RE: Geez silver6 Aug 2020 22:14
Current price around $28.83
Historical silver price action
Silver hit US$48.70 per ounce, the highest silver price to date, towards the end of the 1970s.
However, the purchase price didn’t exactly reach that level by honest means. The metal’s bid price was driven by the Hunt brothers, two wealthy traders who attempted to corner the market by buying not only physical silver, but also silver futures. They then took delivery of that silver instead of taking legal tender in the form cash settlements. Their exploits ultimately ended in disaster: On March 27, 1980, they missed a margin call and the silver market price plunged to US$11.
Despite that price action, silver’s highest average annual price didn’t come until 2011, when it hit US$35.12 on the stock market. The commodity price uptick came on the back of very strong silver investment demand, and was more than double the 2009 average silver price of US$14.67. 2011 was also the year that silver hit its highest price in recent years.