Collection: Live Gold Price
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1/4 oz American Gold Eagle (Random Year)
Regular price $726.16Regular price$752.23-$26.07 Sale price $726.16 -
1/10 oz American Gold Eagle (Random Year)
Regular price $305.69Regular price$324.65-$18.96 Sale price $305.69 -
Scottsdale Mint 1g gold prepper bar
Regular price $95.65Regular price$99.23-$3.58 Sale price $95.65 -
2024 1 oz American Gold Buffalo
Regular price $2,790.53Regular price -
1 oz Gold Combi-Bar Valcambi 10 x 1/10 oz
Regular price $2,809.90Regular price -
1 oz Mexican Gold Libertad
Regular price $2,872.28Regular price -
2024 1 oz Canadian Gold Maple Leaf
Regular price $2,742.12Regular price -
2025 1/4 oz Canadian Gold Maple Leaf
Regular price $718.23Regular price -
$10 U.S. Gold Indian XF
Regular price $1,374.55Regular price -
$10 U.S. Gold Liberty AU
Regular price $1,374.99Regular price
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10 oz Silver Bar Asahi
Regular price $323.59Regular price$340.10-$16.51 Sale price $323.59 -
1 oz Silver Round Buffalo Asahi Mint
Regular price $32.70Regular price$34.55-$1.85 Sale price $32.70 -
2024 1 oz American Silver Eagle
Regular price $35.98Regular price$36.50-$0.52 Sale price $35.98 -
90% American Silver Quarters - $1 Face Value
Regular price $23.66Regular price -
5 oz Silver Bar Buffalo Silvertowne
Regular price $165.20Regular price -
1 oz Silver Scottsdale Mint Vortex
Regular price $35.98Regular price$36.43-$0.45 Sale price $35.98 -
2 oz Scottsdale Mint Stacker (Round)
Regular price $71.97Regular price$74.24-$2.27 Sale price $71.97 -
20 oz Silver Scottsdale KitKat Bar
Regular price $682.44Regular price$675.00Sale price $682.44
Gold to Silver Ratio
How Much Your Gold is Worth
The gold spot price is generally quoted in troy ounces but can be converted to any desired unit of measurement for buying or selling. While some markets display live gold prices in different currencies, many rely on data in USD. To find the spot price in your preferred currency, you can use the SUMMIT METALS gold calculator. This tool lets you convert the price into one of four currencies, and you can calculate based on quantity, unit of measurement, and purity to make an informed purchasing decision.
Our common questions
Is free shipping available?
Is free shipping available?
Yes free shipping at $199! We understand you want the most bang for your buck!
Is the product I'm looking for in stock and available?
Is the product I'm looking for in stock and available?
Certainly! You can easily check the availability of your desired product directly on the product page. The status will be clearly displayed, indicating whether the item is in stock, showing the exact quantity, or marked as “Out of stock.” This ensures you’re always informed and can secure your purchase with confidence.
What are your return policies?
What are your return policies?
We offer a 2-business-day return window from the moment your item(s) is received. Please note, a $35 restocking fee or 5% of the total order value (whichever is greater) will apply. Summit Metals reserves the right, at our sole discretion, to deny a return. Our policies ensure that each return is handled with the utmost care and consideration, reflecting the exclusivity of our offerings.
When will I receive my order?
When will I receive my order?
For most of our valued customers, your exquisite purchase will be delivered within 2 weeks from the time your order is placed. However, if you’re a returning customer, we expedite the process to ensure your order arrives within just 5-7 business days (after payment clearing), reflecting our commitment to exceptional service and your continued loyalty.
Is your bullion real?
Is your bullion real?
Absolutely. As an authorized bullion dealer, we adhere to rigorous Federal laws to bring you only the finest gold and silver. Rest assured, our precious metals are 100% genuine, delivering both value and peace of mind with every purchase.
How do you authenticate metals?
How do you authenticate metals?
An excellent question. Every piece of gold and silver we offer undergoes a sophisticated and rigorous testing process. This includes electromagnetic, soundwave, and X-ray testing, which allows us to precisely verify the metal’s composition, distinguishing between 22k, 24k, and any potential fakes. Our commitment to authenticity ensures that you receive only the highest quality precious metals.
