Key points
• Silver prices surged past $80 an ounce before easing
• Trading spans physical bullion, futures markets and ETFs
• Retail investors can also buy coins, bars or mining stocks
Silver surged past $80 an ounce for the first time on Monday, driven by strong industrial demand, investor inflows and tight global supply.
Prices later pulled back from a record high of $83.62 as traders took profits and easing geopolitical tensions reduced demand for safe havens. Even so, spot silver has risen more than 160 percent over the past year, far outpacing gold.
The rally has renewed attention on how silver is traded across global markets.
Over the counter trading in London
The largest market for physical silver sits in London, where banks and brokers handle transactions for clients worldwide.
Trading takes place over the counter between financial institutions rather than on an exchange. Investors must work through approved banks or brokers to access the market.
Physical trades rely on large bullion bars stored in secure vaults operated by major banks, including JPMorgan and HSBC. By the end of November 2025, London vaults held about 27,187 tons of silver.
Futures markets offer leverage
Silver also trades heavily on futures exchanges, led by the Shanghai Futures Exchange and the COMEX division of CME Group in New York.
Futures contracts commit sellers to deliver silver at a set date and price. Most traders do not take delivery. Instead, they roll positions forward, allowing speculation without storing metal.
Futures also require traders to post only a portion of the contract value as margin, which increases potential gains and losses.
Exchange traded funds track silver prices
Exchange traded funds allow investors to gain exposure to silver through stock exchanges such as the New York Stock Exchange and the London Stock Exchange.
These funds hold physical silver in vaults. Each share represents a specific amount of metal. Retail investors can buy and sell ETF shares through online trading apps.
When demand for ETF shares rises above the value of the underlying silver, fund managers add more metal to keep prices aligned.
The largest silver ETF, the iShares Silver Trust run by BlackRock, holds about 529 million ounces of silver valued near $39 billion.
Bars, coins and mining stocks
Individual investors can also buy silver bars and coins from dealers around the world. Prices vary based on size, purity and dealer premiums.
Another route is investing in silver mining companies. Mining shares often move with silver prices, but company management, debt levels and production costs also shape returns.
As silver prices remain volatile, investors continue to weigh which route offers the best balance of risk, access and cost.
