Current Silver Price and Silver Rate with Charts & Calculators
Silver bridges two worlds: it is both a sought-after industrial commodity and a classic store of value. The silver price therefore responds not only to investment demand but also to economic cycles and the booming photovoltaics market. On this page you will find the current price per troy ounce, gram and kilogram in euros and US dollars — updated live. The chart tracks price development from intraday to maximum data history. The performance table, seasonality chart and heatmap calendar show how the silver price has behaved across different time frames. In the guide below, learn everything about the key drivers, the gold-silver ratio, VAT considerations and the various investment options from physical coins to ETCs.
Here you see the current Silver price per troy ounce (31.1 g) in your selected currency, including daily change in percent and absolute.
Below you find the current exchange rate and the price in the second currency. At the bottom are the prices per gram, troy ounce and kilogram.
Tip: When the market is open, the price updates automatically every minute.
Silver price details →
Source: Spot
Look up the Silver price for any date in the past. You will see open, high, low, and close prices as well as the price per gram and kilogram.
Tip: Select a date and a source (LBMA Fix = official daily fixing, Spot = market price). If no trading took place on your selected day, the nearest available rate will be shown.
| 29.05.2026 | EUR | USD |
|---|---|---|
| Open | 64.95 € | 75.69 $ |
| High | 65.57 € | 76.56 $ |
| Low | 64.10 € | 74.65 $ |
| Close | 64.57 € | 75.30 $ |
Source: Spot
The chart shows the price development of the Silver price over the selected period. Move your mouse over the chart to see the exact price on a specific day.
Select the time period above (Today to Max). You can zoom into an area with your mouse. The statistics cards below show high, low, and change for the selected period.
Tip: In the "Today" period, you can see intraday data with per-minute resolution.
(05/31/26)
(05/30/26)
(05/31/26)
(05/31/26)
(01/29/26)
Here you can see the current silver price converted to different weight units: gram, troy ounce (31.1 g) and kilogram.
The second row shows the price in the other currency for comparison.
Tip: A troy ounce is the international trading unit for precious metals and equals 31.1035 grams.
1 Troy Ounce = 31.1035 Grams
This table shows the current price per gram for various Silver alloys. The fineness indicates how much pure Silver is contained in 1000 parts.
Example: : 750/1000 means 75% pure Silver (for gold this equals 18 carat). The price per gram is calculated according to the fineness.
| Fineness | Carat | Price / Gram |
|---|---|---|
| 625/1000 | — | 1.30 € |
| 800/1000 | — | 1.66 € |
| 835/1000 | — | 1.73 € |
| 900/1000 | — | 1.87 € |
| 925/1000 | Sterling | 1.92 € |
| 999/1000 | Fine Silver | 2.07 € |
| 999.9/1000 | Fine Silver | 2.08 € |
The performance table shows how the Silver price has developed over various time periods: from today to 5 years.
You can see the absolute change in both currencies as well as the percentage change. Green values indicate gain, red values indicate loss.
Tip: Compare the EUR and USD performance to identify the impact of the exchange rate.
| Period | EUR | % EUR | USD | % USD |
|---|---|---|---|---|
| Today | +0.00 € | +0.00 % | +0.00 $ | +0.00 % |
| 7 Days | -0.20 € | -0.30 % | -0.23 $ | -0.30 % |
| 30 Days | +1.33 € | +2.10 % | +1.55 $ | +2.10 % |
| since Jan 1 | +3.67 € | +6.03 % | +4.28 $ | +6.03 % |
| 1 Year | +36.28 € | +128.27 % | +42.31 $ | +128.28 % |
| 5 Years | +40.46 € | +167.78 % | +47.18 $ | +167.79 % |
The seasonality chart shows the average monthly return of the Silver price over the last 20 years.
Green bars show months with historically positive returns, red bars months with negative returns.
Tip: Seasonality only shows historical averages and is no guarantee for the future.
The calendar shows the daily price change of the Silver price as a heatmap. Each cell represents a trading day (Monday to Friday).
Green cells = price increase, red cells = price decrease.
Hover over a cell to see the exact price and change on that day.
Here you can find a quick overview of the current prices of the other precious metals. The percentage shows the daily change.
Tip: Click on a metal to go directly to its detail page.
What Is the Silver Price?
