What Silver Is Worth Today.

The value of silver has fluctuated over the years. It is said that many years ago, the value of a dime sized piece of silver was a day’s wages. At today’s rate, that same piece of silver is worth approximately 50 cents.

Discussing what the worth of silver is today cannot be thoroughly understood unless it is known what silver used to be worth and how that value has changed over time. It is said that an ounce of silver in the 1400s could buy an ounce of gold at a ratio of 15 to 1. Now, that same piece of silver now stands at the very lopsided rate of 61 to 1, silver and gold respectively. One of the main reasons for the devaluing of silver is that, globally, it is not used as money. Although silver is not used as much for monetary uses, it is still outpacing the supply. When used in an industrial setting, silver is being consumed by approximately 150 million ounces a year due to the emergence of advanced technology. Another reason for silver not being used as much is that much of the silver that has been mined is either missing or consumed. It is estimated that there have been over 45 billion ounces mined in the history of mankind. After deducting silverware, jewelry, and other miscellaneous items, it is estimated that approximately 20 billion ounces are left above ground. It is highly unlikely that any of that silver will return to circulation unless the price suddenly goes up.

Today, silver is worth approximately $13-14 dollars an ounce and probably will continue to rise unless unconsumed silver begins to circulate.