The second half of 2020 marked a banner period for gold, as its price per pound surpassed $20,000 for the first time ever. Amid the economic downturn and uncertainty caused by the COVID-19 pandemic, investors rushed to gold as a safe haven investment and hedge against the shorter-term risk of traditional markets.
Silver is now considered rarer than gold in some places. As rarity increases, the price for silver is rising in 2021—but it may not continue in years to come. Got silver? Now may be the time to part ways with it while prices are high—or at least see how much it’s worth. Let’s dive into why silver is scarce and what this means for the near future.
The beauty of gold has captivated humans for thousands of years, and while it has always been cherished and sought after for its shine and elegance, it also used to serve a much larger purpose.
During the era of the gold standard, gold was a critical component of the global economy, affecting everything from international trade to the value of currency.
Here is a closer look at how the gold standard and fiat money compare to one another and why both are still important to the present-day economy.
We’re all familiar with silver in the form of jewelry, silverware, and coins, but it also has many other common uses in industries across the world – and much of its value is tied to this widespread usability.
Silver is often described as the “world’s most indispensable metal,” as it is highly conductive, malleable, and ductile, in addition to having low resistivity. Silver can be flattened into fine sheets, drawn out into thin, flexible wires, and even formed into pastes, making it extremely versatile and useful in applications ranging from clothing to appliances and everywhere in between.
Because of this high usability, the global economy has a significant impact on the demand for silver. And as production increases, the price of silver typically does so, as well.
Here are five real-world applications for silver that help make it one of the most popular and valuable precious metals on the planet.
Jewelry, coins, bullion, and other items made from precious metals are popular in today’s market due to their exceptional beauty and high value. Gold has always been the most popular and highly sought-after of all the precious metals, but silver, platinum, and palladium have significant value, as well.
While silver, platinum, and palladium all look very similar in color and are even often mistaken for one another to the untrained eye, each has its own unique characteristics that help determine its value.