Below you will see our chart for up to the minute data on the current silver price per ounce. Now keep in mind that the pricing reflects the price you should expect to pay for silver futures, or ETF’s. But as far as purchasing physical silver, you would expect to pay the spot silver price per ounce listed in the chart, plus dealer fees.
Why Purchase Physical Silver Versus an ETF?
One argument against ETF’s is that they are paper. Simply a contract. You do not get to touch or take possession of your purchase. While that may come in handy for day traders, people who want to buy silver for security reasons may not find that very reassuring. Imagine a situation where a currency fails or a major economic event affects financial institutions. In that event, people holding physical metals would be in a much better position than those holding paper. When push comes to shove, paper is ultimately worthless.
As a long term investment, physical metals are typically considered the way to go. But just like ETF’s have risks, physical metals do too. Well, not so much the metals, but moreso the firm you purchase from. The silver price per ounce can vary dramatically from dealer to dealer. Some try to sell numismatic, or collector bullion, at inflated prices. Especially to the uninformed investor.
Others don’t deliver for 90+ days. Some companies do this because in order to give the lowest price per ounce on silver, they “bet” on the market, and need to wait for their bet to come to fruition before they can afford to send you your metals. A few dealers have gotten into hot water for this, and cost investors a lot of grief, time and money. (by betting incorrectly)
So who can you trust when making purchases? It is best to rely on those with the best track record – as detailed by previous customer experiences. These can be found with the Better Business Bureau.
We have compiled a list and reviewed the top silver companies here. You can compare their ratings, pros and cons, and decide for yourself.
Why Silver? – Silver History
Silver has long been considered a very precious metal and is even mentioned in the book of Genesis. Today we see silver employed in a variety of capacities from jewelry and flatware to the medical and electronics industries. Silver has been both a victim and a rescuer of many, and today stands strong against the winds of uncertain economic times.
The Hunt Brothers
After the Hunt brothers attempted to outsmart everyone and corner the silver market in the late 1970’s, there came what is known as Silver Thursday Crash when the silver price per ounce fell from over $21 to just over $10. The Hunt’s had manipulated the silver price per ounce so much that it rose form $9 an ounce to $50 an ounce in just six months. At this time, it was not possible for gold to be held by private citizens, so this made silver even more attractive. The Commodities Futures Trading Commission brought the Hunt Brothers down and forbade them from purchasing any more silver. They were eventually convicted of market conspiracy.
While silver has enjoyed a steady rise, it is still nowhere near the inflated price initiated by the Hunt Brothers over thirty years ago. Silver was not quite $5 an ounce in 2000, and closed to over $43.84 an ounce in July of 2011. Today it is still doing much better than 10 years ago. And the good news for investors is, silver is in demand more now than ever. That is because it’s used in new technologies. And at the same time, there is less and less able to be mined.
The Future Of Silver
It is expected that the silver price per ounce will continue rise and the economy continues to falter. More and more investors look to silver to protect them from inflation and other economic distress. With few people putting their faith in paper currency, physical silver is a sound investment option. This is good news for collectors, traders and beginner silver investors, with an interest in this incredible precious metal.
For thousands and thousands of years, silver has been regarded as a highly precious metal. Made into jewelry, fine serving pieces, crowns, clocks, hairbrushes and more; silver is truly a remarkable metal. Silver is highly sought after in both the medical as well as technology markets and has long been used as a standard for currency. The value of silver fluctuates from minute to minute and is influenced by many factors.
The current silver price per ounce is generally called the Spot Price. Fluctuating market conditions cause the price to be updated continually. The spot price is also referred to as the “melt value”.
The spot price is what traders bid on. Silver can be purchased in bars of 100, 1,000 or 5,000 ounces. Although silver can be kept in the home or in a bank safe deposit box, many investors chose to store their silver in a depository.
The Troy ounce system of measuring precious metals was developed in the Middle Ages in a place called Troyes, France. This measurement system is still used today to measure the silver price per ounce. The Troy ounce is a bit larger than the standard ounce measurement.
What to Expect When Investing
When investing in silver, understand that the spot price is not the base price you will pay per ounce. There are dealer premiums and fees that must be covered. When you see the price you have to add in a percentage of that price to cover the fees that include mining as well as a shipping fee.
Factors Driving Silver’s Worth
The silver price per ounce is highly influenced by the silver supply but also on the worth of other commodities such as gold and paper dollars. World currencies have a tremendous influence on silver.
Dollar Down, Silver Up?
The value of precious metals such as silver tends to rise when investors and businesspeople lose faith in the dollar. Silver is often an investment made to protect investors from a failing economy.
Valuing Junk Silver
The value of junk silver is relative to the quality of the silver. Junk silver falls behind sterling and fine silver and usually relates to coins that are 90% in purity or less. Most Untied States coins made prior to the second half of the 20th century have no collectible value and are considered junk silver. Calculating the value of junk silver involves a few steps:
You must first determine the amount of silver content in the coins. This is generally done using the mint date. Coins made prior to 1964 are usually 90 percent silver while those minted from 1965 to 1970 are only 40 percent silver. Other silver, such as jewelry must be marked for purity. If you have non-U.S. coins, purity can be determined by looking the date, country and design on the coin. It may help to contact a silver coin collector or reference guide for assistance.
Weighing Junk Silver
When attempting to determine the value of your junk silver, you must separate it and weight it. Inventory large amounts by silver content and weigh these separately. A regular digital scale will work for weighing your junk silver. Once you have determined the weight you will need to do some calculations.
Many people make extra money by simply buying and selling “junk silver”. It is common to see silver jewelry for sale at estate sales, or yard sales. The owners typically aren’t savvy in the value and sell at bargain prices. This is a great way to make extra money.
Regal Assets – Our Top Recommendation
Recently, a lot of savvy silver investors have been rolling a portion of their retirement account into precious metals, to offset any future financial crisis similar to 2008. We have reviewed many Silver Companies here, but our top pick is also listed below. They sell as reasonably close to the current silver price per ounce as possible.
BBB: Rating of A+, 1 complaint with BBB in last 3 years | 0 in last 12 months
TrustLink: based on 191 Reviews here: http://www.trustlink.org/Reviews/Regal-Assets-LLC-206068373