What Has Happened to the Silver Price Since 2023? And Is It Still Worth Selling?

If you’ve been thinking about selling some silver but keep putting it off, here’s something genuinely worth knowing: the silver market has changed significantly since 2023, and not by a small margin.

People sometimes assume the best time to sell precious metals has already passed, or that prices drift up and down without really going anywhere. The last couple of years have told a very different story.

Where Things Stood in 2023

Back in 2023, silver prices in the UK were relatively subdued. The market had its fluctuations – it always does – but the overall trend that year was downward. Silver finished 2023 down around 6% on where it had started.

That’s worth holding in mind as a baseline, because what’s happened since is quite striking.

What Changed in 2024

The recovery began in earnest in 2024. By the end of that year, silver prices had risen by more than 23% compared to where they started. For anyone who had silver sitting in a drawer through 2023 and into 2024, the position improved meaningfully.

Where the Market Stands Today

Since the 2023 average, silver prices have risen by well over 100% in sterling terms. Anyone bringing silver in today is selling into a market that looks dramatically different to 2023 – and considerably more in their favour.

We don’t publish a price on this page because silver prices move daily with the international market, and we’d rather give you an accurate, live valuation when you come in than risk you working from a figure that’s out of date. What we can tell you is that prices are at levels we haven’t seen in a very long time.

Why Has Silver Gone Up?

The short version is supply and demand – with a few specific factors driving it.

Industrial use of silver has grown substantially in recent years, particularly for solar panels and electric vehicles. Both require silver in meaningful quantities, and with energy transition legislation pushing these industries forward across the world, that demand shows no sign of slowing. Mining output simply hasn’t kept pace, which has created a persistent supply deficit that pushes prices higher.

Added to that are broader economic factors: inflation, currency movements, and the fact that silver has historically attracted investors during periods of uncertainty. Several of those conditions have been present for a while now.

Should You Sell Now or Wait?

I’ll give you the same honest answer I give everyone who asks me this in the shop: nobody can time the market perfectly, and trying to is usually a mug’s game.

What I can tell you is that the silver you’re holding has considerably more value today than it did in 2023. If it’s sitting in a drawer unworn, it’s not doing anything for you there. Prices are strong. The calculation has shifted.

That said, if you’re in no rush and you’ve been tracking the market closely, that’s your call. We’ll be here when you’re ready.

We Price from the Live Market, Every Day

Our valuations are based on the live silver spot price – updated daily. There are no outdated price lists, no quoting you something from last week. Whatever the market is doing on the day you come in, that’s what you’ll be paid on.

Bring your silver into us at Northumberland Goldsmiths in Blyth. We’ll weigh it, check the hallmarks, and give you a clear figure with no jargon. No appointment needed, no charge for a valuation. If you’re happy with the price, we’ll sort you out the same day.

Northumberland Goldsmiths, Blyth. Serving the North East since 1989. click here for more on this service.