Spot Price of Silver in Canadian Dollars (CAD)

Similar to Gold, Silver has been a popular precious metal through the years due to its versatility, luster, and rarity. Its electrical and thermal conductive properties make Silver great for use in manufacturing solar panels, smartphones, and other technologies. Its colour makes it desirable for jewellery manufacturing as it is also significantly cheaper than its yellow counterpart, Gold. Throughout history, Gold and Silver were not regarded as investments as they are now but rather they were used as actual money. Although Gold is much more expensive than Silver, since they were both used in everyday transactions, they remained quite stable. As silver became demonetized, the spot price began to rise, therefore making silver resemble an investment rather than only money. As silver has so many industrial uses, changes in the spot price will inevitably be put on the consumer. Silver’s trading denomination is mainly XAG USD, but in Canada many use XAG CAD.

The spot price of silver has had quite a volatile history, showing it’s spectacularity in certain instances and falling in others. Unlike Gold, Silver’s prices have a stronger relationship to economic activities, therefore making Silver investing more speculative than Gold. In times of economic crisis, Silver has outperformed Gold such as in the Financial Crisis of 2008. In 2008, Silver rose over 400% while Gold only rose over 100%. Similarly, the economic effects of COVID-19 allowed for Silver to rise a great amount, breaking long-standing records. Silver’s spot price is bound to have its bumps however, the metal has managed to prove its reliability. The XAG USD pair is more traded than the XAG CAD pair. 

You can take a look at our live metal prices page to see what Silver is being traded at in CAD. Should you have any questions about investing in Silver, contact our team today! We can answer all of your questions about products and pricing via live chat, social media, email, or telephone! +1 905-605-6757