Silver has hit a new market high of $31.94 dollars per ounce, or over £20 per ounce. This astounding development is the culmination of years of near unstoppable growth for silver on international commodities markets. From 1991 to 2011, silver has raced from a mere £2.74/oz to trade at the new current high of £20.37/oz; an increase of some 630%.
Indeed, the rapid increase appears to be in part a sign of growing concerns over less stable investments; the current wave of protests and regime changes in the Middle East have emphasised silver’s attractiveness as a store of value in times of economic or political insecurity.
It is not unlikely that this upward trajectory will have an effect on the numismatic world. Analysts at the Danish investment bank Saxo reported a significant demand for silver coins in recent months, claiming that; “Investors are buying silver coins at a speed that is draining supplies with issuers having to ration sales” (18.02.11 The Guardian).
Saxo also added that silver had outperformed gold by 12% since the unrest in North Africa began (21.02.11 Daily Mail). Though consistency in price rises is near-impossible to predict, it seems reasonable to suppose that silver may continue it’s glittering rise in the near future.