Quick summary
Silver has been both an everyday money and an investment asset. In 1873 the U.S. Coinage Act removed the standard silver dollar from law — a shift critics labeled the "Crime of 1873" — which helped push the U.S. toward a gold standard and changed silver's monetary role. In 2025, amid currency debasement concerns and macro liquidity flows, silver prices surged to new records on November 28, 2025 after a major COMEX/Globex outage at CME Group coincided with intense buying pressure.
Historical timeline
- Pre-1873: Bimetallism — both gold & silver used as coinage.
- Feb 12, 1873: Coinage Act of 1873 takes effect; standard silver dollar effectively demonetized; later called the "Crime of 1873" by opponents.
- Late 19th — early 20th c.: Political battles (e.g., Free Silver movement) culminate in acts such as Bland–Allison (1878) and Sherman Silver Purchase (1890).
- 20th century: Gold standard, then Bretton Woods, then fiat era — silver shifts to industrial & investment use.
- 2010s–2020s: Renewed interest in precious metals amid monetary expansion, low/negative yields and geopolitical uncertainty.
- Nov 28, 2025: CME Globex/COMEX outage due to a data‑center cooling failure coincides with a historic surge in silver prices (spot and futures), producing widely reported all‑time highs.
Why the 1873 law mattered
The Coinage Act modernized mint law but, by ending the right to have silver bullion coined into standard silver dollars, it removed one route for silver to serve as money. That change, when paired with subsequent economic shocks and falling prices, left many (particularly farmers and miners) arguing the legislation intentionally deflated the money supply — hence the political label "Crime of 1873." For primary text and analysis, see the original act and authoritative histories linked in the sources below.
What happened on Nov 28, 2025?
Fact — On Nov 28, 2025 CME Group halted trading after a cooling system failure at the CyrusOne CHI1 data centre. While systems were restored later that day, the outage coincided with intense buying in silver that pushed prices to all‑time highs (mid‑$50s/oz). Markets and commentators noted timing and centralization risks for critical market infrastructure.
Nov 28, 2025 — Silver futures & spot briefly hit new record highs above $55–$56/oz on major reporting outlets.
Interpreting the price moves
Price spikes like the Nov 28 move are usually a mix of: (1) fundamental demand (e.g., industrial, safe‑haven), (2) macro drivers (inflation/debasement concerns, real rates), (3) positioning and futures flows, and (4) technical or operational events (exchange outages or illiquid conditions). The CME outage removed a major liquidity venue temporarily, and that can amplify price moves when strong buy flows hit available venues and OTC markets.