The silver price history is one of great highs and lows yet more and more investors are looking at silver as an investment due to the fact that the gold market is volatile, interest rates are very low and the stock market is at best, uncertain.
- Silver was made into coins by the ancient Greeks around 700BC
- Silver was used as basic unit of monetary value for many nations but in the late nineteenth century, massive deposits of silver found mainly in central American countries devalued it so much, most of the developed nations switched to the gold standard
- In 2010, the worldwide supply of silver was around 1,056 million ounces
TYPES OF SILVER
First, the science –silver purity (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.
As an example, if an alloy contains 88% silver and 12% copper, its millesimal fineness is 880, or 880 parts per thousand.
Fine silver is 99.9% pure but it’s too malleable to be used for silver jewellery or silver items. It is often known as ‘three nines fine’ and its millesimal fineness is 999.
Sterling silver is 92.5% silver, 7.5% alloy (usually copper) and this is the standard composition for jewellery and other silver items. It is referred to as ‘925’ which is also its millesimal fineness.
Coin silver is usually 90% silver and 10% copper so its millesimal fineness is 900, but you already knew that! Also, just so you are aware, an ‘alloy’ is a mix of two or more metals that gives the manufacturer the qualities of hardness, strength and lightness they need for whatever the silver is to be used for.
HISTORICAL SILVER PRICES
Over the last 100 years, historical silver prices have varied in ratio between 1:15 and 1:100 over the price of gold.
In 1980, silver prices peaked, thanks in part to the manipulation of the market of Nelson and Herbert Hunt, American billionaires who began to accumulate huge amounts of silver (estimated at around 100m ounces) and by 1979, they had almost cornered the market and profited to the tune of $2bn – $4bn.
The silver prices rose from $11 an ounce in September 1979 to a staggering $50 an ounce four months later but two months after that, silver prices collapsed to under $10 an ounce.
In the twenty years between 1980 and 2000, historical silver prices remained fairly stagnant but from 2005 onwards, the price of silver significantly increased from around $5 per troy ounce to just over $14 in April 2006 and then up over $20 in March 2008.
Just as the global credit crunch hit in October 2008, silver prices fell by almost 60%. However, by April 2011, investment in silver grew substantially to a 31-year high of a little over $49 an ounce because of tremendous economic instability and inflation concerns.
SILVER PRICES ONLINE
Estimate the value of your silver is by visiting websites such as www.62days.com for reliable, trustworthy advice.
- At 62days, we offer our customers a safe, secure and quick way to sell silver, to sell silver jewellery and to sell other valuables and quotes, collections and deliveries are 100% FREE, all the time!
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- We are unlike any other website in that we offer you a 62 day cooling off period.
- For a quote that’s instant and reliable just upload a photograph of your silver.
- 62days.com offers our customers extremely competitive online silver prices.
- We use the world’s largest online payment providers – PayPal, Google Checkout, Neteller, Moneybookers and alternatively, we can deposit your money into your bank account.
- Your items are fully insured and are collected and delivered by FedEx.
WHAT YOU SHOULD DO NOW
For information about silver prices, the silver price history, or if you’d like to see how to earn additional income by selling silver with a quotation from the experts at 62days, upload your photos now.