The changing price of silver offers a striking illustration of how precious metals have changed in value over time.
In 1971, one troy ounce of silver was worth approximately A$1.36 when converted from the average international silver price into Australian dollars. By 2000, the equivalent value had risen to approximately A$8.50. On 20 October 2026, the Australian silver spot price was around A$82.22 per troy ounce.
These figures show a substantial increase in silver’s nominal Australian-dollar price over more than five decades. The comparison also highlights the importance of currency movements: silver is internationally priced in US dollars, so changes in the Australian dollar affect its local value.
It is important to note that the 1971 and 2000 figures are approximate annual-average conversions, while the 2026 figure is a snapshot of the spot price. They are not directly comparable daily prices, and they do not account for inflation, dealer premiums or the costs of buying and selling physical bullion.
Nevertheless, the long-term comparison raises an important question: as the purchasing power of money changes over time, what role can physical precious metals play in preserving wealth?
At FirstGold, we believe understanding the difference between holding physical bullion and holding cash is an important part of becoming a more informed saver.
Explore the data for yourself:
- Historical silver prices and charts – SD Bullion
- Australian silver spot prices – The Perth Mint
- Historical silver prices in AUD and USD – ABC Bullion
- Historical US dollar and Australian dollar exchange rates – Federal Reserve Bank of St Louis
Disclaimer: Historical prices and currency conversions are approximate and provided for educational purposes only. Past price movements do not guarantee future performance. This article is general information and is not financial advice.
