Jakarta, Pintu News – On February 15, the price of silver per gram was IDR 41,921. The rise and fall of silver prices is influenced by a combination of global economic factors, industrial demand, the value of the US dollar, and market sentiment. Unlike gold, which is more dominant as a hedging asset, silver has two major roles: investment metal and industrial metal. This makes its movements often more volatile.
This article will discuss the historical journey of silver prices from 2020 to 2025.
According to the Gold Price Z page, in February 2020, silver prices were in the range of Rp7,000-Rp8,000. Entering March-April 2020, the price fluctuated and tended to weaken briefly before turning up.
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The increase began to be clearly visible in May 2020, then June-July 2020 the price moved up faster. The peak of the initial rally occurred around August 2020, when prices shot up to close to Rp13,000-Rp14,000.
After that, from September-December 2020, prices experienced a correction and then moved more stably in the Rp11,000-Rp12,000 area towards the end of the year.
Throughout January-March 2021, prices tend to consolidate around Rp11,000-Rp12,500. Entering April-June 2021, the movement is still relatively flat, occasionally trying to go up but quickly held back.
In July-September 2021, the price fell close to Rp10,500-Rp11,000 several times, then bounced again. Until October-December 2021, the chart shows that silver remained sideways in a similar range, indicating that the market did not have a strong catalyst for a breakout.
From January-March 2022, the price remained at around Rp11,000-Rp12,000. But from April-June 2022, there was more noticeable downward pressure. In July-September 2022, the price briefly touched a lower area (around Rp9,000-Rp10,000), becoming one of the weakest phases in this 6-year period.
Entering October-December 2022, prices slowly recovered and returned to around Rp10,500-Rp11,500, but were not yet strong enough to form an aggressive uptrend.
In January-March 2023, the price started to look more “tidy” (gradual increase) and moved in the Rp11,000-Rp12,000 area. In April-June 2023, the increase was still slow, but the chart showed more consistent higher lows.
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In July-September 2023, prices briefly rose and fell slightly (healthy consolidation), then October-December 2023 moved slightly higher than the beginning of the year, closing the year with mild bullish tendencies.
From January-March 2024, prices began to climb and broke out of the previous flat pattern. April-June 2024 saw an acceleration, with prices rising to the Rp14,000-Rp16,000 range. In July-September 2024, prices moved up and down (a small correction) but remained at a higher level than in 2023.
Towards October-December 2024, the uptrend was again dominant and prices were often in the Rp15,000-Rp17,000 area, signaling stronger market sentiment.
In January-March 2025, prices continued their gradual increase in the range of Rp16,000-Rp 18,000. In April-June 2025, the upward movement became more pronounced and approached Rp18,000-Rp20,000. In July-September 2025, there is a faster rise: the price breaks through 20,000 and moves towards Rp25,000-Rp30,000.
The most dramatic phase occurs in October-December 2025, when the price jumps parabolically: from around 30,000s up sharply to close to 60,000+ at the end of the year (or very early 2026). This looks like an extreme euphoria/demand phase as the angle of increase is very steep.
In January 2026, prices were still in the high area and had maintained levels near the peak, but then there was a major correction. In late January to early February 2026, the chart shows a sharp decline from the peak, and then the price moved in the range of Rp40,000-Rp45,000 (still well above 2024-early 2025 levels). This indicates that post-spike volatility is still high, with the market trying to find a new equilibrium.
The tokenized Silver ETF (SLVON) is a digital token issued by Ondo Global Markets and is designed to track the price movements of iShares Silver Trust (SLV), the world’s largest silver ETF managed by BlackRock.
Each SLVon has the equivalent value of an SLV share (1:1), so its price moves up and down according to the global silver price in troy ounces. Through SLVon, investors can gain exposure to the silver market on-chain in the form of an easily accessible digital asset.
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