FACTBOX: Tracking the price of silver through the years

January 23, 2026

TL;DR

Silver was historically a primary metal for coinage and international trade until the late 19th century.
Its monetary importance declined with the transition to the gold standard and the rise of paper money.
During WWI and the Great Depression, silver's monetary role further diminished, with changes in coinage materials.
Since the 1960s, new silver coin minting has been mainly for investors and collectors.
Currently, silver's primary use is industrial, in electronics, solar panels, medicine, and more.
In 2024, global silver demand (36,100 tons) exceeded production (25,400 tons), with industrial demand being a major driver.
Silver prices have seen major speculative spikes, such as the one orchestrated by the Hunt brothers in 1979-1980.
Recent price surges began in 2025, driven by industrial and retail demand outpacing mining, and its perceived undervaluation compared to gold.
Silver prices reached new all-time highs exceeding $100 per Troy ounce in January 2026.

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