Silver price touches 11-year high as demand holds steady

Valued for its ornamental beauty and electrical conductivity, silver reached an 11-year high yesterday (20 May) after touching $48.36 per ounce, according to ABC Bullion. 

Trading Economics, meanwhile, noted yesterday’s spot price was the highest since January 2013 and is up more than 25% so far this year. 

The price is sitting at $48.02 per ounce as of 8:00am AEST today. 

Speaking to, MineLife Founder Gavin Wendt says silver is “quite interesting” because it is both a precious and an industrial metal. As a result, it has “a foot in both camps”.

Since the start of 2024, silver has picked up about 32% compared to the 18% gain the US dollar gold has witnessed. 

But the gold-to-silver ratio fell below 82:1, recording the lowest since December 2023, according to the Silver Institute. 

Wendt explains that the typical range of gold to silver is between 50 and 70, meaning if the ratio is sitting comfortably outside of this range, then it could be a right time to buy silver. 

“When the ratio is higher and investors believe it will drop along with the price of gold compared to silver, they may decide to buy silver and take a short position in the same amount of gold,” he says. 

In 2023, silver demand exceeded supply for the third consecutive year, resulting in a structural market deficit of 184.3 million ounces. 

Driven by robust investment and industrial demand, silver is anticipated to break more records this year, while pushing the market into its fourth consecutive deficit, according to the Silver Institute. 

Silver is used for a range of purposes including jewellery, tableware, mirrors, dental alloys, solder, electrical contacts, and batteries. 

Write to Aaliyah Rogan at   

Images: SchiffGold
Author Image
Written By Aaliyah Rogan
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.