Silver, a metal often overshadowed by its glitzier cousin gold, has been thrust into the spotlight as its price soars to historic highs and lawmakers in Kansas push for new tax exemptions on precious metals. As of 8:45 a.m. Eastern Time on April 13, 2026, silver was valued at $73.66 per ounce, representing a 30 cent increase from the previous day and a staggering gain of more than $41 over the past year. This marks silver’s highest price in over a decade and a remarkable 150% jump in just twelve months, according to reporting from Forbes.
But what’s behind this surge, and how are investors and policymakers responding to the changing landscape of precious metals? In Kansas, the Legislature has just passed House Bill 2515, a measure that would exempt investors in gold and silver coin or bullion from state capital gains taxes. The bill, now on Governor Laura Kelly’s desk, also declares gold and silver as legal tender for tax purposes—though it stops short of requiring businesses or individuals to accept them as payment.
The legislative debate in Topeka was anything but dull. Republican Senator Michael Murphy, who represents the Sylvia area near Hutchinson, invoked the allegorical power of L. Frank Baum’s classic, The Wonderful Wizard of Oz, to champion the bill. “Lot of people don’t think about it, but that was written about monetary policy,” Murphy told colleagues, as reported by the Kansas Reflector. He drew parallels between Dorothy’s silver slippers (changed to ruby for the film adaptation) and the free-silver movement of the 1890s, arguing that the novel’s Yellow Brick Road symbolized the gold standard, while other characters represented economic classes of the era.
Murphy’s literary references weren’t just for show. For years, he’s advocated for recognizing precious metals as legal tender in Kansas, contending that such a move would give residents a hedge against inflation and a way to preserve wealth. Senator Mike Thompson, another Republican, echoed this sentiment: “This gives Kansans an opportunity to … hold silver, hold gold — something that’s going to hold value,” he said during Friday night’s debate, as noted in the Kansas Reflector.
It’s not just Kansas lawmakers who are eyeing silver’s potential. On the New York Mercantile Exchange, futures trading for silver showed robust activity. For example, the April 2026 contract opened at $72.80 per ounce, reached a high of $73.04, and settled at $75.52. The May 2026 contract settled even higher at $75.67, with later months climbing steadily, according to AP data. These numbers reflect not only investor enthusiasm but also the metal’s growing role in industry and technology.
Silver’s appeal is rooted in its dual identity. Unlike gold, which is primarily a store of value, silver is also a critical industrial metal, used in everything from electronics to medical devices and solar panels. This industrial demand contributes to silver’s greater price volatility compared to gold. While gold’s value tends to move more gradually, silver’s fortunes can swing wildly depending on manufacturing trends, technological breakthroughs, and investor sentiment.
Despite its recent rally, silver’s long-term performance has lagged behind traditional stocks. Since 1921, silver has declined about 96% in value relative to the S&P 500, Forbes reports. In other words, an investor who put equal amounts into both stocks and silver a century ago would find their silver holdings worth just a fraction of their stock portfolio today. Yet, silver’s reputation as a “store of value” remains intact, especially during periods of inflation or economic uncertainty.
For individual investors, there are myriad ways to get involved in the silver market. Physical options include bullion bars, government-minted coins like the American Silver Eagle or Silver Maple Leaf, and even jewelry. Those less inclined to store precious metals can invest through exchange-traded funds (ETFs) or by purchasing shares in silver mining companies. It’s important to note that, for trading on exchanges or inclusion in an IRA, silver must be at least 99.9% pure. Coins minted in the U.S. before 1965, often called “junk silver,” contain about 90% silver but don’t meet IRA requirements.
As for portfolio strategy, experts generally recommend allocating between 10% and 15% to silver, with no more than 20% in precious metals overall. This provides a buffer against inflation and market shocks without overexposing investors to the sector’s volatility.
The Kansas bill has drawn both praise and skepticism. Supporters, including several investment and liberty organizations, argue that exempting capital gains on gold and silver empowers Kansans to preserve their wealth and hedge against currency devaluation. “If a person earning the 1965 minimum wage of $1.25 per hour was paid in quarters minted in 1964 or before, which contained 90% silver, the melt-value of those five coins would now be about $74,” said Representative Steven Howe, R-Salina, highlighting the long-term value of silver for working-class Kansans.
Opponents, however, warn of unintended consequences. Senate Minority Leader Dinah Sykes, D-Lenexa, voiced concern about the bill’s broader fiscal impact: “We don’t know the unintended consequences. We don’t understand the ramifications of what we’re voting on.” Over in the House, Rep. Rui Xu, D-Westwood, argued, “Flat out, these gold and silver coins are speculative investment assets. Nobody is using these to buy groceries or pay their utility bills. This bill explicitly says that stores or banks or government agencies don’t have to accept these. Basically, what this bill does is carve out a special capital gains exemption for a niche asset, primarily held by wealthy investors, which shrinks the tax base for all of us.”
Still, the trend is clear: If Governor Kelly signs the bill, Kansas will become the sixth state to offer such a tax break, joining a growing movement among U.S. states to recognize precious metals as a legitimate alternative to fiat currency—at least for tax purposes. The legislation does not force businesses or individuals to accept gold or silver as payment, unless required by contract or law, but it does signal a broader shift in how states view monetary policy and wealth preservation.
Meanwhile, the broader precious metals market continues to hum with activity. Gold, platinum, and palladium also saw notable price movements on April 13, 2026, with platinum and palladium displaying volatility akin to silver. Gold, the traditional safe haven, remains less volatile but has been outpaced by silver’s recent growth spurt.
So, is now a good time to invest in silver? The answer, as always, depends on one’s risk tolerance, portfolio goals, and view of the economic landscape. With silver priced higher than at any point in the last decade and experts predicting continued demand—driven by both scarcity and industrial applications—many are eyeing the metal as a potential opportunity. Whether Kansas’s new tax policy will spur a broader shift in investor behavior remains to be seen, but one thing is certain: in 2026, silver is anything but dull.