How much is 1 oz of Silver right now?

We are now well into 2022 and we are feeling supply chain issues everywhere. New and used cars are in high demand because of a computer chip. Food prices are rising higher by the week and almost everything is getting harder to find in stock. The world is on edge as hyper inflation is knocking on our door, your dollar value is shrinking before your eyes and governments are positioning themselves to start raising interest rates.

Silver has not dodged this hard to get your hands on economy, we are now living in. Back in February 2021 the value of silver skyrocketed to an eight-year high as an army of Reddit traders targeted precious metal commodities in an attempt to mirror the mind-blowing share price hikes in heavily shorted companies like GameStop, Blackberry and AMC, a strategy that has divided the community and prompted allegations that Wall Street is somehow coordinating calls for investors to pour into silver.

The silver lining on this outcome is that a lot of younger investors have been persuaded that gold and silver are important to have in your portfolio. However this sudden rush of demand on physical silver at a time that most of the refineries had been shut down due to Covid, caused major supply issues. 

The downside of this demand is the short supply of silver and the premiums being charged because of the this. We have seen premiums of physical silver double in some instances. This also caused our company to look at other refiners to find .999 quality at a lower price point.

The answer to your burning question of "How much is 1 oz of silver right now?" is purely dictated by the current silver spot price on the market and what the premium is being charged on the physical metal. Nugget Stacker prides itself on providing the best rates on Silver and Gold and we ship anywhere in Canada.