Is express shipping available?
Is express shipping available?
Yes, express shipping is available for your convenience. For just $9.99, you can enjoy 2-day shipping via FedEx. We highly recommend taking advantage of this service to ensure your precious metals arrive swiftly and securely.
How do I contact you for questions on gold or silver?
How do I contact you for questions on gold or silver?
We absolutely LOVE educating our clients about precious metals! Feel free to reach out to us anytime at summitmetals.com/contact. You can also chat with us during business hours for immediate assistance. We’re here to guide you every step of the way in your journey with gold and silver.
Why do Investors Buy Physical Gold Instead of Gold Derivatives?
Gold derivatives are financial instruments tied to the price of gold, offering investors flexible ways to engage with the gold market without owning the physical metal. Gold futures and options contracts, traded on exchanges like COMEX, allow for speculation and hedging based on expected gold price movements. Exchange-traded funds (ETFs) backed by physical gold offer a convenient way for investors to track gold's performance. Additionally, gold swaps and forwards provide tailored hedging and financing options by enabling participants to exchange cash flows linked to gold prices. These derivatives allow investors to manage risk, speculate on price changes, and adjust their exposure to gold in line with their financial goals.
However, gold derivatives often come with hidden costs and risks. In contrast, physical gold bullion has a straightforward price structure and no counterparty risk. Gold ETFs, one of the most popular gold derivatives, illustrate these potential complexities. For example, if an investor initially invests $10,000 and adds $5,000 each subsequent year, the ongoing cost of the ETF can be calculated based on its expense ratio. This comparison assumes that the ETF performs exactly like the spot price of gold, which isn't always the case.
Gold Price History
Highest Gold Price Ever Achieved:
Gold reached its current all-time high on July 16, 2024, at $2,483 per troy ounce, marking a continuation of record-setting trends in recent years. On August 7, 2020, gold surpassed $2,074 per ounce, driven by economic uncertainty from the COVID-19 pandemic, low-interest rates, a weakening U.S. dollar, and increased demand for safe-haven assets. This was followed by another high on May 4, 2023, when gold hit $2,080.72, spurred by the collapse of Silicon Valley Bank. Investors sought refuge in gold, fearing further bank failures, as FDIC insurance covers only up to $250,000 per account.
On December 3, 2023, gold hit another record at $2,135 per troy ounce after a Federal Reserve board member hinted at possible rate cuts in 2024, which boosted gold’s appeal as a hedge against inflation. The price continued to rise, reaching $2,220 on March 20, 2024, following the Federal Open Market Committee's forecast of three rate cuts. Gold's momentum carried it to $2,450 on May 20, 2024, as investors reacted to geopolitical tension following the death of Iran's president.
Finally, on July 16, 2024, gold surged to its current peak of $2,483, following an assassination attempt on former U.S. President Donald Trump on July 13.
Gold Price Appreciation Over Time:
From 1971 to 2022, gold has had an average annual return of approximately 7.78%.
Using All-Time Highs for Timing:
Many investors track gold prices relative to its all-time highs as a timing strategy. When gold approaches or surpasses its peak, some view it as an opportunity to sell, anticipating a correction, while others see it as a signal to buy, expecting further upward momentum. Breaching key psychological price thresholds can trigger larger, more sustained rallies. However, it's crucial to consider the broader economic and geopolitical landscape when making investment decisions based solely on historical highs.
Factors That Influence Gold Prices
Several key factors influence the price of gold:
- Economic Conditions: Gold prices are shaped by the global economy, inflation rates, interest rates, and financial stability. During periods of economic uncertainty or inflation, gold typically rises in value as a safe-haven asset.
- Geopolitical Events: Political instability, conflicts, and trade tensions can drive gold prices higher, as investors seek the security of gold during times of geopolitical turmoil.
- Currency Movements: Gold has an inverse relationship with the U.S. dollar. When the dollar weakens, gold prices tend to rise as it becomes more attractive to international investors.
