TASS FACTBOX. On January 23, 2026, the price of silver hit a new all-time high exceeding $100 per Troy ounce (31.1035 grams) on the Comex exchange (a division of the New York Mercantile Exchange).

TASS takes a look at how the price of silver has fluctuated over the years.

Historical background. General Market Characteristics

Historically, silver has been one of the main metals used for coinage throughout much of the world. Silver didn’t always have a globally recognized value - depending on the availability of mines and the demand for cash, it could be cheaper in some regions and more expensive in others.

In the vast majority of countries, until the second half of the 19th century, silver was the primary metal for cash circulation and international trade. Its importance began to decline due to the transition to the gold standard, as well as improvements in counterfeiting technologies for paper money, bills, and other forms of exchange.

During World War I (1914-1918), the free exchange of banknotes for gold ceased in the warring powers, resulting in the virtual disappearance of silver in many countries, including the Russian Empire.

In the 1920s, attempts were made to revive the pre-war monetary system, but these were finally abandoned in the 1930s due to the Great Depression. Gold coins were then withdrawn from circulation, and small change, previously typically minted from silver and bronze, was widely replaced by coins made of copper-nickel alloys and brass.

Small denominations and generally low purity coins were minted from silver in countries such as the United States, Mexico, South Africa, and Switzerland until the 1960s. Since then, new silver coin minting worldwide has been limited to investors and collectors.

Generally, silver is considered a secondary investment asset compared to gold. Exchange trading volumes for silver are typically smaller than for gold. Silver is rarely used in official government reserves because it is more difficult to store than gold and takes up more space.

Currently, silver's primary use is industrial - it is used in the production of electronics, solar panels, catalysts, water purification devices, and medicine.

According to the Washington-based Silver Institute, in 2024, total silver production was 25,400 metric tons, with total demand amounting to 36,100 metric tons. Industrial demand for silver was 21,100 metric tons. Jewelry and silverware accounted for 8,200 metric tons, while silver bar and coin production accounted for 1,700 metric tons.

Price History

Since the establishment of the dollar as the sole unit of currency in the United States, the value of gold relative to it was set by the American government through coinage legislation. From 1796 until the end of the 19th century, a troy ounce of silver was worth $1.28, roughly reflecting the weight and purity of the American dollar coin.

In anticipation of the US transition to the gold standard (1900), silver prices began to decline - a troy ounce cost $0.50-0.60, reflecting the sharp increase in silver production during that period.

After a brief spike to $1.10 per troy ounce during the US's involvement in World War I, a period of cheap silver returned. For example, in the early 1930s, due to the effects of the Great Depression, silver was valued at less than 30 cents per troy ounce. By the end of silver coin circulation in the United States (1965-1970), the price of a troy ounce was again around $1.29, and then rose to around $3-5.

In 1979, silver prices began to rise, reaching $50.35 per troy ounce by January 1980 (almost $200 in prices of 2026). This was the result of massive stock market speculation orchestrated by billionaire brothers Bunker and Herbert Hunt. Since 1973, they had purchased approximately a third of all silver in the world, using their own and borrowed funds, hoping to seize control of the market. Their actions sparked significant discontent among industrialists and jewelers, leading to intervention in the form of stock market regulation.

In January 1980, silver futures were suspended. The Hunt brothers' creditors, sensing that they would be unable to maintain silver prices, began to demand increased collateral for their loans. On March 27, 1980, when it finally became clear that the Hunts were unable to repay their creditors with the silver bullion they held, the price of silver plummeted to $13, and in the following months, to $6.

In the 1990s, silver cost less than $3 per ounce, rising again in 2003. During the global financial crisis of 2008-2010, the price of silver surpassed $20, with another surge in 2011 reaching $40, but in the second half of the 2010s, a troy ounce of silver was valued at $16-$20.

The COVID-19 pandemic in 2020 led to a surge in precious metals prices, with silver rising to almost $30.

Silver prices began rising rapidly in 2025. On October 9, they surpassed $50 per troy ounce for the first time since 1980. On December 9, they surpassed $60, on December 23, $70, on December 29, $80, and on January 14, 2026, $90 per troy ounce.

Factors driving the surge in the price of silver include industrial and retail demand outpacing mining since 2020, and increased demand for silver from manufacturers of electronics, electric vehicles, solar panels, and other industries. Silver is considered a significantly undervalued metal amid rapidly rising gold prices.