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History of Silver Prices

13 Sep Posted by in Silver | Comments
History of Silver Prices

The Value of Silver is High

Silver has been thought of as a relatively inexpensive metal for much of its history. The true value has come from the things that were created from it such as statues, flatware, and for those of us lucky enough to live in Tucson and much of the South West, Native American jewelry and art pieces. However today, the value of silver in the piece itself can be much higher than the value of the piece.

Market Price Fluctuations of Silver

That can be seen in its market price over the years. Silver has spent most of its time hovering below or at a dollar an ounce for much of history. Its popularity in the 19th century kept it averaging at about $1.30 for many years. That changed however towards 1890 as silver became less popular. This downward trend remained throughout the early to mid-20th century, with silver dropping down to its lowest point in 1940, with silver averaging just 35 cents an ounce. This low price remained until the 1960s when it steadily grew, to over $5 per ounce, then hitting its next high in 1979 at $21.79. This lasted only a year though, and in 1980 the average fell to $16.39, then to $8.43 in 1981. The following years saw the value decrease further where it remained between $3 and $7 from 1981 – 2005.

Silver Prices Rising in Recent History

Recently silver has gone on another upswing, averaging $11.54 in 2006, $13.38 in 2007, $14.98 in 2008, $14.67 in 2009, and $20.19 in 2010. Today silver is over $41.40, a doubling of the last year’s average and reaching a price that has never been seen in the market. Many people who own silver flatware or silver jewelry are beginning to sell silver in Tucson, AZ to cash in on higher silver prices. From its last peak to now it has been 32 years, and the last peak that was seen lasted only 1 year. For those who were lucky enough to sell at that time, they profited from the record prices, those who were not, had to hold on for 32 more years till now, when again, it is time to consider cashing in.

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