Prices reached $1,310.30 for an ounce, and had traded at a price as high as $1,314.80 during the day.
The price surge continues on a trend that has left many looking into alternatives to traditional investments, according to Bloomberg News.
Silver prices reached near $22 an ounce—the highest since 1980.
In 2010, silver prices have surged 36 percent this year, but it is regarded as a more volatile metal.
Gold has increased 19 percent this year to over $1,300 an ounce, the first time the precious metal has ever reached above that threshold.
