In March 2020 we saw the silver market tank to lows that we did not expect to see. On the 24^th of February the market began to plummet and by the 16^th of March the market broke below $12 per ounce. Creating a low of $11.53 per ounce.

During this time a lot of interesting things were happening in the silver bullion market. Everyone who saw this decline in price started hunting for good deals. Considering that the Silver will most likely not go to $0 per ounce, a price of $12 per ounce may be just about the best price possible in the current economy.

Many hunting for bargains in the physical market soon found that all the silver was SOLD OUT!

The few stores that did sell physical silver sold it for $30 per ounce or more. No bargains to be found. It is unclear if this is because everyone bought out all of the silver or if stores simply refused to sell what they had due to the low spot price.

During this time, you could indeed buy Silver electronically on many different platforms, but was there any way to get physical silver for a bargain price? At the time we were able to learn that some European mining companies were willing to sell wholesale silver as low as €14.50-15 plus VAT. However, they were not capable of selling it any cheaper than that, because of the labour cost associated with producing the ounce of silver.

At this point many people began to think that the low is in, and so, tried to buy silver by any means available to them. And like a self-fulfilling prophecy, the low was indeed in.

From the period of the 16^th of March 2020 where a 10 year low of $11.53 was created we saw the market rally all the way into August. With a ridiculous gain of $18.33 to achieve a high of $29.86 on August 7^th, 2020. This was a gain of 158.9% from the low. The market moved in a straight-line fashion until it finally reached its high. Here is a closer look:

After this high was made the market came back down for the rest of the year before breaking above the Augst 7^th high and creating another high $30.05 as seen in the chart below, on February 1^st, 2021. For the past two years the silver market has been slowly drifting down from this high. 

The silver market can be quite interesting and can present some exciting opportunities at times. Being aware of what happened in the past can help us prepare for the future.

Disclaimer: This is not trading or investing advice. Please do your own due diligence before buying or selling any asset. Your financial decisions are your own.