Silver's Price in International Commodity Markets in October 2023 is about 22.38 dollars per troy oz estimated by World Bank. In the Previous Month, September 2023 Silver worth was 23.10 dollars per troy oz. Last year in October 2022 the price was 19.43 dollars per troy oz.
| Index | Last 12 Months | Nominal US Dollars($/troy oz) | Net-Chg | Percentage-Chg |
|---|---|---|---|---|
| 13 | October 2022 | $ 19.43 | - | - |
| 12 | November 2022 | $ 21.02 | $ 1.59 | 7.56 % |
| 11 | December 2022 | $ 23.33 | $ 2.31 | 9.90 % |
| 10 | January 2023 | $ 23.65 | $ 0.32 | 1.35 % |
| 9 | February 2023 | $ 21.92 | $ -1.73 | -7.89 % |
| 8 | March 2023 | $ 21.98 | $ 0.06 | 0.27 % |
| 7 | April 2023 | $ 25.01 | $ 3.03 | 12.12 % |
| 6 | May 2023 | $ 24.27 | $ -0.74 | -3.05 % |
| 5 | June 2023 | $ 23.42 | $ -0.85 | -3.63 % |
| 4 | July 2023 | $ 24.26 | $ 0.84 | 3.46 % |
| 3 | August 2023 | $ 23.44 | $ -0.82 | -3.50 % |
| 2 | September 2023 | $ 23.10 | $ -0.34 | -1.47 % |
| 1 | October 2023 | $ 22.38 | $ -0.72 | -3.22 % |
Silver Price in 2022 was 21.79 dollars per troy oz estimated by the world bank. In the previous year, 2021 Silver Price was 25.16 dollars per troy oz. The net change in Silver Price in 2022 was -3.37 dollars which is about a -15.47 % decrease in price.
| Year | Price Nominal US Dollars($/troy oz) | Net-Change | Percentage-Change |
|---|---|---|---|
| 1960 | $ 0.91 | - | - |
| 1961 | $ 0.92 | $ 0.01 | 1.09 % |
| 1962 | $ 1.08 | $ 0.16 | 14.81 % |
| 1963 | $ 1.28 | $ 0.20 | 15.63 % |
| 1964 | $ 1.29 | $ 0.01 | 0.78 % |
| 1965 | $ 1.29 | $ 0.00 | 0.00 % |
| 1966 | $ 1.29 | $ 0.00 | 0.00 % |
| 1967 | $ 1.55 | $ 0.26 | 16.77 % |
| 1968 | $ 2.14 | $ 0.59 | 27.57 % |
| 1969 | $ 1.79 | $ -0.35 | -19.55 % |
| 1970 | $ 1.77 | $ -0.02 | -1.13 % |
| 1971 | $ 1.55 | $ -0.22 | -14.19 % |
| 1972 | $ 1.68 | $ 0.13 | 7.74 % |
| 1973 | $ 2.56 | $ 0.88 | 34.38 % |
| 1974 | $ 4.71 | $ 2.15 | 45.65 % |
| 1975 | $ 4.42 | $ -0.29 | -6.56 % |
| 1976 | $ 4.36 | $ -0.06 | -1.38 % |
| 1977 | $ 4.64 | $ 0.28 | 6.03 % |
| 1978 | $ 5.42 | $ 0.78 | 14.39 % |
| 1979 | $ 11.10 | $ 5.68 | 51.17 % |
| 1980 | $ 20.80 | $ 9.70 | 46.63 % |
| 1981 | $ 10.52 | $ -10.28 | -97.72 % |
| 1982 | $ 7.93 | $ -2.59 | -32.66 % |
| 1983 | $ 11.43 | $ 3.50 | 30.62 % |
| 1984 | $ 8.14 | $ -3.29 | -40.42 % |
| 1985 | $ 6.12 | $ -2.02 | -33.01 % |
| 1986 | $ 5.44 | $ -0.68 | -12.50 % |
| 1987 | $ 7.01 | $ 1.57 | 22.40 % |
| 1988 | $ 6.53 | $ -0.48 | -7.35 % |
| 1989 | $ 5.51 | $ -1.02 | -18.51 % |
| 1990 | $ 4.83 | $ -0.68 | -14.08 % |
| 1991 | $ 4.05 | $ -0.78 | -19.26 % |
| 1992 | $ 3.95 | $ -0.10 | -2.53 % |
| 1993 | $ 4.31 | $ 0.36 | 8.35 % |
| 1994 | $ 5.28 | $ 0.97 | 18.37 % |
| 1995 | $ 5.20 | $ -0.08 | -1.54 % |
| 1996 | $ 5.20 | $ 0.00 | 0.00 % |
| 1997 | $ 4.91 | $ -0.29 | -5.91 % |
| 1998 | $ 5.55 | $ 0.64 | 11.53 % |
| 1999 | $ 5.22 | $ -0.33 | -6.32 % |
| 2000 | $ 4.95 | $ -0.27 | -5.45 % |
| 2001 | $ 4.38 | $ -0.57 | -13.01 % |
| 2002 | $ 4.60 | $ 0.22 | 4.78 % |
| 2003 | $ 4.88 | $ 0.28 | 5.74 % |
| 2004 | $ 6.66 | $ 1.78 | 26.73 % |
| 2005 | $ 7.31 | $ 0.65 | 8.89 % |
| 2006 | $ 11.56 | $ 4.25 | 36.76 % |
| 2007 | $ 13.39 | $ 1.83 | 13.67 % |
| 2008 | $ 15.00 | $ 1.61 | 10.73 % |
| 2009 | $ 14.64 | $ -0.36 | -2.46 % |
| 2010 | $ 20.15 | $ 5.51 | 27.34 % |
| 2011 | $ 35.22 | $ 15.07 | 42.79 % |
| 2012 | $ 31.14 | $ -4.08 | -13.10 % |
| 2013 | $ 23.85 | $ -7.29 | -30.57 % |
| 2014 | $ 19.07 | $ -4.78 | -25.07 % |
| 2015 | $ 15.72 | $ -3.35 | -21.31 % |
| 2016 | $ 17.15 | $ 1.43 | 8.34 % |
| 2017 | $ 17.07 | $ -0.08 | -0.47 % |
| 2018 | $ 15.71 | $ -1.36 | -8.66 % |
| 2019 | $ 16.22 | $ 0.51 | 3.14 % |
| 2020 | $ 20.54 | $ 4.32 | 21.03 % |
| 2021 | $ 25.16 | $ 4.62 | 18.36 % |
| 2022 | $ 21.79 | $ -3.37 | -15.47 % |
We aim to provide you with a comprehensive analysis of the silver market, exploring its historical significance, current trends, and prospects. Whether you're a seasoned investor or simply curious about the allure of silver, this article will equip you with the knowledge you need to understand and capitalize on this precious metal.
