly 50% of annual silver demand is industrial — solar panels, electronics, medical devices, EV components, water purification. The other half is investment and jewelry. This dual demand profile gives silver leverage to economic growth that pure monetary metals like gold lack.
Critically: approximately 80% of silver used industrially is permanently destroyed and economically unrecoverable. Solar cell paste, printed circuit board traces, and medical device components consume silver at concentrations too low to reclaim. By contrast, gold recycles at approximately 95%+ efficiency — nearly all gold ever mined still exists above ground. This permanent industrial destruction is the structural bull case for silver: industrial demand creates a demand floor that mines cannot replenish fast enough.
Global solar silver demand reached 161.1 million troy ounces in 2023 (Silver Institute World Silver Survey) — up from approximately 50 million troy ounces in 2014, a 222% increase in nine years. China manufactures ~80% of global solar panels and has set a 2030 target of 1,200 GW cumulative capacity. BMO Capital Markets projects photovoltaic silver demand will exceed 500 million troy ounces per year by 2030 — roughly half of current total annual mine supply. Unlike gold demand, solar demand is structurally one-directional: panels don't get melted back into silver when they're retired.
Approximately 72% of global silver production is mined as a byproduct of lead, zinc, copper, and gold. Mine supply cannot be ramped to meet silver-specific demand spikes — the economics of those other metals drive production decisions. When solar demand surges, there is no meaningful supply response valve. This supply inelasticity, combined with permanent industrial consumption, produced a measured deficit of 237.7 million troy ounces in 2022 and approximately 142 million troy ounces in 2023 (Silver Institute) — roughly 380 million combined ounces drawn from above-ground stockpiles over two years.
President Lyndon B. Johnson signed the Coinage Act of 1965 on July 23, 1965, eliminating silver from US dimes and quarters (replacing them with copper-nickel clad) and reducing Kennedy half dollars from 90% to 40% silver. The law was a direct response to the rising silver price making coin metal content worth more than face value.
Gresham's Law — "bad money drives out good" — played out in real time. Within approximately 8 months, virtually every 90% silver coin had vanished from circulation as Americans hoarded them. LBJ acknowledged this at the signing ceremony, predicting people would hoard the old coins "as a speculative venture." He was right. Those hoarded coins are what dealers call "junk silver" today: pre-1965 dimes, quarters, and halves trading purely for their silver content, with no numismatic premium.
Kennedy half dollars struck 1965–1970 are 40% silver (0.14792 oz each). Those struck 1971 and later contain zero silver. The $1,000 face value bag — the standard dealer trading unit for junk silver — contains approximately 715 troy ounces of actual silver weight (ASW) across the mixed coin types.
| Coin | Years | Purity | ASW (troy oz) | Live Melt Value |
|---|---|---|---|---|
| Roosevelt / Mercury Dime | Pre-1965 | 90% | 0.07234 oz | See table above |
| Washington Quarter | Pre-1965 | 90% | 0.18084 oz | See table above |
| Walking Liberty / Franklin / Kennedy Half | Pre-1965 | 90% | 0.36169 oz | See table above |
| Kennedy Half Dollar | 1965–1970 | 40% | 0.14792 oz | See table above |
| Morgan / Peace Dollar | 1878–1935 | 90% | 0.77344 oz | See table above |
| American Silver Eagle | 1986–present | 99.9% | 1.00000 oz | See table above |
| $1,000 Face Value Bag (mixed 90%) | Pre-1965 | 90% | ~715 oz total | Live spot × 715 |
Note: ASW figures are theoretical based on mint specifications. Circulated coins show slight wear reducing actual silver content by 0–3%. Dealers typically use 0.715 oz per $1 face value as the standard conversion for 90% silver bags.
The original London Silver Fix ran from 1897 to August 14, 2014 — a 117-year continuous run. It was administered by three banks (HSBC, Deutsche Bank, and Bank of Nova Scotia) who would telephone each other daily at noon to agree on a fixing price. When Deutsche Bank withdrew in May 2014 amid broader rate-manipulation investigations, the process became untenable.
The current LBMA Silver Price launched August 15, 2014, administered by CME Group and Thomson Reuters using an electronic auction. Unlike COMEX futures (cash-settled), the LBMA fix is used for physical silver settlement — major refinery transactions, large-bar trades, and institutional delivery contracts. The fix publishes once daily at 12:00 noon London time. MetalMetric's live price tracks COMEX futures, which closely correlate to the LBMA fix but update continuously throughout the trading day.
The gold-to-silver ratio (GSR) — gold price ÷ silver price — is the primary timing tool for ratio-focused silver stackers. The post-1971 free-float average is approximately 65:1. Historical outcomes after extreme ratio readings: after the COVID peak of 127:1 on approximately March 18, 2020, silver gained 142% in 5 months. After the 1991 Gulf War peak of ~100:1, silver gained roughly 35% over 24 months — both instances producing silver gains significantly larger than gold's.
The live GSR and signal zones are tracked at /tools/gsr-signal-detector. At current gold prices, a return to the 65:1 average implies silver at approximately $49/oz; a return to the 47:1 historical average implies approximately $68/oz.
Silver premiums are proportionally higher than gold premiums because per-unit value is lower but handling, minting, and shipping costs are similar. Typical premium ranges by product type:
Generic silver bars and rounds: 5–12% over spot in normal markets — the lowest-cost way to accumulate silver by ounce. Junk silver (pre-1965 coins): 0–8% over spot depending on supply; essentially impossible to counterfeit and universally recognizable. American Silver Eagles: 15–25% over spot in normal markets; carry a $1 face value, IRA-eligible under IRC Section 408(m) (requires ≥.999 fineness), universally liquid. During supply crunches, Eagle premiums spike sharply — the US Mint rationed production in 2020–2021 and premiums hit 80–100%+ over spot. Canadian Maple Leafs, Britannias, and Philharmonics: 10–18% over spot; similar liquidity to Eagles in international markets. Always divide the total dealer price by the live spot price to calculate the exact premium percentage before any purchase.
Silver spot price data is provided for informational purposes only and may be delayed. Nothing on MetalMetric constitutes financial or investment advice. Always verify prices with your dealer before transacting. Terms of Use