What is the spot price of silver? Why do our prices keep changing every 5 to 10 minutes?

The silver spot price “is the instantaneous price someone is willing to pay in cash for a unit of silver”. Usually the unit refers to one troy ounce (31.1 grams) and it is normally priced in US dollars.

It is determined in a few major worldwide commodity exchanges around the world during local business hours. Major exchanges are in London, New York and Hong Kong. As exchanges worldwide open, we update our selling prices in short intervals to follow market prices. As bullion margins are very low compared to traditional jewelry outlets we need to keep prices as updated as possible.

Furthermore as we accept other currencies besides USD as payment, we price our items in these currencies by converting the US dollar silver spot prices based on the current exchange rate. Therefore our prices change when either the spot prices change or the other currencies’ exchange rate changes.

Please note, for large orders, we can transact based on the LBMA morning price for a given date.