Price of Silver in 2004

A boom in investor activity and positive changes leading to a balance in supply and demand of silver led to a substantial increase in values in 2004.

In the charts below, you can see the price of silver in 2004 and the spot price fluctuations present throughout the year.

Silver Prices 2004 Chart

What Impacted Silver Prices in 2004?

The average price of silver per ounce in 2004 increased by 36%, reaching $6.66 per ounce, compared to $4.85 per ounce in 2003.

2004 also saw a surge in investor activity, mostly driven by funds operating on futures exchanges and significant buy-side interest from high nett worth individuals.

Fabrication demand strengthened, scrap supply decreased, and there was a dramatic decrease in government bullion sales, all of which impacted values.

Total scrap supply is expected to have contributed 181.1 million ounces (Moz) of silver to the market in 2004, a four-year low and a reduction of 2.5 Moz from 2003 levels.

The overall mining production increased by 4%, reaching 634.4 Moz. In 2004, silver production from primary mines climbed by 9%, reaching 188.5 Moz – 30% of the world’s total silver output.

Silver in above-ground reserves declined dramatically by 39.8 Moz, to 202.3 Moz.

Daily Silver Prices (Chart)

To find the daily prices for Silver in this year, use the date filters in the chart above.

The information provided here is for educational purposes only and should not be used for speculation and investment purposes. CanAm does not guarantee that the prices shown here are correct, up-to-date, or complete, and we are not responsible for inaccuracies or omissions in this price data.

Why 999 Grade is Best for Silver Investment

For decades, silver bullion bars and coins have been a popular investment option, and 999 pure silver is the highest quality available and is considered “investment-grade”. No alloys have been added to the 999-fine silver, making it virtually pure silver (with just a minute number of contaminants).

One of the most significant benefits of 999 fine silver is it takes up less space than less pure kinds of silver, which makes it easy to store. It also has a good value for resale.

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