Silver occupies a unique dual role among the precious metals: it is simultaneously an industrially indispensable raw material and a store of value treasured for millennia. While gold serves almost exclusively as an investment and jewellery metal, over 50% of annual silver demand flows into industrial applications — from solar panels and electronics to medical products.
The international reference price for silver is determined daily through the LBMA Silver Price in London. Unlike gold, which is fixed twice daily, the silver fixing takes place only once per day at 12:00 PM London time. Since 2014, this process has been conducted electronically by the CME Group and Thomson Reuters via the "Auction" platform, replacing the telephone-based fixing that had existed since 1897 among three fixing banks.
Spot Price and Trading Venues
On this page, we show the real-time silver spot price, updated every minute during trading hours. The spot price reflects the current market price for immediate physical delivery of silver. It is formed around the clock at the major trading venues and fluctuates by the second.
The most important exchanges for silver trading:
- ◆ COMEX (New York) — The world's largest futures market for silver. One futures contract comprises 5,000 troy ounces (~155 kg).
- ◆ LBMA (London) — The reference market for physical silver trading (OTC). Good Delivery bars of 1,000 oz (~31.1 kg) are traded.
- ◆ Shanghai Gold Exchange (SGE) — The largest trading venue in Asia, with its own silver fixing since 2013.
Historically, silver was the world's most widely used coinage metal. Terms such as Thaler (from which "dollar" derives), Pound Sterling (named after the sterling silver content), and the biblical shekel attest to this tradition. Until the abandonment of bimetallism in the 19th century, silver was recognised as a monetary metal on equal footing with gold.
Unlike the gold price, which is driven almost exclusively by investment demand and central bank policy, the silver price also reacts strongly to economic cycles. During recessions, silver can fall despite rising gold prices because industrial demand collapses. In boom phases, silver benefits from both sides — industry and investment — and can significantly outperform gold.
Silver Price History at a Glance
The history of the silver price reads more dramatically than that of any other precious metal. Extreme price spikes, deliberate market manipulation, and decades-long sideways phases make silver the most volatile of the four major precious metals. Anyone wishing to contextualise the current price must know the history.
Historical Milestones
The historical price calculator for silver is based on the LBMA Silver Price, which is determined once daily at 12:00 PM London time (1:00 PM CET). Unlike gold, which is fixed twice daily, silver has only a single daily fixing. Since 2014, this has been conducted electronically via the "Auction" platform by the CME Group and Thomson Reuters, replacing the telephone-based fixing among three London fixing banks that had existed since 1897. The LBMA Silver Price serves globally as the benchmark for silver contracts, ETF valuations, and industrial procurement agreements.
A famous historical reference point that can be traced in the price calculator is the Hunt Brothers peak of 18 January 1980: on that day, silver reached its nominal all-time high of $49.45/oz before the market collapsed due to changed COMEX trading rules. That date and the subsequent crash on "Silver Thursday" (27 March 1980) are legendary moments in commodity history. The price calculator allows you to follow the dramatic price movement day by day. Another common use case is the valuation of inherited silver: anyone who has inherited silver bars, coins, or cutlery needs the silver price on the date of the estate to correctly determine the taxable value.
When comparing historical silver prices, the extreme cyclicality of this metal becomes particularly evident: between the low of approximately $4/oz (2001) and the high of nearly $50/oz (2011), less than ten years and a factor of over 12 separate the two extremes. Such dramatic movements make the historical comparison especially valuable for silver investors — it shows how quickly the silver price can multiply, but also fall dramatically. The parallel display in EUR and USD further illustrates the exchange rate effect: in periods of a weak euro (e.g. 2014–2015, 2022), the silver price in euros performed quite differently from in dollars, which is crucial for the actual return of European investors.
The Gold-Silver Ratio
The gold-silver ratio indicates how many ounces of silver are needed to buy one ounce of gold — one of the oldest indicators in precious metals trading.
Rule of thumb: A high ratio (above 80:1) suggests that silver is undervalued relative to gold. A low ratio (below 50:1) signals potential overvaluation. Many investors use extreme ratio values as entry signals to rotate from gold into silver or vice versa.
Silver Price by Weight and Unit
Since the silver price per ounce is significantly lower than that of gold, a silver investment presents a fundamentally different volume and weight challenge. Investing 10,000 euros in gold results in roughly 100 grams in your hand. The same amount in silver yields over 10 kilograms — a difference that plays a major role when it comes to storage and transport.
