How the silver price is set
Like gold, silver trades around the clock, and the price you see quoted is the spot price of one troy ounce of pure silver in US dollars. The LBMA Silver Price, set once each business day in London, is the main benchmark, and COMEX silver futures in New York are the most actively traded silver contracts in the world.
Our charts show daily closing prices of COMEX silver futures in US dollars, which follow the spot price closely.
What moves the price of silver
Silver is both a precious metal and an industrial one. More than half of all silver is used by industry, in electronics, solar panels, batteries and medical products, so the silver price responds to the economy as well as to the forces that move gold, such as interest rates, inflation and the US dollar.
Because the silver market is much smaller than the gold market, its price tends to move further and faster in both directions. Investors often see silver as a more volatile companion to gold.
The gold/silver ratio
The gold/silver ratio is the number of ounces of silver needed to buy one ounce of gold. It has swung widely over the decades, from about 30 in 2011 to above 120 in 2020. Some investors use it as a rough guide, buying silver when the ratio is high and gold when it is low.
The silver price per ounce, gram and kilo
The silver price is quoted per troy ounce, and the prices per gram and per kilo shown on this page are worked out from it. One gram is 1/31.1035 of a troy ounce, and a kilo is 32.15 troy ounces, so the price of a kilo of silver is about 32.15 times the ounce price.
Silver is often bought in larger quantities than gold, so the price per kilo is a handy guide when you compare kilo bars, 100 oz bars and coins. Dividing a product's price by its fine silver content shows how much you are paying per ounce of silver.
Spot price and the price you pay
Silver coins and bars sell for the spot price plus a premium. As a share of the price, silver premiums are higher than gold premiums, because minting, packing and shipping cost about the same per coin while an ounce of silver is worth much less. Large bars, such as kilo and 100 oz bars, carry the lowest premiums.
Every product in our shop is priced in US dollars from the live spot price plus a stated premium, and your price is locked for 10 minutes at checkout. We don't currently charge sales tax; some states tax silver, so check your own state's rules.
Frequently asked questions
What is the silver price today?
One troy ounce of silver currently costs about $57.23 at the spot price, before any premium or sales tax. Prices on this page update with the live market.
Why does silver have a higher premium than gold?
Making and distributing a coin or bar costs roughly the same whatever the metal, but an ounce of silver is worth far less than an ounce of gold. Those costs are therefore a bigger share of a silver product's price.
Is the price on the chart the price I pay?
No. The chart shows the spot price of silver. Coins and bars sell for spot plus a premium, shown on each product page alongside the live price in US dollars.
Why is silver more volatile than gold?
The silver market is much smaller, and more than half of demand comes from industry, so changes in the economy and in investor interest can move its price sharply.
How often are the silver prices updated?
The live silver price used across the shop updates every few minutes. The charts use daily closing prices and are refreshed every few hours.
