Listed below is a chart of silver prices displayed in USD, prices are updated every few minutes when the market is open and the display also contains the time and date that the prices were last updated.
What is Spot Price?
Silver Spot price is the driving factor in physical silver bullion prices. Spot price is defined as; the current delivery price of a commodity traded in the spot market. In other words it is the dollar amount people are willing to buy and sell silver at around the world. Silver’s spot price is calculated in troy ounces and changes by the second during market hours (Monday – Friday 9:30 am to 4:00 pm EST). The spot price for silver is determined by the supply and demand for silver in several different market places around the world.
Silver Spot Prices and Bullion
The silver spot price serves as a reference to what price you should buy or sell your silver at any given point in time. Many physical silver bullion products are priced at a premium above the spot price. This is because it costs money for mints and refineries to produce, store and ship these products. This in turn gets passed on from the dealer to the investor. Though you may pay a premium to purchase physical silver bullion, you will generally see a similar premium when you decide to sell it as well. If buying online we recommend reading our list of the best place to buy silver online as we point out who has the lowest premiums for physical silver bullion & coins.
Selling Physical Silver Bullion
When you decide to liquidate your physical silver the price you get will depend on which products you are trying to sell, their purity, condition and weight. Some products are more desirable than others and you will see a premium to match that, while other items you may receive under spot price for. The silver spot price is also a good indication of the price you will receive per ounce when selling other items like scrap jewelry, which will usually be below the current spot price. The reason behind this is because it will have to be melted down to a purer for, which in turn will cost the refinery money.
Selling Silver Bullion Coins
Generally when you are selling physical silver bullion coins you will see a greater premium relative to spot price then you would for say a .925 sterling silver necklace. This is because a silver bullion coin requires no refining so it can be sold as is not to mention it is very desirable to both investors and collectors. Because of this, coins are usually in pretty high demand and if there were to be a shortage of a certain coin, the premium might increase in price. Some 1 oz silver bullion coins that are harder to find can even sell for prices that are 2-10 times the current silver spot price.
Selling Silver Bullion Bars
When selling silver bars you will usually see a resale value that is equal to, below or above spot price depending on a few factors. The price you get will depend on which brand of silver bullion you are selling and the weight, purity and condition of the bar. Some brands are more desirable than others. If selling a silver bar produced by a not so popular brand that has low demand in the marketplace, you may see a resale value at spot price or even a little bit under spot price depending on it’s condition. If you are selling something like a PAMP Suisse Silver Bar, which tend to be more desirable, you may see a return above spot price. With bars it is all about the brand.
Selling Junk or Scrap Silver
When you are selling Scrap or “junk” Jewelry Silver your return will usually bring you under spot price. Most Junk Silver jewelry has to be melted down and refined into bars which will cost the company or refinery money. It will also depend who you are selling to and if they are reputable and offer fair prices. A good way to gauge if you are receiving a fair offer is to check the silver spot price before attempting to sell to get a better idea of the melt value. For example, if you are trying to sell a .925 sterling silver necklace that weighs 1 troy ounce (31.1 grams) and spot price is $16 its melt value would be about $14.80 (.925 x $16 or the purity x spot price x weight [in troy ounces]).