The price of silver on Monday set a new historical record, exceeding $53 per ounce in trading in London, after which it retreated by 2.2%, Bloomberg reports.
The demand for silver, which along with gold is considered a safe asset, is so high that traders have started booking seats on transatlantic flights to transport bars from the U.S. This is an extremely expensive method of transportation that is usually only used for gold. Traders have resorted to it to profit from the price differences between markets.
"The silver market is less liquid and about nine times smaller than gold, which amplifies price fluctuations," the agency quotes an analytical note from Goldman Sachs Group Inc. Bank analysts warn that, unlike gold, silver is not supported by central banks, making it more vulnerable to corrections.
The previous historical peak in silver prices was reached in early 1980 through unscrupulous means. The Hunt brothers, two wealthy traders, attempted to take control of the market by buying not only physical silver but also futures contracts. Instead of cash settlements, they demanded delivery of the actual metal. Their venture ended on March 27, 1980, when they failed to meet a margin call, and the price of silver collapsed to $10.80. This day is remembered in history as "Silver Thursday."
It took 30 years for silver prices to approach the nominal levels of 1980, but after 2011, the price of silver retreated and spent most of the second half of the last decade in the range of $15-20.
A new upward trend began in mid-2020 against the backdrop of economic uncertainty due to the COVID-19 pandemic. In 2025, it significantly accelerated, and for the first time since 2011, the price broke the $40 level, reaching historical highs in October.
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