Silver Prices Soar to All-Time High of $35.80 per Ounce

Silver has joined the gold party, with prices now up +24% year-to-date and trading at their highest level since 2012.

silver CFDs (Contracts for Difference) on the US dollar per ounce surged to $35.8340, marking a 4.02% daily increase and a staggering 24% gain year-to-date. This rally, which began earlier in the year, has seen silver join gold in a red-hot precious metals market, capturing the attention of investors and market watchers alike.

From the chart it illustrates an upward trajectory for silver over the past few days. Starting at around $32.8000 on June 1, the price climbed steadily, with a notable spike on June 4, before reaching $35.8340 on June 5.

This rapid ascent underscores the growing investor interest in precious metals as a hedge against inflation, geopolitical uncertainty, and economic volatility.

Historically, silver’s all-time high was recorded on January 17, 1980, when it reached $49.95 per ounce, a peak driven by market speculation and the infamous Hunt brothers’ attempt to corner the silver market.

While today’s price of $35.8340 is still below that record, it represents a significant milestone, being the highest level in over a decade. Silver has not seen such heights since its 2011 peak, when it briefly approached $50 amid global economic uncertainty following the 2008 financial crisis.

Why the price of Silver is rising?

Persistent inflation concerns have driven investors to precious metals as a store of value. As fiat currencies face devaluation risks, silver and gold have become attractive options for wealth preservation.

Gold also reached a peak of $3,500.05 per troy ounce in April, driven by inflation concerns, geopolitical tensions, before pulling back to around $3,175-$3,323 per ounce by late May and early June 2025.

Global silver production has faced challenges, with declines in major producing countries like Peru and China. These supply deficits, coupled with rapidly declining inventories, have created a perfect storm for price increases.

Ongoing geopolitical tensions and uncertainty surrounding central bank policies, particularly around interest rates, have bolstered the appeal of precious metals. Expected rate cuts in 2025 could further support silver prices by reducing the opportunity cost of holding non-yielding assets like silver.

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