Silver futures are pulling back after soaring to nearly $50 an ounce in a record-breaking run earlier Monday. Still, silver remains well below its inflation-adjusted high, according to a report.
Silver prices climbed as much as 5.4% Monday to $49.79 an ounce to a nominal all-time high, topping the previous peak of $49.45 in January 1980, Bloomberg reported.
However, adjusted for inflation, silver is well short of its 1980 high. Silver’s inflation-adjusted price would be $131.49 an ounce based on its 1980 peak, according to WSJ MarketBeat. Meanwhile, gold’s record of $875 an ounce in 1980 converts into about $2,371 in today’s dollars, according to the report.
The iShares Silver Trust (NYSEArca: SLV) was down about 1% at last check Monday, erasing its earlier gains.
Full disclosure: Tom Lydon’s clients own SLV.
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