Common silver investment products and their weights:
- ◆ 1 oz Coins (31.1 g) — Maple Leaf, Philharmonic, Eagle, Britannia, Kookaburra, Lunar series
- ◆ 10 oz Bars (311 g) — A popular compromise between unit price and practicality
- ◆ 1 kg Bars — The standard for private investors with larger positions
- ◆ 5 kg Bars — For institutional buyers and high-security storage
- ◆ 1,000 oz Bars (~31.1 kg) — The COMEX standard bar, the trading unit in the wholesale market
The silver price per gram is particularly relevant when valuing silver jewellery, cutlery, and scrap silver. Since silver jewellery is rarely made of fine silver but usually from 925 sterling or 800 alloys, the fine silver content must be taken into account when calculating the material value.
Troy Ounce Converter
1 troy ounce = 31.1035 grams
Common Investment Products
Key Factors Influencing the Silver Price
Silver is the precious metal with the highest volatility — driven by an interplay of industry, investment, and macroeconomics.
Industrial Demand as a Price Driver
Over 50% of annual silver demand comes from industrial applications — and the trend is rising sharply. The biggest growth driver is photovoltaics: every solar cell contains silver paste as a conductor, and annual consumption has already surpassed 200 million ounces.
Other key industrial sectors:
- ◆ Electronics: Circuit boards, contacts, switches — highest electrical conductivity of all metals
- ◆ Medicine: Antibacterial coatings, wound dressings, water purification
- ◆ 5G Infrastructure: High-frequency antennas and filters for optimal signal transmission
- ◆ Automotive Industry: 0.5–1 oz per vehicle, even more for electric vehicles
- ◆ Brazing and Soldering: Indispensable for high-strength industrial joints
Investment Demand and ETFs
The iShares Silver Trust (SLV) holds over 14,000 tonnes of silver, making it the world's largest silver ETF. Institutional investors primarily trade silver through ETFs and futures.
Retail investors, by contrast, prefer physical coins and bars. During times of crisis, this demand surges — premiums can climb to 30–50% above the spot price.
Two worlds, one market: The divide between institutional ETF trading and the physical retail market regularly leads to discrepancies between spot and retail prices.
Mine Production and Recycling
Approximately 830 million ounces (~25,800 t) of silver are mined annually. The largest producers:
75% is a by-product: Silver is largely extracted during the mining of copper, zinc, lead, and gold. This means production barely responds to silver price changes.
Additionally, approximately 180 million ounces are recovered annually through recycling — primarily from electronic waste and industrial scrap.
Inflation and Monetary Policy
Like gold, silver is considered an inflation hedge, but it behaves far more aggressively.
When gold rises 10%, silver typically moves 15–20% — in both directions. Attractive for speculative investors, but also riskier.
Interest rate decisions by the Fed and ECB often affect silver even more than gold — during an economic slowdown, the industrial component also comes under pressure.
EUR/USD Exchange Rate
Silver is quoted internationally in US dollars. A weak euro makes silver more expensive for European investors, while a strong euro makes it cheaper.
The performance table above shows the silver price in both EUR and USD. This makes the exchange rate effect directly visible: sometimes silver rises in euros even though it falls in dollars — and vice versa.
Silver Performance and Seasonality
Performance Table
Go to TableThe performance table presents the price development of silver across six time windows: Today, 7 Days, 30 Days, Year-to-Date (YTD), 1 Year, and 5 Years. What immediately stands out with silver is the significantly wider range of fluctuation compared to gold: daily changes of 2–3% are not uncommon, and on an annual basis, returns of +40% or −30% can occur. This volatility has earned silver the reputation of "gold with leverage" — in uptrends, silver typically delivers 1.5 to 2 times the gold return, while in downturns the losses are equally disproportionate.
The EUR/USD performance comparison is particularly relevant for silver, as two effects overlap: the inherently high base volatility of the silver price and the exchange rate fluctuations between the euro and the dollar. In practice, this means: on days when the dollar weakens and the silver price in USD rises simultaneously, the EUR performance can be dampened — and vice versa. For European investors holding physical silver or EUR-denominated ETCs, the EUR column is the decisive metric, as it reflects the actual return in their home currency.