Silver has played a pivotal role in human civilization for centuries. From ancient civilizations to modern economies, its value and utility have stood the test of time. In ancient times, silver was revered for its beauty and rarity, often used as a form of currency or to create intricate jewelry and ornaments. Today, it continues to be cherished for its aesthetic appeal and industrial applications.
Silver's value is influenced by the delicate interplay between supply and demand. While silver is mined from the earth, its availability is finite. As industries and investors alike continue to recognize its value, the demand for silver has been steadily rising.
Silver's remarkable properties make it a crucial component in various industries. Its high electrical and thermal conductivity, reflectivity, and antibacterial properties make it indispensable in electronics, solar panels, photography, and healthcare sectors. The growing demand for these applications further fuels the value of silver.
Silver has long been regarded as a haven asset and a hedge against inflation. Many investors turn to silver to diversify their portfolios and protect their wealth during times of economic uncertainty. Additionally, speculators often trade silver futures and options, impacting short-term price movements.
When comparing silver to other precious metals like gold and platinum, it is important to understand the nuances that set them apart.
Silver is often referred to as "poor man's gold" due to its relatively lower price. This affordability makes it accessible to a broader range of investors, including those with smaller budgets.
Unlike gold, which is primarily seen as a store of value, silver's industrial applications contribute significantly to its demand. This industrial demand creates a unique dynamic in the silver market.
Silver tends to exhibit greater price volatility compared to gold, which presents opportunities for traders and investors seeking short-term gains. However, this volatility also means that silver prices can experience sharp fluctuations.
Various factors influence the price of silver. Here are some key considerations:
The state of the global economy has a direct impact on silver prices. During periods of economic growth, industrial demand for silver rises, driving prices higher. Conversely, economic downturns may dampen industrial demand and result in lower prices.
Inflation erodes the purchasing power of fiat currencies, making silver an attractive hedge against rising prices. Moreover, fluctuations in currency exchange rates can also influence silver prices, especially in the context of international trade.
Political instability, trade disputes, and geopolitical tensions can create uncertainties in global markets. As investors seek safe-haven assets, silver's value may rise due to increased demand.
Looking ahead, the future of silver appears promising. Here are some notable trends and developments:
The transition towards clean energy sources, such as solar power, is driving the demand for silver. Solar panels rely on silver's exceptional conductivity and reflectivity, making it an integral component of the renewable energy revolution.
The rapid advancement of technology continues to drive silver's demand. From smartphones and electric vehicles to medical devices and 5G infrastructure, silver's unique properties enable innovation across various industries.
While silver is abundant in the Earth's crust, accessing and extracting it is becoming increasingly challenging. As existing silver mines deplete and discoveries become scarcer, supply constraints may drive prices higher.
In conclusion, silver's historical significance, market dynamics, and prospects make it an intriguing investment option. Its unique properties and growing demand from both industrial and investment sectors contribute to its enduring value. Whether you're considering silver as a long-term investment or exploring its industrial applications, understanding its intricacies is key to making informed decisions.
Remember, this article is just the tip of the iceberg when it comes to understanding the value of silver. To delve deeper into this fascinating subject and gain more insights, we invite you to explore our website and consult with our expert team.