Spot silver prices have surged to a record high, exceeding $US52.50 an ounce. This eclipses the previous peak set in January 1980 during an attempt to corner the global silver market. The price increase reflects renewed investor interest and broader market dynamics affecting precious metals. The precious metal reached as high as $52.60 an ounce in London trading, marking a significant milestone after decades of trading below the 1980 high.
Silver has been one of the few commodities whose record high from the commodity spikes of the 1970s and 1980s had not yet been surpassed. The recent surge indicates a shift in market sentiment, driven by both investment and industrial demand for the metal. Silver’s use in industries such as electronics and solar energy contributes to its appeal, alongside its traditional role as a store of value.
Prior to this surge, silver had already set record highs in intraday spot data going back to 1993. It also surpassed the 1980 record in daily auction price data published by the London Bullion Market Association. However, intraday price data for the London market from that earlier period is not readily available, making a direct comparison challenging. The current price levels reflect a sustained period of growth and increased trading activity in the silver market.