When interpreting the percentage figures, silver investors should consider the industrial dual nature of the metal: a strong 30-day increase can be driven both by a gold rally (investment demand) and by positive economic data (industrial demand, particularly the solar industry). The 5-year performance provides insight into the long-term trend and shows whether silver is exceeding or falling short of its historical average of approximately 4–5% p.a. Since silver tends towards parabolic moves in bull markets, the 1-year and 5-year figures can be more extreme in certain market phases than for any other precious metal.
Seasonality (20 Years)
Go to ChartThe monthly seasonality of the silver price is shaped less by cultural buying cycles and more by industrial procurement patterns. The first quarter historically shows pronounced strength: at the start of the year, large consumers from the solar industry, the electronics sector, and the manufacturing industry place their annual orders. In particular, manufacturers of photovoltaic modules — which now consume over 200 million ounces of silver per year — secure large quantities of silver paste in January and February for spring and summer production. This industrial purchasing wave consistently supports the silver price in Q1.
June is statistically the weakest month for the silver price. The initial industrial procurement for the current year has been completed, the summer investment lull sets in, and at the futures markets speculative positions are frequently reduced before the mid-year mark. Added to this is silver's characteristic as "beta to gold" — with a leverage of typically 1.5 to 2.0 — which amplifies losses disproportionately during weak gold phases. If gold falls 3% in early summer, silver often loses 5–6%.
The recovery from September is driven by several factors: the Indian festival season (Navratri, Diwali, wedding season) also generates a physical demand spike for silver — silver jewellery and silverware are traditional festive gifts in India. At the same time, new investment inflows begin in autumn, and the gold autumn rally pulls silver disproportionately higher thanks to its higher beta. November and December additionally benefit from electronics industry demand, which produces for the Christmas season and the start of the new year. This combination of industrial and seasonal investment demand makes autumn the most dynamic phase in the silver annual cycle.
Performance Calendar (Heatmap)
Go to CalendarThe performance calendar for silver presents a significantly more contrasted picture than that of gold. Silver exhibits higher daily volatility: daily movements of ±1 to 2% are not uncommon, and on particularly active trading days, swings of 3–5% can occur. In the calendar, this manifests as more intense colour tones — both deep green and intense red appear far more frequently than with gold. This pronounced dynamism makes silver the visually most vibrant calendar among the precious metals.
Particularly characteristic of the silver calendar are extreme clusters: consecutive days with strong movements in the same direction that can suddenly reverse into an equally intense counter-trend. These patterns reflect the dual nature of silver — as a precious metal it responds to gold-driven impulses, and as an industrial metal to economic news. A single economic data point — such as a surprisingly strong Purchasing Managers' Index (PMI) or news about global solar panel production — can abruptly shift the colour pattern in the calendar. COMEX trading hours (New York, 8:20 AM–1:30 PM Eastern Time) dominate price formation: most major daily movements occur during this window.
For silver investors, the calendar offers a valuable volatility perspective: weeks with consistently intense colours signal heightened market tension and possible trend reversals. Extended periods of predominantly pale, moderate tones indicate consolidation — historically often the calm before a larger breakout. Those who regularly study the silver calendar develop an intuition for when the market is transitioning into an impulsive phase and when it is in sideways consolidation. The summer months of June to August often show a conspicuous clustering of pale colours — a visual expression of lower trading volumes and the typical silver weakness during this season.
Investing in Silver
From physical purchases to exchange-traded products and mining stocks — each investment vehicle has specific advantages and disadvantages that are particularly relevant for silver due to the VAT issue.
Physical Silver: Coins and Bars
The most tangible form of investment — but with two challenges compared to gold: higher premiums (15–25% vs. 3–8% for gold) and considerably more bulk. During times of crisis, premiums can spike to 40–50%.
- ◆ Bullion coins: Maple Leaf (999.9), Philharmonic (999), Eagle (999), Britannia (999), Kookaburra (999)
- ◆ Bars: 100 g, 250 g, 500 g, 1 kg — from LBMA-certified manufacturers (Heraeus, Umicore, Argor-Heraeus)
- ◆ Collector coins: Lunar series, Koala, Panda — often with a numismatic premium
VAT alert: Silver purchases in Germany are subject to 19% VAT — unlike investment gold. The price must therefore rise by 19% before you break even. Coins sold under the margin scheme offer an alternative (see Taxes).
