How high has the silver price gone in the past?

Silver like gold has long proven itself to be a popular safe-haven investment. Silver is less popular because it is more volatile than its sister precious metal, gold but it is the same factor that make silver investors believe that there is a bull market for the precious metal looming on the horizon. If you are a potential silver investor you might have wondered what the highest price for silver might have been.

Before discovering the highest price of silver, it’s worth it to look at how it is traded. You should know the mechanics of the silver trade, understand its demand, its supply and its growing uses might be useful if you are trying to track the day-to-day price changes

Silver is traded in dollar per ounce. The trading of silver takes place all over the world –It is mainly traded in the three major commodities’ markets: in New York, London and Japan with London being the main center for silver trading.

There are different ways for anyone to invest in silver. The first, the well-known and uncomplicated way of investing in the precious metal is by buying physical silver. Physical silver is made into bars, rounds and coins. The best silver to buy for the purpose of investing your wealth is bullion bars and coins. There are two popular ways to go about investing in silver. The first is purchasing silver bullion products like bullion bars and coins.

The second is way to invest in silver is via paper trading, which is done on the silver futures market, with investors agreeing to take delivery of the actual physical silver at a later at a certain specified price. There are two positions you can take: A long position where you take delivery over a long period or a short position. The obvious advantage of trading in the paper markets means investors can benefit in the long term from holding silver without having to ensure its security.  

How high is the silver price?

The first time the silver price hit $48 was towards the end of the 70s. However, it did not reach this level in an honest way. The sharp price increase was due to the Hunts brother. These two wealth traders tried to corner the silver market by buying both the physical and silver futures. They did not take cash settlements but took physical delivery of the silver future. Disaster hit on March 27, 1980 when they missed the margin call causing the price to drop to $11. It would take two decades for the silver price to recover. In 2009, the price was $14.67 but the price more than doubled because of the burgeoning demand for this precious metal and in April 2011, the silver price reached $47.94 and then continued to plummet in the years that followed.

Although the price of silver was positively affected by the COVID pandemic and Russian invasion of the Ukraine, the highest it touched was $30 and then it dropped once again. There is a lot of uncertainty and whether or not it will go high is open to speculation.