What Is the Silver Spot Price?
The spot price is the current market price for one troy ounce of pure silver (999 fine). It's set by the global commodities markets and changes throughout the trading day — essentially 24 hours a day, 5 days a week.
The spot price is a base rate. When you buy physical silver, you'll pay spot + a premium. When you sell, you'll typically get spot minus a discount. Our calculators use the spot price to show your silver's melt value.
Where Is the Silver Price Set?
Silver prices are determined on two main exchanges:
- COMEX (New York) — The largest silver futures exchange, part of the CME Group. Most global silver pricing references COMEX.
- LBMA (London) — The London Bullion Market Association sets the London Silver Fix twice daily, used as a benchmark for large transactions.
Additional exchanges in Shanghai, Tokyo, and Mumbai contribute to continuous global price discovery.
Trading Hours
| Market | Hours (ET) | Notes |
|---|---|---|
| COMEX (CME Globex) | Sun 6pm – Fri 5pm | Nearly 24-hour with daily break |
| LBMA Fix | 7:00 AM & 12:00 PM (London) | Twice-daily benchmark setting |
| Shanghai (SHFE) | 9pm – 2:30am (ET) | Largest Asian exchange |
What Factors Affect Silver Prices?
1. Industrial Demand (~50% of silver use)
Unlike gold, silver has massive industrial applications. Rising demand from these sectors pushes prices up:
- Solar panels — Each panel uses ~20g of silver. The solar industry uses 140+ million ounces annually
- Electronics — Connectors, switches, circuit boards
- Electric vehicles — More silver per vehicle than traditional cars
- Medical devices — Silver's antimicrobial properties
- 5G infrastructure — Growing demand for silver in telecommunications
2. Investment Demand
- ETFs — Silver ETFs (like SLV) buy and hold physical silver
- Physical demand — Coins, bars, and rounds from retail investors
- Inflation hedge — Investors buy silver to protect against currency devaluation
3. US Dollar Strength
Silver is priced in US dollars globally. When the dollar weakens, silver becomes cheaper for foreign buyers, increasing demand and pushing the price up. When the dollar strengthens, the opposite occurs.
4. Interest Rates
Higher interest rates make yield-bearing investments more attractive, reducing demand for silver (which pays no interest). Lower rates favor silver.
5. Supply Factors
- Mine production — About 800 million ounces annually
- Recycling — ~200 million ounces annually from scrap
- By-product mining — ~70% of silver is mined as a by-product of copper, gold, lead, and zinc
6. Geopolitical Events
Wars, economic crises, pandemics, and trade tensions drive "safe haven" demand for precious metals. Silver typically rises during periods of uncertainty.
Silver Price vs. What You Pay or Receive
| Transaction | Price Relative to Spot |
|---|---|
| Buying bullion bars | Spot + $0.50-4 premium |
| Buying bullion coins | Spot + $3-8 premium |
| Selling to dealer | Spot - 3-15% discount |
| Selling on eBay | Spot - 5% to Spot + 10% |
| Pawn shop | Spot - 20-50% discount |
How to Use Spot Price When Selling
- Check the spot — Use our live price page
- Calculate your melt value — Use any of our calculators
- Set your minimum — Never accept less than 80% of melt for scrap
- Compare offers — Get at least 3 quotes
- Check the trend — Use our sell or hold tool for scenarios