Understanding the Silver Spot Price
The silver spot price is the current market price for one troy ounce of .999 fine silver. It's set by global trading on commodity exchanges like the COMEX and London Bullion Market Association (LBMA).
Troy Ounce vs. Regular Ounce
A troy ounce (31.1035g) is heavier than a standard ounce (28.3495g). Precious metals are always measured in troy ounces — so when you see "silver price per ounce," it means per troy ounce.
Factors Affecting Silver Prices
- Industrial demand — Silver is used in electronics, solar panels, and medical devices
- Investment demand — ETFs, futures, and physical bullion purchases
- US Dollar strength — Silver usually moves inversely to the dollar
- Inflation expectations — Silver is seen as an inflation hedge
- Mining supply — Global silver production levels