Silver ETCs
Exchange-traded access to the silver price without physical storage. The most well-known products in Europe:
- ◆ Xtrackers Physical Silver (A1E0HS) — physically backed, tradable in EUR
- ◆ WisdomTree Physical Silver (A0N62F) — one of the most liquid silver ETCs in Europe
- ◆ iShares Physical Silver (A1KWPR) — from the world's largest ETF provider
Tax disadvantage: Silver ETCs are generally subject to flat-rate withholding tax (25% + solidarity surcharge). Tax equivalence with physical silver (1-year holding period) only applies if the ETC grants a physical delivery entitlement and meets BaFin criteria.
Silver Mining Stocks and Funds
Mining stocks offer leveraged exposure to the silver price: when prices rise, profit margins grow disproportionately.
Example calculation: With all-in sustaining costs (AISC) of ~$15/oz and a silver price moving from $25 to $30 (+20%), profit per ounce doubles from $10 to $15 (+50%).
- ◆ First Majestic Silver — pure silver producer, mines in Mexico
- ◆ Pan American Silver — one of the world's largest producers
- ◆ Wheaton Precious Metals — streaming model with lower operational risk
- ◆ Hecla Mining — oldest US silver producer (since 1891)
Silver vs. Gold
The gold-silver ratio serves as a timing indicator: at >80:1, analysts favor silver; at <50:1, they lean toward gold.
| Criterion | Silver | Gold |
|---|---|---|
| Industrial share | ~55% | 7–10% |
| Volatility | High (1.5–2x gold) | Medium |
| VAT (Germany) | 19% (margin scheme avail.) | Exempt (investment) |
| Relative storage costs | High (~80x volume) | Low |
| Physical premiums | 15–25% | 2–4% |
| Portfolio recommendation | 0–5% of portfolio | 5–15% of portfolio |
Silver Alloys and Purity
Pure silver (fine silver, 999/1000) is too soft for many applications. That is why silver has been alloyed with other metals for centuries — primarily copper — to increase hardness and wear resistance. Each alloy has its own history and specific purpose.
- ◆ Fine Silver 999/1000 — Investment grade. Used for bullion coins (Maple Leaf, Philharmonic) and bars. Too soft for jewellery and everyday items.
- ◆ Britannia Silver 958/1000 — Introduced in 17th-century England to prevent the melting down of sterling coins. Still relevant today for British hallmarks.
- ◆ Sterling Silver 925/1000 — The most important global standard for silver jewellery and fine cutlery. Introduced in 12th-century England for coinage (the sterling penny). The 7.5% copper addition provides hardness with minimal colour change.
- ◆ 900 Silver (Coin Silver) — The historical coinage standard in the USA, Germany (Imperial-era coins), and many European countries until the 20th century.
- ◆ 800 Silver — The continental European standard for cutlery, tableware, and everyday items. In Germany, the most common alloy for antique silverware (prior to 1884, often without hallmarks).
Recognising hallmarks: In Germany, marking with the crescent moon and imperial crown (today: crescent and crown) has been legally required since 1884. In the United Kingdom, the Lion Passant denotes sterling silver. Additionally, maker's marks and date letters provide information about the origin and age of a piece.
A notable phenomenon with silver is tarnishing: silver reacts with sulphur compounds in the air and forms a dark silver sulphide layer. This is not a quality defect but a natural chemical reaction. Anti-tarnish bags and dry storage can slow the tarnishing process. For bullion coins stored in capsules, this is not a concern.
Taxes on Silver in Germany
Tax treatment is the biggest disadvantage of silver compared to gold. While gold is completely VAT-exempt in the EU, silver has been subject to the full 19% since 2014.
VAT: The Major Disadvantage
Silver bars and coins are subject to 19% VAT (gold: 0% under Section 25c UStG). The investment must therefore first achieve a 19% gain before any profit is realized.
When reselling to a dealer, the VAT is lost — dealers typically buy at net prices (excluding VAT).
Margin Scheme for Coins
For silver coins from non-EU countries, there is an important alternative: the margin scheme (Section 25a UStG) allows dealers to charge VAT only on their profit margin.
- Standard taxation (bars): 19% on the full price
- Margin scheme (imported coins): VAT only on the margin, effectively ~7–10%
Requirement: Coins must be imported from a non-EU country (e.g., Maple Leaf from Canada, Kookaburra from Australia). EU coins such as the Vienna Philharmonic cannot be sold under the margin scheme when sourced directly from the manufacturer.
