Silver is one of the most volatile commodities in international markets. In the early 1970s, silver prices lingered around $ 2 / ounce, and started climbing in 1973, reaching a historic high of 50.35 U.S. dollars / ounce on January 21, 1980. The price surge during the period was mainly the result of market manipulation by the Hunt brothers. Silver prices then trended lower during the 1980-2001 period, and fluctuated at low levels, reaching as low as $ 3.55 / ounce in 1993. Over the past decade, international silver prices were in an upward trend, with market turning bullish in 2002. Gains in silver prices accelerated in 2005, exceeding $ 20 / ounce in mid 2008. World commodity prices slumped in the second half of 2008 due to the global financial crisis, with silver prices falling back to less than 10 U.S. dollars / ounce. Silver prices rose again in 2009 as world governments rolled out economic stimulus policies and the global economy gradually recovered. International silver prices fluctuated fiercely in 2011, with silver prices rising as much as 80 percent and approaching $50/ounce in just three months, between end-January and end-April. Silver prices experienced three bouts of slumps between end April and early 2012, including a nearly 31 percent tumble during one week in early May. Currently, international silver prices hovers around $32/ounce.

Average price on international markets from 2001-2011（USD/ounce）

　　　　　　　　　　　Source：LBMA
　　　　　　　　　　　Note：Data and statistics in 2011 ended on December 30

Trend of LBMA silver fixing price from 2001-2011
Source：LBMA
Note：Data and statistics in 2011 ended on December 30