The spot price of silver is the current market price for one troy ounce of silver for immediate delivery. It’s quoted in U.S. dollars and changes continuously during trading hours.
Despite being called the “spot” price, physical silver almost never actually trades at spot. The spot price reflects the price of silver in the professional wholesale market — primarily the LBMA (London Bullion Market Association) benchmark and COMEX futures contracts — not what a retail buyer pays at a coin dealer.
What you pay as a retail buyer is spot price plus a premium — the dealer’s markup to cover sourcing, minting, storage, insurance, and profit margin. That’s why a $44 spot price doesn’t mean you can walk into a coin shop and buy an ounce for $44.
Spot prices are widely available for free: Kitco, APMEX, the CME Group website, and most financial data providers show real-time silver spot prices. You don’t need a Bloomberg terminal.
The spot price is denominated in USD per troy ounce by convention, though it can be converted to any currency. Because silver trades in global markets, the spot price is effectively the same worldwide at any given moment (adjusted for currency).
See also: How the Silver Market Actually Works for a deeper look at where the spot price comes from.