Due to its rarity, versatility, and luster, Silver has become quite a popular precious metal throughout history. Its thermal and electrical conductive properties give Silver many industrial purposes in the manufacturing of solar panels, smartphones, and other technologies. As it has a beautiful shine and luster and is considerably cheaper than Gold, this metal became desirable for jewellery manufacturing. Historically, both precious metals were in fact used as actual money and were not seen as mere investments like nowadays. Despite one being much more expensive than the other, they were both being used in everyday transactions, therefore, remaining quite stable. When Silver became demonetized, the silver spot price began to rise, making it have the appearance of a safe investment rather than just money. The silver spot price CAD has been going up and down for ages. Normally, Silver is traded under the denomination of XAG USD, however, in Canada XAG CAD is commonly used. Silver’s numerous industrial uses, changes to its price will have a great effect on consumers.
The silver spot price CAD has been very volatile throughout its history, showing stunning highs and incredible lows. As silver holds a more tight knit relationship with economic activities than Gold, the price of Royal Canadian Mint Silver bars will be more speculative. In periods of economic instability, like the 2008 Financial Crisis, the price of Silver has outperformed the price of Gold. Silver gained over 400% however, Gold only gained a bit over 100%. Akin to this, the effect which COVID-19 had on the economy pushed Silver to gain a remarkable amount and break long-standing records. Although XAG CAD is a widely traded pair, it is not traded nearly as much as XAG USD.
Check out our live metal prices page to see the current spot price of Silver in CAD. If you have any questions or inquiries about buying silver wholesale bullion, please contact our team today! Our team will gladly answer all of your questions via live chat, social media, email, or telephone! +1 604-498-5001