Evolution of the silver price (5 years)
Historical analysis and perspectives of the silver market.
At a glanceAnalyzing the 5-year silver price trend (2021–2026) illustrates silver's transition from a retail speculative play into an acutely deficit-ridden industrial commodity. From the *Silver Squeeze* to rising global interest rates and surging photovoltaic demand, silver has delivered strong volatility and returns. This retrospective reviews prices and market catalysts.
Annual Silver Benchmark History (2021–2026)
| Year | Average Spot (USD/oz) | Average Spot (CHF/kg) | Average Gold/Silver Ratio | Key Market Catalyst |
|---|---|---|---|---|
| 2021 | 25.10 USD | CHF 740 / kg | 72:1 | Retail *Silver Squeeze* and post-lockdown demand |
| 2022 | 21.75 USD | CHF 680 / kg | 83:1 | Aggressive Fed interest rate hiking cycle |
| 2023 | 23.35 USD | CHF 695 / kg | 83:1 | Emergence of persistent 150M+ oz physical deficits |
| 2024 | 28.50 USD | CHF 820 / kg | 82:1 | Surging solar photovoltaic manufacturing orders |
| 2026 (Current) | 33.00 – 35.50 USD | CHF 950 – 1,050 / kg | ~82:1 | Structural multi-year mining deficit |
Key 5-Year Drivers
1. Record Solar Consumption: Modern TOPCon cells require up to 30% more silver paste per watt generated.
2. Inelastic Mine Supply: Over 70% of silver is a byproduct of copper, lead, and zinc mines, making output unresponsive to silver price surges.
Frequently Asked Questions (FAQ): Silver 5 Years
Is silver more volatile than gold?
Yes, silver's physical market is far smaller, resulting in price swings 1.5 to 2 times larger than gold.
What is silver's all-time record high?
Silver touched 50 USD per ounce twice in history: in January 1980 (Hunt brothers) and in April 2011.
Buy Investment Silver in High-Security Vaults
Buy and store physical gold in secure Zurich or Geneva vaults at direct live LBMA spot rates.