- Central Bank Policies: Central banks' gold purchases or sales can significantly impact the market. Large-scale actions by central banks influence the supply and demand dynamics, affecting gold prices.
- Supply and Demand: The balance between supply (from mining production) and demand (for jewelry and other uses) directly affects gold prices. A scarcity or surplus of gold can lead to price fluctuations.
- Investor Sentiment: Market sentiment, including speculator behavior, can cause short-term price movements. News and events can lead to rapid shifts in gold prices.
- Technical Analysis: Traders use technical indicators like moving averages, support and resistance levels, and patterns to forecast gold price trends. Algorithmic trading based on these technical patterns can add complexity and volatility to the market.
How Gold Spot Prices are Determined
Gold spot prices are determined through a globally coordinated process led by the London Bullion Market Association (LBMA). The LBMA sets the standards for gold trading and conducts electronic auctions, such as the LBMA Gold Price, twice a day. During these auctions, participants like banks, refiners, and institutional investors submit buy and sell orders until an equilibrium between supply and demand is reached, establishing the spot price. International factors, including currency exchange rates and global economic events, also influence these prices, making gold a commodity traded around the clock. This process ensures real-time transparency, providing investors with accurate, up-to-date spot prices to support informed trading decisions.
Besides the LBMA, other major exchanges, such as COMEX (a division of the CME Group), play a significant role in price discovery, particularly through gold futures and options trading. The actively traded futures contracts on COMEX can influence spot prices by reflecting market expectations and adding liquidity. The interaction between the LBMA’s spot prices and COMEX’s futures prices forms a dynamic relationship that shapes the overall price of gold. Additionally, other exchanges like the Shanghai Gold Exchange, the Tokyo Commodity Exchange, and the Dubai Gold & Commodities Exchange also contribute to the global gold price discovery process.
Why Do Investors Buy Physical Silver
Silver is a precious metal with a finite supply. Its limited supply and many uses across industries from healthcare to automotive to energy mean it will always be in demand. In addition, it has no counterparty risk when you purchase and hold physical silver. Counterparty risk is the risk that another person or entity will not uphold their part of a contract. When banks or organizations such as FTX fail, investors and depositors lose much – sometimes everything. Those who hold physical silver have an investment that doubles as a hedge against the worst-case scenario. Silver is a multi-purpose investment that can be useful for several investment strategies.
Silver Price History
Throughout most of the 1990s, one troy ounce of silver traded around $5.00. In the early 2000s, the price of a troy ounce of silver began to increase. It has undergone periods of volatility with great movements up and down. Since 1990, the lowest price silver has ever reached was $3.55 in 1991, and the highest price ever reached was $48.70 in 2011. Silver went higher once in 1980 when it went to $49.45 per troy ounce in the wake of a near global financial collapse when the Hunt Brothers attempted to corner the silver market and buy all available silver. They did this by financing their speculative ventures to such a degree that missing a margin call set off a cascade of events that affected not only the price of silver, but also gold and other assets and commodities. In the aftermath, several regulations were put in place to prevent a similar event from occurring. A single individual or entity should no longer be able to take over the entire silver market and create a monopoly.
Advocates of silver point to the 1980 spike in prices a sign for what silver prices can reach, especially in a scarcity environment, and point out that $49.45 in 1980 would be the equivalent of $184.64 in 2023 due to inflation. This puts a theoretical upper limit on the spot price of silver.
Most recently, silver prices have been rallying over $30 per troy ounce and trading in a range of $29 to $33 per ounce, starting May 15th, 2024. This is a 10-year high for the price of silver, and follows gold's historic price movements. As silver has rallied, the gold to silver ratio has dropped to five year lows at times, offering our ratio traders a chance to capitalize on a favorable trade. Forecasters and analysts are predicting silver will follow gold's price movements in the current environment.
Using all-time highs for timing
Sophisticated investors who want to time the market sometimes use all time highs to determine when it’s a good time to buy or sell. The current all-time high is in 1980 at $49.45, however this was due to market manipulation and a near catastrophic system failure that drove prices through the roof. If we look at the next highest price it was in 2011 for $48.70. Investors will sometimes use this information in one of two ways. They will either look at the high in 1980 or 2011 as a flat dollar amount and consider that their baseline for how high silver can go. Others will convert the highs from those years into today’s numbers to account for inflation and consider that the high for silver. In 1980, the high would be equivalent to $184.64 and for 2011 the high would translate to $66.61 in 2023. One way to interpret these numbers are to think about the potential silver can reach in a system failure vs the high silver may reach from normal supply and demand imbalance.
