Silver Price in Mexican Pesos

Mexico is undeniably the biggest producer of silver ore in the world, so it’s no surprise that Mexico is home to many silver investors. However, despite the country’s close proximity and relationship to the United States, it does Mexican silver investors no good to find that silver is calculated in terms of American dollars by default.

The chart on this page is designed to help the Mexican silver investor avoid the use of aspirin in his or her silver trading. We have the past three decades’ worth of silver prices expressed in terms of pesos, not dollars.

So, aside from the obvious, let’s talk about why you’d want to use a silver price chart in pesos. We’ll also go through all the different features you can use to your advantage on the chart itself.

Why Monitor Silver in MXN?

We already touched on the first reason to monitor silver’s price in terms of Mexican pesos: convenience. It is much more convenient not to have to do any kind of exchange rate calculation when you’re watching the price of silver.

In fact, it’s also helpful to monitor in MXN because unless you live near the border with the United States, you’re unlikely to use USD on a regular basis or have an innate sense of its value. Instead, watching silver’s price in pesos helps you to understand immediately the significance of price shifts, as you can equate them to other everyday purchases, like groceries or the power bill.

However, the real reason to monitor silver in Mexican pesos is that it presents Mexican silver investors with a unique investment opportunity. Here’s how it works:

• If the peso strengthens against the dollar, then Mexicans can purchase more silver than they could before, and demand for the metal rises. Higher demand means higher prices for silver. As a result, you can sell any of your existing silver supply at a premium without any additional effort.
• If the peso weakens against the dollar, it becomes harder for Mexican investors to buy silver. Demand goes down and drags the price of silver with it. In those situations, if you can time the market properly, you might be able to pick up additional silver at a reduced price.

In both cases, the price shifts are due to exchange rate fluctuations, rather than changes in the value of silver itself. So, if you want to look for these conditions, monitor this chart alongside the USD silver price chart and look for any deviations in performance between the two. If you see those events, it might indicate that a currency shift is afoot.

How to Use This Price Chart

The first thing to notice about this silver price chart is the current day’s information in the top left corner of the dashboard. The spot price, the ask price, and the bid price are all listed and updated in real time. We also have the high and low prices for the day listed, although we only update those as they change throughout the day.

The default setting for the chart is to display the present day’s information. If you’d like to look back at the past year of trading, you can use the preset buttons on the dashboard to select the desired timeframe. However, if you want to look beyond the past 365 days, you’ll have to choose the option for “All.”

Once you do, you’ll see the chart expand to include the closing day’s price for every day since January 1, 1995. Additionally, two blanks appear beneath the All button. Enter your desired start and end dates for your examination, and hit return to adjust the dates appropriately.

Alternatively, you can also move the ends of the slider beneath the chart to the date range you want. This method is also helpful for comparing different timeframes of the same length with each other.

Every datapoint that appears on the chart can be examined more closely by hovering your finger or cursor on it. When you do, you’ll see the price specific to that date. The only caveat is that you may need to shrink your timeframe for the price on specific dates, rather than monthly or weekly averages.

Finally, you can also look at the performance of different financial metrics or indicators in the same time as your chosen dates for the price of silver. Simply press one of the radio buttons on the dashboard to pull up a chart on the underside of the silver chart. Your options to compare include the Dow Jones Industrial Average, the S&P 500, or even the US dollar itself.

Factors Influencing the Price of Silver

Now, while those different indicators may show correlations to the price of silver, they don’t influence the price of silver. The price of silver itself is set according to the supply of silver and the demand for it. In turn, those two economic drivers can be affected by various external factors that may or may not be intuitively linked to silver. So, let’s talk about those factors:

• Industrial demand: Silver is unusual in the scope of precious metals in that it has as much (or more) value to industry as it does to investors. Silver bears many different valuable elemental properties, such as its reflectivity, its conductivity, and its ability to repel bacterial growth. As such, industries like medicine, electronics, water purification, and solar power find silver critical to the operation of their devices and products. Much of the near doubling of silver’s price since February 2024 — from MX$378.54 to MX$717.08 — is attributable to increased demand for green energy. The photovoltaic cells in solar panels absolutely require silver to function, so the more solar panels are installed, the more silver is required.
• Economic conditions: Like many precious metals, the price of silver varies inversely with the state of the economy. When the economy is good, investors are more confident about their traditional investments and are less likely to turn to silver. Thus, the price of silver falls. However, when economic conditions worsen, investors seek out silver to protect the value of their assets and net worth against the lowering values. So, as indicated by some of the gains during both the Great Recession of the late 2000s and the shutdowns during the COVID-19 pandemic, silver appreciates during times of economic downturn. In fact, both of those events demonstrated a curious dip prior to the rise in price, evidence of investors selling off their silver to cover their losses and (hopefully) ride out the economic storm. When that fails, they turn back to silver for protection.
• Inflation: Inflation, or the dilution of a currency’s purchasing power by adding more notes to the money supply, commonly occurs during poor economic times. Governments inflate their currencies to inject money into the economy in the hopes of arresting the downward progress of the economy. However, these measures also dilute the value of investor assets, and investors don’t like that. So, they move their wealths into the safe haven of silver. In fact, this effect is the primary reason behind the (at the time) record high price reached in April 2011, a reflection of investor reactions to the governmental responses to the Great Recession.
• Mining interruptions or difficulties: Silver is the most abundant precious metal of the group, but it is still quite rare (75 parts per billion in the crust) and is difficult to mine and bring to market. Even at current production levels in Mexico, Peru, and other silver-rich countries, demand has outstripped the supply of silver every year since 2021. Many observers are already saying that Mexico cannot continue recovering silver ore at the same rate, and this could lead to more dramatic shortages. With demand not expected to ebb, silver’s price is probably going to increase in the near future.

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