Silver prices in Canada posted one of their strongest weekly gains of the year, breaking through the $87-per-ounce mark and catching the attention of both bullion investors and coin collectors.
After hovering near $81 CAD just one week ago, live market trackers on Wednesday morning showed silver trading in the $86–87 per ounce range — a fast-moving jump of roughly six to seven per cent in only a matter of days. At 11 a.m. today, silver was trading at around $87.18.
Charts from silverprice.org highlight the magnitude of the move, which now sits alongside past historic spikes such as the 1980 Hunt Brothers rally, the 2011 bullion surge and the climb seen through 2025. For Canadian collectors, the sudden push above $87 represents the highest silver pricing seen in CAD terms this year, fuelled by a combination of global demand pressures and a softer Canadian dollar.
Gold has also remained firm, now sitting near $5,854 CAD per ounce, but it is silver’s performance that has dominated market conversations. In U.S. dollar terms, silver reached new record levels above US$60 per ounce this week before easing slightly, with analysts pointing to a rare convergence of factors: supply constraints, robust industrial demand from sectors such as solar and EV production, and renewed investor buying as central banks signal lower interest rates. At 11 a.m. today, silver in USD was trading at around $63.62
The USD/CAD exchange rate has amplified the movement even further. With the Canadian dollar trading lower against the U.S. dollar, Canadian-dollar bullion prices climb more aggressively than the underlying U.S. spot price — a dynamic that helped propel silver’s CAD price into the high-80s.
Dealers report brisk buying and selling as collectors reassess their holdings. Higher melt values mean more low- to mid-grade silver entering the scrap stream, while premiums on bullion-related coins and bars remain elevated. A Canadian dealer said the rapid rise “puts pressure on the entry-level market,” noting that material priced comfortably when silver was in the mid-$70s or around $80 “can quickly move beyond the reach of newer collectors.”
Despite the speed of the rise, volatility remains a factor. Intraday swings in U.S. markets continue to spill into Canadian pricing, with CAD values sometimes shifting by the dollar or more within a single session. Yet the larger trend remains unmistakable: 2025 has been a powerful year for precious metals, and silver’s latest rally underscores just how quickly sentiment can change.
For collectors and investors alike, timing remains crucial. With silver again demonstrating its habit of sharp, sudden moves, those tracking the market can expect the weeks ahead to be active ones — especially if the combination of global uncertainty, industrial demand and currency fluctuation continues to support higher bullion prices.