If you have some money that you want to invest it, you probably wonder what’s the best option you have. Searching and exploring will show you that rich people place their money on lots of different things. Some of them are buying precious metals.
Gold, Silver, and platinum are the official three precious metals. Platinum has a group of other metals that are also used and some of them very expensive. Depending on the use and the rarity, they can go as high as $2.500 per ounce.
In this article, we’ll talk about why investing in silver is a smart idea. Even though lots of people think of it as a joke because of its price, it’s still a smart move and we’ll show you why. Read on and learn more!
You can buy more for less money
The current price is around $16 per ounce. Unlike gold whose price is $1.400 per ounce, this one is very affordable. This means you can buy a lot of it for relatively little money.
Silver barsweight 6.86 pounds which means you can buy one for $1.744. A gold bar will cost you around $40.000 and the difference is amazing. Let’s say you saved $1000 and you want them turned into some precious metal. If you ask for a gold coin you’ll have to get a small denomination and less than an ounce one because most coins of an ounce are over $1.500.
A silver coin costs as little as $18 and this means you can get whole sets that will both look good at your home and you’ll invest your money in something that might pay of later.
No enormous market fluctuations
The lowest price in the last 100 years of the silver was $4.73 per ounce in 1931. The highest was 117.69 in 1980. The rest of the time the price was around $10 to $15.
Why is this important? Because with all this being said you understand that the fluctuations may be big concerning the stability but in reality, it is all a minor change that won’t affect you too much.
Let’s say you invested 1000 US dollars 10 years ago when the price was around $8. Today, your investment would be worth double. But, if you invested 10 years ago, when the price was $19, you’d lost only so little that it is insignificant. Investing in this metal is playing safe. Take a look at the chart of the prices for the last 100 years. Click on this link.
Having silver is traditional
Did you know that the first coin ever struck in the national US mint was a silver one? The Flowing Hair dollar was made in 1794 and one of the pieces made then that survived to this day was sold for amazing 10 million US dollars.
Also, back in the day when the gold rush still hasn’t started, people used silver to trade with each other. The price was never higher than the one of gold, but it was used much wider and much more commonly.
It has a special charm
Some people prefer gold and some like the charm of the silver much better. There’s no doubt they are both beautiful metals but there’s also no arguing that some people like the first more than the second. It’s like who like chocolate and who likes vanilla ice-cream. It’s a debate that no one can win.
The coins struck in silver look much different than the same struck on gold. That’s why many governmental mints produce bullion with both materials for people who like more of any of them. Of course, the price is not the same as the different metals are differently priced.
As you can see, contrary to the popular belief that it’s only logical to invest in gold, we proved that silver is also valuable and can be used as a form of investment. People who like this idea should only open the internet and look for some of the many selling web pages that offer these goods. There’s no wrong or write, you only need to be sure that you’re investing in something you like.