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Eriknation's Blog

02 May 2021

Silver! the precious metal.

| Eriknation

Silver is a precious metal used for many different things. They could be used for coins, jewelry, bars and more! That’s why many people like to buy silver bars by ounces, pounds or even kilograms. There is a silver spot price kind of like stocks, the price goes up and down. The silver price doesn’t change much in a day but over the years it could grow at least five dollars per ounce. Which means if someone were to but one thousand ounces and it grew five dollars they would have made 5,000 dollars! Once the silver spot price grew to forty-nine dollars and once twenty-nine cents! The silver price boosted up in 1980, this was mostly because of the actions of some brothers. Their father had died and their dad was a billionaire, the money went to the brothers. The brothers used their money to change the silver price to be very expensive in about a year! The silver price dropped in 1931 due to the Great Depression. Also all precious metals have a spot price. Now let's talk about what makes silver valuable. Silver is valuable because it is hard to find in the ground. Many miners and geologists search and research this rare metal. Silver is now used for proofs and other coins. Back then, quarters, half dollars, dimes, and other coins contained ninety percent silver. But, in about 175 years the silver price was too high so they made coins forty percent silver. But, now silver coins are only proof coins, commemoratives or special coins produced by the U.S mint. This was because the price went skyrocketing in a few years. Many people collect, buy or sell these coins to make money. People can buy silver coins or even bars. There are also these bills called silver certificates, the certificates could be turned in in exchange for silver. Which is now not legal tender but they are still very popular in the collecting world. These silver certs are worth more depending on the condition and they are sometimes put in Hawaii cases. Which makes the certs worth more. If they were legal tender then the U.S would need to give lots of silver away which is worth lots of money. But I’m sure there are other reasons why silver certs aren’t legal tender. Here is a fun fact about precious metals. Platinum used to always be much more valuable than gold. But now gold is over five hundred dollars more expensive than platinum.

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