The effects of negative charge on the optical properties of a silver sol prepared using sodium borohydride as a reductant were studied. The oscillations in the position of the maximum and the intensity of the surface plasmon absorption band were obesrved. The observed effects were explained as a consequence of the fluctuation of the density of free electrons due to the alternate charging and discharging of the silver particles. The charging process involves electron injection from borohydride ions and intermediate species formed during the course of the metal-catalyzed hydrolysis of borohydride ions (BH3OH-, BH2(OH)2 and BH(OH)3-) into the silver particles, while discharge of the silver sol, by reduction of water to hydrogen, limits the attainable negative charge on the particles.