Commodity
Silver
Silver spot price in U.S. dollars, with both precious-metal and cyclical commodity traits.
At a glance
Silver: latest value and prior change
As of 2026-07-22, Silver is 59.34 USD/oz. It is 0.45 USD/oz higher than 58.89 USD/oz on 2026-07-21.
Across 638 available observations from 2024-01-02 to 2026-07-22, the latest value is at the tie-adjusted 79th percentile.
- Observed on
- Default comparison window
- 2024-01-02–2026-07-22
- Observations · observed cadence
- 638 · Daily
- Data source
- LBMA
A high or low percentile does not by itself make the indicator positive, negative, or a buy or sell signal.
Time-series chart
Silver
2024-01-02–2026-07-22
Long-history series are stored as real provider observations. Index, FX, VIX, and ratio charts use historical backfill where providers expose it; Korean investor flow and margin-credit feeds expand as stable historical endpoints become available.
Interpretation guide
Silver's double life between precious and industrial metal
This series tracks the spot price of silver in U.S. dollars per troy ounce. Roughly half of silver demand is industrial, led by solar panels and electronics, so the metal alternates between trading like gold and trading like a cyclical commodity.
Identify which face is showing
A silver rally driven by gold's safe-haven bid means something different from one driven by industrial-demand hopes. The gold-silver ratio series on TapeFlow is the cleanest tool for the distinction: the ratio falls when silver leads and rises when it lags.
- Silver rising with copper while the gold-silver ratio falls reads as industrial and cyclical demand.
- Silver merely shadowing gold points to shared precious-metal drivers such as real rates and the dollar.
- A silver spike without confirmation from gold or copper warrants a check for speculative positioning.
Volatility and the solar variable
The silver market is far smaller than gold's, so identical catalysts produce much larger swings, and sharp rallies often retrace quickly. Structurally, its use in photovoltaic cells has made the renewable-energy investment cycle a lasting driver of the supply-demand balance.
- Daily moves of 1.5 to 2 times gold's range are common, which argues for proportionally smaller positions.
- News of weakening solar-installation forecasts can hit silver demand even when it is neutral for gold.
- In vertical rallies, assume a meaningful pullback before deciding whether to chase the move.
Checkpoints for Korean investors
Direct silver vehicles are scarcer in Korea than gold products, so exposure usually runs through futures-based ETFs or related sectors. Silver is also an input cost for solar and electronics supply chains, so a price spike can flow through as margin pressure for those industries.
- Won-based returns hinge on the exchange rate, so pair this series with TapeFlow's USD/KRW.
- Do not read a silver spike as automatic good news for renewables; separate demand pull from supply shocks.
- Buying silver when the gold-silver ratio sits at historic extremes is a mean-reversion bet, so predefine exits.
Related views
Related indicators and radar
Gold-Silver Ratio
Compares defensive gold demand with more cyclical silver demand.
Shows whether silver is improving relative to gold.
Copper
A classic cyclical commodity gauge for manufacturing and construction.
Pairs silver with another cyclical metal.
Gold
A defensive asset gauge tied to real rates, the dollar, and safety demand.
Compares silver with gold inside precious metals.