What Is Spot Silver?

Silver is a category of precious metal which is affordable yet always increasing in price which makes it an attractive investment option.

Owning physical precious metals like silver or Gold is essential for keeping yourself safe from any financial situation. For investment, you also have an option of purchasing digital silver which will not provide you with physical silver but silver asset which will have the same appreciation of silver.

Silver is a tradeable metal and is available to be purchased on the open market. The most preferred traded silver is Spot silver which you can purchase easily.

But, the question is what is Spot Silver? Well in this article, we will discuss what is Spot Silver, the Types of Spot Silver, Prices, and much more.  

What is Spot Silver?

Spot Silver is the current price of the silver metal per ounce of sale or purchase in the commodity market. It is a reference point that helps buyers and sellers to determine the fair value of the silver. Spot Prices of silver are volatile and change as per the market trends.

Types of Spot Silver Available

There are various types of spot silver available for you to buy, which are as follows-

Sterling .925 Silver

Sterling silver is perhaps the most valuable and most traded silver in the market due to its jewelry standards. It is one of the highest purity silver constituting 92.55% silver and 7.5% of other metals.

The Mixing of the silver is necessary for making the sterling silver strong as pure silver is very malleable and can be easily bent by applying pressure.

Argentium Silver

Argentium Silver is more expensive than Sterling Silver although the silver content in it is the same which is 92.5%. The price difference is due to the mixture of Copper and germanium which contributes towards a much stronger and tarnish resistance in the metal.

Coin Silver

Coin Silver is an antique silver composition that used to be found on old antique items. It consists of 90% Silver and 10% copper metal which comes with a standard stampage of .900.

Fine .999 Silver

Fine Silver is the purest form of silver and has 99.9% silver content. It is slightly dull and greyish in appearance and is not strong enough. The quality stampage of .999 is used when selling fine silver.

Bali, Mexican, or Thai Silver

Bali, Thailand, and Mexico silver are silver found in these countries which are exported for jewelry and other purposes.

Nickel Silver

Nickel is an alloy of chromium, copper, iron, titanium, and molybdenum and when this alloy is mixed with silver then we get Nickel Silver.

It can be used for making jewelry and are known by other name as well like German silver or Alpaca silver.

Tibetan or Tribal Silver

Tibetian Silver or Tribal silver is silver that contains very low silver content but the appearance of the metal is similar to Sterling. This silver type may or may not contain silver at all which makes it a very cheap metal.

Spot Price

The spot price represents the current market value of various commodities such as silver, gold, stocks, and more. An integral aspect of the spot price is its association with immediate settlement for sale or purchase agreements. This immediacy adds a dynamic element to market transactions, reflecting the real-time value of assets.

Historic Spot Price

The following are the historical prices of the silver to give you a perspective on how the appreciation of the silver has been happening over these years-

Year	Silver Rates in /Kg.	Spot Silver Rates
2023 (Till Today)	74500	2,112.04
2022	55100	1,562.06
2021	62572	1,773.88
2020	63435	1,798.35
2019	40600	1,150.99
2018	41400	1,173.67
2017	37825	1,072.32
2016	36990	1,048.65
2015	37825	1,072.32
2014	43070	1,221.01
2013	54030	1,531.72
2012	56290	1,595.79
2011	56900	1,613.09
2010	27255	772.67
2009	22165	628.37
2008	23625	669.76
2007	19520	553.38
2006	17405	493.42
2005	10675	302.63
2004	11770	333.67
2003	7695	218.15
2002	7875	223.25
2001	7215	204.54
2000	7900	223.96
1999	7615	215.88
1998	8560	242.67
1997	7345	208.23
1996	7346	208.26
1995	6335	179.59
1994	7124	201.96
1993	5489	155.61
1992	8040	227.93
1991	6646	188.41
1990	6463	183.22
1989	6755	191.5
1988	6066	171.97
1987	4794	135.91
1986	4015	113.82
1985	3955	112.12
1984	3570	101.21
1983	3105	88.03
1982	2720	77.11
1981	2715	76.97

Where to Buy Spot Silver?

You can buy spot silver both online and offline. Some of the places where you can buy spot silver are as follows-

Online Precious Metal Retailers

There are various websites and online retailers that sell silver, gold, and other precious ornaments online. You can purchase silver from these online retailers.

Local Gold and Silver Shops

There are many local Gold and Silver jewelry shops in your area, you can approach them and purchase the silver from there. You can purchase any kind of silver from them and make sure to look at the mark on the silver coin to check the purity of the silver.

Bullion Exchanges

Bullion exchanges, which are platforms specifically designed for buying and selling precious metals, often allow you to purchase spot silver.

Bank or Financial Institutions

Some banks or financial institutions offer precious metals, including silver, mostly in coins or bars format. Just Inquire with your bank about the availability of silver coins or bars.

ETFs (Exchange-Traded Funds)

If you prefer not to physically own the silver but still want exposure to its price movements, you can consider investing in silver ETFs. These financial instruments track the price of silver and you can invest in silver stocks which will provide you the benefit of owning silver but not have to worry about storage and safety. FAQ

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