Silver hovers near £41 an ounce, just above its yearly low, with the gold-silver ratio past 75

Silver was changing hands at around £41 a troy ounce on Wednesday, or roughly £1.31 a gram before dealer costs. That is our approximate conversion of the $53.91 reported by USAGOLD, which showed a fall of about 0.9 per cent on the day. The same report says silver sits only $1.25 above its yearly low of $52.66, which is about £40 an ounce.

Gold has been more resilient. USAGOLD had it near $4,049, and the gold-silver ratio, the number of silver ounces needed to buy one ounce of gold, stood at about 75.1, compared with roughly 60 at the start of the year. ISA Bullion, using its own pricing, saw silver close slightly higher at about $54.38 the same day, a reminder that quotes differ a little between sources.

Both sources link the cautious mood to oil-driven inflation worries and expectations around the Federal Reserve, which held rates after its latest meeting. Silver is also an industrial metal, so it often moves more sharply than gold when sentiment shifts.

For first-time UK buyers, one point matters: most silver bullion carries 20 per cent VAT, unlike investment gold. A low spot price is only part of the story, so compare the all-in cost: spot plus dealer premium, VAT and delivery. This is market information, not financial advice.