This article will tell you about current silver prices and will give you information about the silver price per gram. Once you’ve read it, you’ll be well placed to know if you want to keep the silver you have, or sell it.
Compared to gold, there is very little silver being mined which means that it is in short supply. From an economic point of view, any commodity where the supply is small yet the demand is high will push up prices.
Ounce for ounce, currently silver prices are cheaper than gold prices so you can accumulate more for the same amount of money; however one drawback is that you have to transport and be able to store much more.
Silver prices have steadily increased in the last few years and now could be the right time to sell silver.
SILVER FACTS
- The chemical symbol for silver is Ag, from the Latin argentum meaning ‘white money’. Today, the French word for money is ‘argent’
- The British currency ‘pound sterling’ is so named because it originally represented the value of one troy pound of sterling silver
- Silver is used in food colouring, dentistry, photography and electronics
TYPES OF SILVER
Here’s a little bit of science to get you started – the purity of silver (as well as gold and platinum) is rated by the Millesimal Fineness System which determines the parts per thousand of pure metal by mass in the alloy.
- An ‘alloy’ is a mix of two (or more) metals to reach the required qualities of hardness, strength and lightness for whatever the silver needs to be used for.
- As an example, if an alloy contains 83% silver and 17% copper, its millesimal fineness is 830, or 830 parts per thousand.
- Fine silver which is 99.9% pure will have ‘.999’ stamped on it, but it’s too soft to be used for silver jewellery or silver items. It is sometimes referred to as ‘three nines fine’. Its millesimal fineness is therefore 999.
- Sterling silver is 92.5% silver and 7.5% alloy (usually copper) and this is the standard for jewellery and silver items. It is referred to in the industry as simply ‘925’ which is also its millesimal fineness.
- Coin silver is traditionally 90% silver and 10% copper so guess what? Its millesimal fineness is 900.
CURRENT SILVER PRICE PER GRAM
The current (March 2015) silver price per gram is around £0.34.
You will often see silver prices quoted in ‘troy ounces’ and one ounce is equal to 31.1g so all you need to do to calculate the price of silver per ounce is times £0.34 by 31.1 and you arrive at a figure of about £10.46 per ounce.
Of course you will see slight variations in the price of silver dependent on where you’re looking, so use this figure as a guide only.
FUTURE SILVER PRICES
Silver prices will never outperform gold prices but our researchers are discovering that the silver price per gram is on the up and investors are looking to buy and sell silver as a way to hedge their investments both in the volatile gold market, and the notoriously unreliable stock market.
SILVER PRICES ONLINE
You can gauge the value of your silver by going to industry-leading sites like 62days.com:
At 62days, we offer our customers a simple, safe and secure way to sell silver items. The best part is that all quotes, collections and deliveries are 100% FREE!
- You can rest easy knowing you have the backup of TRUSTe, the internet’s leading online privacy provider.
- We are unique in that we give you a total of 62 days to cool off and decide for yourself whether you have made the right decision. For a fast and reliable quote and the latest silver prices, upload a photograph.
- 62days.com consistently offers customers competitive silver prices.
- We only use the world’s most popular online payment providers, including PayPal, Google Checkout, Neteller and Moneybookers and can also pay directly into your bank account.
- Your items are insured while being collected and delivered by FedEx.
WHAT YOU SHOULD DO NOW
If you need more information about silver prices, or if you’d like to discover how much money you could get for your silver items right now with an expert appraisal from 62days, simply upload your photographs now for a quick, free online quote.