Silver Price History

Silver Price Through the Decades

1970s–1980: The Hunt Brothers Era

Silver traded below $2/oz through most of the early 1970s. In 1979–1980, Nelson Bunker Hunt and William Herbert Hunt attempted to corner the silver market by accumulating massive positions. Silver surged from about $6 to nearly $50 in January 1980 before the COMEX changed its rules to “liquidation only,” causing prices to crash to $11 within months. This episode remains one of the most dramatic commodity market events in history.

1980s–2000s: Long Decline and Recovery

After the 1980 spike, silver entered a prolonged bear market, trading mostly between $4 and $8 for two decades. The metal bottomed near $4.07 in late 2001. Industrial demand remained steady, but investment interest was minimal during this period of low inflation and a strong US dollar.

2003–2011: The Great Bull Run

Silver began rallying in 2003, accelerating after the 2008 financial crisis as central banks launched quantitative easing programs. The launch of the iShares Silver Trust (SLV) ETF in 2006 made silver more accessible to investors. Prices peaked near $49.80 in April 2011 before the CME hiked margin requirements, triggering a sharp correction.

2011–Present: Volatility and New Demand

Silver corrected from $50 to a low of about $14 in late 2015, then gradually recovered. The 2020 pandemic initially crashed silver to $12 before a sharp rebound to $29. Growing solar panel demand and inflation concerns have supported prices in recent years, though silver remains well below its 2011 nominal high.

Key Historical Price Points