Precious-metal prices opened firmly in Canadian dollars this morning, with silver trading at about CA$58.25 per ounce – close to surpassing the all-time Canadian-dollar record set in January 1980.
Gold opened at CA$5,040.57 per ounce, steady near its recent highs.
Over the past week, gold has eased slightly from its September high of about CA$5,072 but has remained within the CA$5,030–5,070 range. Silver, meanwhile, has strengthened further, trading consistently between CA$57–59 per ounce and edging toward a historic benchmark.
On Jan. 17, 1980, silver prices peaked at US$49.95 per ounce, equal to about CA$58.77. The surge overwhelmed refineries across North America, with processing delays stretching up to three months. To offset risk, buyers imposed steep discounts: large lots of silver faced cuts of nearly 30 per cent. A $1,000 face-value bag of Canadian silver coins, worth CA$35,260 at the peak melt value, often netted sellers only about CA$25,000. Small lots were somewhat more favourable, selling at 20 to 22 times face value.
That period proved pivotal. The Hunt brothers, who had heavily speculated in silver, were forced to begin selling their contracts in January 1980, triggering a rapid collapse. Prices fluctuated between US$30 and US$48 for several weeks before tumbling further. On “Silver Thursday,” March 27, 1980, silver plunged from US$20 to US$10.90 per ounce – just one-fifth of its level 10 weeks earlier.
Today’s market, analysts note, is being driven by different fundamentals: safe-haven demand, geopolitical tensions, and investor positioning around global interest rates. Yet the memory of 1980 underscores both the opportunities and the risks of silver’s volatility.
For dealers, the current environment continues to bolster bullion valuations and support strong premiums on coins such as Maple Leafs. At the same time, the elevated levels magnify exposure to sharp swings in both metal prices and currency exchange rates.