What investors should know about silver’s price now

Talk surrounding the price of gold is ubiquitous. And that was certainly the case this week after the precious metal surged past yet another price record, this time breaking the $4,000 per ounce mark. That left the price of the metal almost 100% higher than it was just from the start of 2024, making it one of the most profitable investments to consider right now.

But it’s not the only precious metal worth investing in now. Nor is it the only one on a remarkable, upward price swing. 

Silver is, too.

How far has the price of silver risen so far this year, though? Is it a suitable, affordable alternative to gold? And what can cause the price to rise even higher? Below, we’ll detail the answers to these three critical questions now.

Start by exploring your top gold and silver investing options here.

What investors should know about silver’s price now

The price of silver as of October 9 was $50.20 per troy ounce, according to American Hartford Gold. That’s almost double what the metal was worth back in January, when it was selling for $28.92 per ounce. And it’s up by about 103% from what it was selling for at this point in October 2020, when silver was priced at just $24.69 per ounce. In other words, whether you would have invested five years ago or just nine months ago, you would have realized significant growth with a silver investment.

And that’s a critical factor for those who have been essentially priced out of the gold market. With issues like inflation, geopolitical uncertainty and Federal Reserve policy all impacting the gold market, many investors have been left on the sidelines. While fractional gold options and dollar-cost averaging strategies can still help savvy investors get started with the yellow metal, they’re still doing so at an entry price point exponentially higher than they would have secured just a few years ago.

So, is silver a suitable, cheaper alternative? It can be. It offers much of the same protection gold does, as it can hedge against inflation thanks to a consistent value. It can also function as a portfolio diversification tool for those who are otherwise too heavily invested in stocks, bonds or real estate. 

At the same time, an investment worth just $50 per ounce is unlikely to turn even the most experienced investors rich. But with a consistently rising price, an inexpensive entry point and some of the same benefits a gold investment offers, it’s still a valuable asset worthy of consideration, especially now.

That’s because the factors that can impact precious metals pricing – inflation, interest rate policy and political instability – are all particularly prevalent. Inflation rose in August, according to the latest report released by the Bureau of Labor Statistics. And unemployment rose in the last report, too. Domestic concerns are elevated amid the ongoing government shutdown, too. 

In other words, the ingredients are there to support another silver (and gold) price surge. It makes sense, then, to get invested before that happens.

Explore your top gold investing options here now.

The bottom line

Precious metal investments shouldn’t take the full place of other, income-producing assets like stocks and bonds in a portfolio, but they shouldn’t be totally dismissed, either, especially with the economic benefits of a silver or gold investment so clear right now. Just be sure to keep the precious metal portion of your portfolio limited to a cap of 10%. This will allow you to benefit from your gold and silver investments while keeping a healthy portion of your portfolio invested in assets more likely to turn a quicker profit.