Silver Price Rises Above US$28.00 Per Ounce, Up 140 Percent From 2020 Low
(Washington, D.C. – August 6, 2020) Silver continues its remarkable price performance this year. From an intra-day low of US$11.64 on March 18, the silver price has since rallied over 140 percent, and is at a level not seen since 2013.
The silver price hike has been fueled by its inherent safe-haven status, fears of inflation, remarkably low interest rates and continued liquidity boosts by central banks. The jump in price reflects renewed interest by both retail and institutional investors in silver as an investment vehicle.
Highlights of silver’s 2020 price performance include:
- The silver price rallied 34 percent in July alone, outpacing every major global financial asset. July represented one of the best months for silver on record, and its highest monthly gain since 1979;
- Global silver-backed exchange-traded products have posted all-time highs in 2020, currently standing at 1.25 billion ounces, having increased by 296 million ounces since January 1 as of today;
- Silver bullion coin demand is robust, up over 60 percent to-date this year; and
- The gold:silver ratio — the quantity of silver ounces needed to buy an ounce of gold –peaked at 127:1 on March 18 and now stands at 72:1, a decrease of 43 percent.
The Silver Institute is a nonprofit international industry association headquartered in Washington, D.C. Established in 1971, the Institute’s members include leading silver producers, prominent silver refiners, manufacturers, and dealers. The Institute serves as the industry’s voice in increasing public understanding of the value and many uses of silver, including its role in numerous green technologies. For more information on the Silver Institute, please visit www.silverinstitute.org