Holding Period and Capital Gains Tax
For physical silver, a one-year holding period applies (Section 23 EStG). Gains from sales after a holding period of at least 12 months are tax-free.
Sale within the holding period: gains are taxed at the personal income tax rate (exemption threshold: EUR 1,000/year).
ETCs are different: Silver ETCs are subject to flat-rate withholding tax (25% + solidarity surcharge) — regardless of the holding period. Exception: ETCs with a physical delivery entitlement may, under certain conditions, be treated like physical silver.
Bonded Warehouses and Overseas Storage
To legally avoid VAT, dealers such as Degussa and Pro Aurum offer storage in Swiss or Liechtenstein bonded warehouses. As long as the silver remains there, no VAT is due.
Storage fees typically range from 0.5–1.5% per annum. The holding period begins from the purchase date — not from the date of physical delivery.
Tip: Factor in storage fees. For EUR 10,000 of silver at 1% storage cost, that is EUR 100/year — the VAT savings of EUR 1,900 only pay off over many years.
Frequently Asked Questions About the Silver Price
Why is silver so much cheaper than gold?
Silver is approximately 17 times more abundant in the Earth's crust than gold and is mined in far larger quantities (~830 million oz vs. ~100 million oz per year).
Additionally, silver is consumed industrially rather than merely hoarded. The combination of higher supply and industrial consumption explains the lower price per ounce.
Historically, the natural ratio was around 15:1; today it is closer to 60–80:1 — silver is relatively cheaper than in previous centuries.
What is the gold-silver ratio and what does it indicate?
The gold-silver ratio indicates how many ounces of silver are needed to purchase one ounce of gold.
Example: Gold price $2,000, silver price $25 → ratio 80:1.
A high value (>80) suggests that silver is relatively inexpensive. Many precious metals investors use extreme ratio values as a signal to rotate between gold and silver.
Why is silver subject to VAT while gold is not?
The VAT exemption in the EU applies only to investment gold (Section 25c UStG, EU Directive 98/80/EC). Gold primarily serves as an investment and currency reserve.
Silver, platinum, and palladium, by contrast, are classified as industrial commodities and are subject to full VAT.
Special case: Silver coins imported from non-EU countries under the margin scheme — here only the dealer's margin is taxed.
What is the difference between the margin scheme and standard taxation?
Standard taxation: 19% VAT on the entire selling price — the default for silver bars.
Margin scheme (Section 25a UStG): VAT only on the dealer's margin. You effectively pay approximately 7–10% instead of 19%.
Requirement: The coins must be imported from a non-EU country. Dealers label products as "margin scheme" or "standard taxation."
How can I verify the authenticity of silver?
The most important authentication methods:
- 1. Hallmarks: Fineness markings (925, 800, 999) and official stamps (crescent/crown in Germany)
- 2. Magnet test: Silver is not magnetic — if it reacts to a magnet, it is not pure silver
- 3. Ice cube test: Silver has the highest thermal conductivity — ice melts extremely quickly on it
- 4. Ring test: Silver coins produce a bright, long-lasting ring when struck
- 5. Acid test: Nitric acid turns milky white on genuine silver
For valuable pieces, a professional XRF test is recommended.
Is silver a good hedge against inflation?
Silver can serve as an inflation hedge, but it is less reliable than gold in that role. During inflationary periods (1970s, 2021–2023), there were strong gains — but declining industrial demand can also weigh on the price.
The high volatility means that silver can move against inflation in the short term. Recommendation: use silver as a complement to gold, not as a standalone inflation hedge.
When is the silver price set?
The official benchmark — the LBMA Silver Price — is fixed once daily at 12:00 noon London time (1:00 PM CET). This differs from gold, which is fixed twice daily.
The spot price, meanwhile, is traded around the clock on futures exchanges (COMEX, SGE) and changes by the second.
Why is silver more volatile than gold?
Three factors:
- 1. Smaller market: The silver market is a fraction of the gold market by value — the same capital inflows cause larger price swings
- 2. Dual demand: Silver responds to both investment trends and economic cycles — two forces that sometimes work in opposite directions
- 3. Speculative positioning: The lower unit price attracts more speculative retail investors