The Silver Institute-Silver Price

Silver is a commodity that is traded 24 hours a day in the world’s market centers – London, Zurich, New York, Chicago and Hong Kong.

The London market started trading in the 17th century, and it – like other major markets – provides a vehicle for those who wish to trade in physical silver on a spot basis, or on a forward basis for hedging purposes.

The London market has a "fix" which offers the chance to buy or sell silver at a single price. The fix begins at 12:15 p.m. and is a balancing exercise; the price is fixed at the point at which all the members of the "Fixing" can balance their own, plus clients’, buying and selling orders.

Although London remains the true center of the physical silver trade for most of the world, the most significant paper contracts trading market for silver in the United States is the COMEX division of the New York Mercantile Exchange. Spot prices for silver are determined by levels prevailing at the COMEX; and although there is no equivalent to the London fix, Handy & Harman, a precious metals company, also publishes a price at noon each working day.

A primary factor affecting the price of silver is the available supply versus fabrication demand. In recent years, fabrication demand has greatly outpaced mine production forcing market participants to draw down existing stocks to meet demand. As these available sources continue to decline, silver's fundamentals continue to strengthen. However, since silver is a tangible asset, and is recognized as a store of value, its price can also be affected by changes in things such as inflation (real or perceived), changing values of paper currencies, and fluctuations in deficits and interest rates, to name a few.

To read about the evolution of the silver market from 1950 through present click here.

To view silver price data tables from other sources please select one of the links below.