Silver has set a new all-time high in Canadian dollars, surpassing the record that stood for more than four decades.
On Sept. 19, 2025, spot silver traded around US$42.05 per ounce while the Canadian dollar hovered near 1.378 per U.S. dollar, pushing silver’s value to about C$59.37 per ounce. That marked the first time the metal exceeded the previous Canadian-dollar record of roughly C$58.77, established on Jan. 17, 1980, during the infamous Hunt brothers’ attempt to corner the silver market.
As of Sept. 22, silver is trading at about US$43.60 per ounce, with the loonie still near 1.38. That equates to C$60.17 per ounce – another fresh nominal high in Canadian terms. Gold remains steady near C$5,040 per ounce, close to its own recent peaks.
Analysts note that the current rally is being fuelled by different factors than in 1980. Instead of speculative pressure, today’s gains reflect safe-haven demand, expectations for lower U.S. interest rates, and a weaker Canadian dollar that amplifies bullion values when converted from U.S. pricing. For collectors and dealers, the record-setting prices are boosting valuations on coins such as the Silver Maple Leaf, while also magnifying exposure to volatility in both metals and exchange rates.
The January 1980 record came amid extraordinary circumstances. Texas oil magnates Nelson Bunker Hunt and William Herbert Hunt amassed vast silver holdings, helping drive prices to nearly US$50 per ounce. The surge overwhelmed refineries across North America, with delays stretching months and buyers imposing heavy discounts to manage risk. When the Hunts were forced to begin liquidating contracts, the market collapsed. On “Silver Thursday,” March 27, 1980, the price plunged from US$20 to US$10.90 per ounce – just one-fifth of its level 10 weeks earlier.