Is it Worth Investing?
The History of Silver
The ring you are wearing is made of Silver, the earrings you just purchased are made of Silver, even some of the appliances in your house are using Silver, but do you know the history behind that precious medal you are wearing and why it is valuable? It all started around 3000 BC in modern day Turkey where Silver was first mined. From there Silver production moved around to Greece then Spain. After the Moorish invasion of Spain, the production of Silver broadened to multiple countries with several major mine discoveries allowing production to take place in many European countries.
The Growth of the Silver Market
Production stayed within the European countries until the founding of the New World where 85% of the world production shifted to Bolivia, Peru, and Mexico between 1500 and 1800. After this time, many countries began to discover and mine Silver with a major discovery in Nevada making the United States a top contributor. By the 1870’s, Silver growth took off and doubled from 40 to 80 million troy ounces annually. By 1920 Silver production was reaching 120 million troy ounces annually thanks to an explosion in technology and exploration of untapped resources. Today, average production is around 671 million troy ounces due to the boom in the mining industry and advances in mining technology as of late.
Silver as an Investment
Silver bars, coins, bullions, and certificates are used as an investment to protect against inflation and devaluation. Like all markets, Silver fluctuates over time, as does any investment you make. Check to see where the value of Silver is sitting by looking at KITCO for a 24-hour view of the current Silver market price.
Though Silver coins are no longer used as a major form of currency, Silver still holds value in the manufacturing industry, the mining industry and is constantly used in high-end jewelry and décor. You most likely use Silver more often than you think. Do you have any high-value utensils out there, also known as silverware? Silver is a versatile metal used in many items making it quite valuable. As Silver does not decay, it will continue to uphold the value in which you purchased it. Silver continues to hold its value as one of the top precious metals, second to gold, making investing in it logical for many people.
Establishing Value in Silver
Whether you believe Chicken Little and think the sky is falling, that the dollar is on the brink of collapse, or you’re just a regular Joe who understands the benefit of investing in commodities, putting at least some of your cash behind silver is never a bad idea. Silver is often used as a hedge against economic turmoil and inflation, as its value is generally very stable. Silver’s value can be determined using very simple tests right here in Pawngo’s lab to determine weight and purity. Age and rarity are also taken into account when deciding on a value for silver.
Best Practices for Pawning Your Silver
With Pawngo, getting the highest value for your silver is easier than ever. Silver, while a generally stable market, can still fluctuate. Pawngo will make sure you get fair market price for your silver. The entire process is fully insured and with our secure facility, you can be sure that your items are safe and sound for whenever you decide you’d like them returned. Your loan terms are up to you and you can repeat the loan as often as you’d like. Click the button above to Get Started Now!
Silver In History | The Silver Institute