Today, the silver market is poised to experience much growth in the coming years. This year alone, the silver price has risen more than 35%, putting it above gold in growth percentage. Anyone interested in investing in the market would do well to study the market throughout history to gain an understanding of how significant the market’s performance is today. Historically, silver has been vastly undervalued compared to gold, but that could all change if the current trend continues. For many years, the price of the metal was well below $1 an ounce, and today it sits comfortably at around $25 an ounce.
Throughout much of the 20th century, the silver price remained below $1 and the metal was used as the standard for coin production in the United States. Once silver supply decreased, the decision was made to remove silver from currency, causing the price to start rising. In the 1960s, the price would rise and would eventually hit a whopping $16 an ounce in the 1970s. This sharp increase would top out at $25 an ounce in 1980, but would decline just as sharply almost immediately. As we moved through the 80s, the market would see a steady decline, hitting a decade low of $4.85 an ounce.
During the 1990s, the silver price wouldn’t change much, ending up at $5.33 an ounce by the time the 2000s started. During the beginning of the 21st century, market experts began to have hope for the future of the silver market. Starting the decade at less than $6 an ounce, it would decline slightly before starting to rise throughout the decade. By 2005, silver was trading at close to $8 an ounce and would continue to go up. 2008 would see the metal hit $15 an ounce, which was a major increase from just a few years prior.
2010 would see the most growth in the silver price. The year would begin with prices at just under $18 an ounce and are around $25 an ounce today. Most experts agree that prices have not stopped rising yet, drawing much interest in the market. Although predictions vary as to just how high prices will rise, the general consensus is that they will, in fact, keep rising. As it is poised to take over for gold as the most popular metal of all precious metals, silver is in a great position to offer investors a substantial return on their investment.