Could Silver Reach $100, $300 or $1,000 Per Ounce?
We cover this topic extensively on the Knowledge Center in our article “Could the Price of Silver Ever Reach $1000 Per Ounce”. Silver is the target of a recurring hype cycle online where pundits, influencers, and some industry leaders begin predicting silver’s price will skyrocket. Although these predictions have circulated for some time, they have yet to manifest.
There are very good reasons to invest in silver. It’s a tangible investment that has stood the test of time. It has no counterparty risk, its value has increased nearly 600% since the 1990s, and its built-in scarcity and utility mean its value will never drop to zero like some investments do. We encourage our customers and readers to do their own research prior to investing in silver, and to invest wisely.
Factors that influence silver prices
Silver prices are influenced by a combination of macroeconomic factors, market sentiment, and industry-specific dynamics. Global economic conditions play a significant role, with factors like inflation rates, interest rates, and overall economic growth affecting silver prices. Market sentiment, influenced by geopolitical events and investor demand for safe-haven assets, can lead to rapid price fluctuations. Industrial demand for silver, driven by its use in various sectors like electronics and green technologies, also impacts prices. Moreover, mining production levels, geopolitical stability in major silver-producing regions, and fluctuations in the value of the U.S. dollar, as silver is priced in dollars, contribute to the overall volatility and trend in silver prices.
One example on the week of November 28th, 2023, may help illustrate how silver prices may move in accordance to market conditions. When the Fed’s Christopher Waller made dovish statements regarding the possibility of rate cuts in 2024, the market reacted strongly. The two-year treasury yield dropped 8.9 basis points and prices of gold and silver both surged. Silver spot price increased 4.21% from the start of the week in response to these market conditions.
How is the Silver Spot Price Determined?
Silver spot prices are primarily determined through commodity futures exchanges like the COMEX (Commodity Exchange). The spot price represents the current market value for immediate delivery of silver. On the COMEX, a continuous auction process occurs where buyers and sellers submit orders to purchase or sell silver futures contracts. The intersection of the highest bid and the lowest ask prices establishes the current spot price. This price discovery mechanism involves a dynamic interplay of market participants responding to factors such as supply and demand dynamics, geopolitical events, economic indicators, and investor sentiment. The COMEX spot price serves as a benchmark for silver valuations globally, influencing various market participants, including miners, manufacturers, and investors.
While the COMEX (Commodity Exchange) is a major platform for silver futures trading and plays a significant role in price discovery, there are other commodity exchanges and markets that also contribute to determining the silver spot price. The LBMA (London Bullion Market Association) is a crucial player in the global precious metals market, and the London Silver Fix, now replaced by the LBMA Silver Price, provides a benchmark for silver prices. Additionally, various futures and commodities exchanges worldwide, such as the Tokyo Commodity Exchange (TOCOM) and the Shanghai Futures Exchange (SHFE), contribute to the broader global pricing of silver. The aggregated influence of these exchanges and the interconnectivity of global financial markets contribute to the comprehensive determination of the silver spot price.
How Silver Futures Influence Silver Spot Prices
The silver spot price represents the current market value of silver for immediate delivery and settlement. It reflects the prevailing supply and demand conditions in the physical silver market. In contrast, silver futures are financial contracts that obligate the buyer to purchase or the seller to deliver a specified quantity of silver at a predetermined future date and price. Futures contracts allow participants to hedge against price volatility or speculate on future price movements. The difference between the silver spot price and silver futures is influenced by factors such as market expectations, interest rates, storage costs, and supply-demand dynamics, making it essential for investors and traders to carefully analyze these variables when engaging in silver-related transactions.
Why are there Differences Between Silver Spot and Silver Future Prices?
