Silver price above $40

The world spot price for commodity silver has now exceeded $40 per Troy ounce, the highest it has been since 1980. The price rose to $50 in 1980 because the Hunt Brothers of Texas were trying to corner the world silver market. Other than that fluke, the price has been below $40 historically.

However, if you take inflation into account, the price of silver now is about the same as it was in 1864. The average price of silver in 1864 was about $2.94, or $40.50 in today's dollars. Maybe we should draw some conclusions by comparing our nation in turmoil in 2011 and 1864.

The inflation adjusted price high in 1980 was $130 in today's dollars.

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