Spot Price of Silver

Most recent NY Spot Price of Silver from
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When buying and selling silver, it is important that you know and understand the spot price of silver. This is because the price that you pay to purchase and the price that you will receive as a seller of silver will be related to this price.

The spot price of silver is generally used for determining that value of an ounce of silver. And, for small buyers of this precious metal, the spot price is essentially the most common way of determining the price.

The price of silver has traditionally taken a back to seat to that of gold. However, recently that has been changing. Many major economies depend upon the silver and gold stock and reserves that they have as form of currency reserve that helps provide some economic ballast for their nation. In this way, these precious metals reserves have the ability to affect the steadiness of these economies. Essentially, then, the features that affect the price of gold will also tend to affect the price of silver. These factors can also cause fluctuations in the spot price of silver.

What is the Silver Spot Price?

The spot price of silver is the price for cash on the day. In other words, it is the price that an ounce of silver will command for its immediate delivery. The spot price will actually rise and fall on a daily basis.

One of the main factors that affect the silver price is the available supply versus the fabrication demand. In addition, because silver is a physical and tangible asset, it is also recognized as a store of value. Therefore, the spot price of silver will also be affected by fluctuations in the rate of inflation, the changing value of paper currencies, and changes in both interest rates and deficits.

How is the Spot Price of Silver Determined?

Back in 1897, the spot price of silver was determined by the London Gold and Silver Fixings. A group of market participants - primarily representatives from banks - would gather once per day and determine the spot price. They would begin with the current silver spot price and then see if there would be any additional buyers or sellers if the silver spot price was raised, lowered, or kept the same. The group would experiment with various prices until they came upon a price at which all orders could be filled at one price.

More recently, each day, the price of silver is fixed by the London market. This occurs daily at 12:15 p.m. and this price is what is known as the spot price. Because the market is open 24 hours per day, however, the market itself will tend to fluctuate throughout the day, as will the price of silver. Silver is purchased based on up-to-the-minute spot prices. These prices are primarily based on both the futures market as well as the over-the-counter stock market. Both of these markets trade large amounts of both silver and gold.

In the United States, futures contracts are traded on the COMEX market. Most of these contracts are not ever physically delivered, but rather traded based on high / low prices of buy and sell orders. In addition, with regard to the futures markets, the majority of trades are computer generated. This allows traders to commence their orders within minutes.

There are a number of websites available that can provide the current spot price of silver throughout the day. Some of these websites include NYMEX, The Bullion Desk, Kitco, and the Tokyo Community Exchange. On this page for instance, we have used a spot price of silver chart from Kitco. In addition, both the London Fix website and the COMEX Spot Price official website can offer graphical data that shows the overall monthly fluctuations of the spot price of silver. This data goes all the way back to the year 1975.