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The price of %Silver has hit its first new record high since 1980 as jittery investors continue to shift money into precious metals.

Silver's price has now surpassed a 45-year-old record set in 1980, rising 6.8% on Oct. 13 to finish trading at $50.13 U.S. a troy ounce.

The closing price on Oct. 13 topped the longstanding record of $48.70 U.S. an ounce set in January 1980.

However, if adjusted for inflation, silver would need to exceed $200 U.S. a troy ounce to top the 1980 record.

Still, silver has been on an impressive bull run this year, having gained 69% so far in 2025.

Silver's price has been marching higher alongside gold, which is also at record levels having recently surpassed $4,000 U.S. an ounce for the first time.

Analysts say that investors are moving capital into precious and industrial metals as they grow increasingly nervous about high stock valuations and geopolitical turmoil.

At the same time, silver's price has shot up in recent days as traders in London, England got spooked by dwindling supplies of the metal in the United Kingdom (U.K.).

Silver inventories in the U.K. were drained early this year when traders stashed precious metals on planes and ships to send to the U.S. ahead of potential tariffs on the metal.

Commodities traders are now betting on heavy buying of silver by the U.K. government as it seeks to restock the metal.

Silver serves as both a precious and industrial metal and is used to make jewellery and in industrial applications such as solar panels and some electronic devices.