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Price Of Silver Per Troy Ounce

Making an Informed Purchase of Silver

Silver has always been used as a commodity for exchange and this dates back to the ancient Egyptians and the Sumerian Empire.  Today, however, silver is being used for a lot of other industrial purposes.  Yet the monetary value of silver has been steadily declining since 1500. 30% of the silver is used for photography, another 30% is used in jewelry and the rest is put to industrial uses, such as components in electronic goods such as mobile phones and computers.  Along with other valuable metals, silver can be bought and sold in the online forex market where you can first see the price of silver.  For the sake of investment, silver pricing is measured per troy ounce.  The price of silver per troy ounce can first be ascertained before buying or selling silver.

What is a Troy ounce?

The troy ounce is a unit of imperial measure and is used to gauge the weight and price of many precious metals. One troy ounce is equal to about 31 grams and there are nearly 32 troy ounces in one kg.  The troy ounce measurement originated from the Roman monetary system.  It is used to maintain purity standards and establish a common measure for weighing and pricing of gold, platinum, and silver and so on.

Buying Physical Silver

The price of silver per troy ounce need not be the same for all kinds of silver.  You can buy silver in many forms which differ in sizes and weights and this affects the price.  If you wish to buy the 1 ounce silver coins , for instance the Austrian Silver Philharmonic or the American Silver Eager or the Canadian Silver Maple then the price of silver per troy ounce will differ.  This is because of the difference in purity.  The silver maple has 99.99% purity and therefore you will have to pay an additional 16% above the spot price, which is the current price on that date.  This is due to the fabrication cost.  You can also choose to invest in silver bars such as the 100 ounce silver bar.  In this case, there is a premium of 5% over the spot price of silver per troy ounce.

Valuable Asset

When you buy these coins and silver bars, you are buying it more for their silver content rather than their worth as collectible.  For those who want to buy a large amount of silver, it is better to do their homework first by checking out the price of silver per troy ounce and then buy them from bullion dealers.  Avoid paying more than the specified premiums on each type of silver, whether it is coins or bars.

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Price Of Silver Per Troy Ounce

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