Silver Price Analysis
Silver: $53.46 per troy oz. One month -12.7%, one year +13.4%. Against its inflation-adjusted average since 2000: +105.8%; higher than 95% of month-ends in today's dollars.
Analysis
Silver closed at $53.95 per troy ounce on 23 October 2026. Over the past year, it sits near the bottom of its range, 10.8% of the way from its 1-year low of $46.56 to its high of $115.08, and 21.3% below its 1-year average of $68.57. Over five years it sits at 37.3% of its range, and over ten years at 40.8%. The price is up 11.3% over one year and 203.7% over ten, but down 16.2% over the past month and 8.0% over three months. Adjusted for inflation, the price remains about 108% above its long-run average of 25.98, yet 43.3% below its February 2026 high.
The gold-to-silver ratio stands at 74.29 ounces of silver per ounce of gold, below its 10-year average of 80.73 and above its all-time average of 69.12. Over the past 120 months, silver prices have tended to fall in months when the 10-year real interest rate rose, a clear link with a correlation of -0.36. A modest link appears with 10-year inflation expectations, where prices have tended to rise, at +0.17. Industrial use, including solar panels, electronics and brazing, now makes up more than half of demand, with jewelry, silverware, and investment bars and coins making up the rest. Most supply is a by-product of lead, zinc, copper and gold mining in Mexico, Peru and China, plus recycling. October has averaged a gain of 0.8% and has risen in 16 of the 26 years on record.
Of the 42 stocks tracked as linked to silver, 26 have model fair values, and 20 of those trade below them, with a median gap of 8.2%. First Majestic Silver (AG, correlation 0.80) sits 8.2% below its model fair value, and Pan American Silver (PAAS, 0.79) sits 0.3% below. Silvercorp Metals (SVM, 0.78) sits 8.3% below, and Endeavour Silver (EXK, 0.78) sits 13.1% below. Hecla Mining (HL, 0.78) sits 7.2% above its model fair value. Seabridge Gold (SA, 0.74) has no model fair value figure.
Where the price sits
| Period | Low | Average | High | Position |
|---|---|---|---|---|
| 1 year | $47.13 | $68.59 | $115.08 | 9% |
| 5 years | $17.55 | $35.23 | $115.08 | 37% |
| 10 years | $11.73 | $26.97 | $115.08 | 40% |
| Since 2000 | $4.030 | $19.60 | $115.08 | 45% |
Ratios
- Gold / Silver is 75.79 ounces of silver per ounce of gold, in the upper part of its range since 2000 (higher than 67% of month-ends; average 69.12).
What moves silver
Demand: Industrial uses, now more than half of demand: solar panels, electronics, brazing; Jewelry and silverware; Investment bars and coins.
Supply: Mostly a by-product of lead, zinc, copper and gold mines (Mexico, Peru, China); Recycling.
Worth watching: Gold, which silver usually follows with larger swings; Factory activity and solar installations; Real interest rates.
Over the last 120 months, prices have tended to fall in months when the 10-year real interest rate rose — a clear link (correlation -0.36).
Over the last 120 months, prices have tended to rise in months when the 10-year inflation expectations rose — a modest link (correlation +0.17).
Stocks that move with silver
| Company | Correlation | Price | Model fair value | Gap |
|---|---|---|---|---|
| AG First Majestic Silver Corp | 0.80 | $15.80 | $17.49 | +10.7% |
| PAAS Pan American Silver Corp. | 0.79 | $41.95 | $42.80 | +2.0% |
| SVM Silvercorp Metals Inc | 0.78 | $8.61 | $9.42 | +9.4% |
| EXK Endeavour Silver Corp. | 0.78 | $7.97 | $7.05 | -11.5% |
| HL Hecla Mining Company | 0.78 | $14.92 | $13.84 | -7.2% |
| SA Seabridge Gold Inc. | 0.74 | $26.70 | Not published | — |
| HYMC Hycroft Mining Holding Corporation | 0.74 | $17.44 | Not published | — |
| WPM Wheaton Precious Metals Corp | 0.74 | $126.57 | Not published | — |
| OR Osisko Gold Ro | 0.73 | $34.00 | Not published | — |
| KGC Kinross Gold Corporation | 0.73 | $22.98 | $28.44 | +23.8% |
| AEM Agnico Eagle Mines Limited | 0.73 | $183.11 | $170.91 | -6.7% |
| FSM Fortuna Silver Mines Inc | 0.73 | $9.65 | $15.78 | +63.5% |
Questions and answers
Is silver expensive compared with its history?
Silver at $53.46 per troy oz is 106% above its inflation-adjusted average since 2000 and sits 40% of the way from its 10-year low to its 10-year high. Data as of 2026-10-28. Historical comparison only, not a forecast or investment advice.
How does today's silver price compare after inflation?
In today's dollars, silver is 105.8% above its inflation-adjusted average since 2000, higher than 95% of month-ends since then. Data as of 2026-10-28.
Where is silver within its 10-year range?
At $53.46, silver sits at 40% of its 10-year range (low $11.73, high $115.08), where 0% is the low and 100% the high. Data as of 2026-10-28.
Which stocks move with silver?
Over the last 104 weeks, the covered stocks whose weekly returns moved most closely with silver include AG (correlation 0.80), PAAS (correlation 0.79), SVM (correlation 0.78). Correlation describes past co-movement only.