Contango and backwardation refer to the relationship between future and spot prices in commodity markets. In the context of silver futures, contango occurs when the futures price of silver is higher than the spot price, indicating market expectations of higher future demand or lower future supply. This situation can arise due to storage costs and interest rates. On the other hand, backwardation occurs when the futures price is lower than the spot price, signaling expectations of lower future demand or higher future supply. Traders and investors closely monitor these dynamics as they can provide insights into market sentiment and supply-demand conditions, influencing trading strategies in the silver market.
How to trade the gold to silver ratio
The ratio between gold and silver signifies the quantity of silver needed to acquire one ounce of gold, providing valuable insights into the relative worth of these precious metals. A higher ratio historically indicates potential undervaluation of silver compared to gold, presenting an opportune moment for silver-focused investments, while a lower ratio may suggest favorability for gold investments. Experienced investors strategically shift between silver and gold based on this ratio. For instance, consider an investor who purchased 5 ounces of gold in January 2019 when the gold to silver ratio stood at 82. By April or May 2020, with the ratio at 112, the investor might have exchanged gold for 560 ounces of silver. Subsequently, in September 2020, as the ratio dropped to 70, the investor could trade the 560 ounces of silver back for 8 ounces of gold. Accounting for an initial gold price of around $1300/ounce in January 2019 and a gold price exceeding $1900/ounce in September 2020, such ratio-based trading could yield significant returns, surpassing 133%. It's important to note that this simplified scenario does not consider factors like taxes, premiums, or the investor's trade decisions. In practical terms, individual investors typically convert assets to a liquid currency, such as the US dollar, for trading purposes. The type of product purchased matters as well. An investor trading the gold to silver ratio usually prefers silver with low premiums that are easy to liquidate such as 1 oz silver bars or silver coins from a sovereign mint.
Why is Silver Used as a Store of Wealth
Silver has historically played a role as a form of currency, particularly in times of hyperinflation when fiat currencies lose value rapidly. During hyperinflationary crises, people often turn to tangible assets like silver to preserve their wealth. In recent history, notable examples include the hyperinflation in Zimbabwe in the late 2000s. The Zimbabwean dollar experienced astronomical inflation rates, prompting citizens to seek alternative stores of value, with some turning to silver and gold. Similarly, during the hyperinflationary period in Venezuela that began in the mid-2010s, the Venezuelan bolivar lost its value at an alarming rate, leading individuals to turn to precious metals like silver as a more stable form of wealth preservation. In such extreme economic scenarios, silver's intrinsic value and historical role as a currency provide individuals with a tangible and tradable asset that can serve as a hedge against the eroding value of fiat currencies. In Venezuela, silver is used to barter for food, medicine and fuel and continues to play a role in the economy today. While the Bolivar dropped in value due to hyperinflation, the value of silver and other precious metals remained strong, making it not only a wise investment but an excellent store of wealth.
Some of the worst examples of hyperinflation include Germany post WWI, Greece after WWII, and Yugoslavia in 1994. Precious metals such as silver helped save many people during these periods.
The Green Revolution and Silver’s Industrial Uses
With constrained supply and the ever-growing demand for silver, there is a consensus belief that demand will outstrip supply and prices will rise. At the center of this narrative is the demand for silver in electric vehicles and in photovoltaics – or solar panels. With the massive build back better bill funneling hundreds of billions towards a green revolution that is heavily dependent on silver, many traders are following the money. Silver supply has only increased a very small amount each year. In 2021, the total supply increased by 4.9%, and in 2022, the supply increased by .02%, which was essentially flat. 2023 was forecast to a mere 2% increase. The constrained supply is due to regulatory hurdles and the lead time it takes for new mines to become operational. We have seen massive demand between 2020 and 2023, yet supply has not kept pace.
Photovoltaics or solar uses a lot of silver. Silver consumption for silver has increased by 10% in 2021, and 28% in 2022 and is forecast to consumer an additional 15% in 2023. The forecast demand for 2023 is 161 million ounces, and that number is set to only grow. Between 2020 and 2023, the solar industry has consumed 91% of the supply increase alone. With additional spending set to propel this industry further, silver consumption is expected to outpace supply.