Price of Silver

Silver has been volatile on the commodities market in 2008. The price per ounce, or a troy ounce in which it is measured, ranged from a high of about $21 USD to a low of about $7 USD.

Silver, being a precious metal like gold, has historically been a traditional currency metal, although not as popular as in the recent past. This is largely due to demand being higher than world production rate. Gold and silver have always been safe investments for investors in a period of weak economies. Both, over the years, have appreciated in their worth, with silver trends generally following gold's. Being a currency, silver also tends to follow the world market with relation to, for example, the US dollar and the Euro dollar. Both of these currencies suffered a strong downward spiral in 2008, with silver following world currencies than the other precious metal trends. This is one of the attributable reasons that silver experienced such a volatile trend in 2008, as well as uncertainty in the global economic crisis. Silver still is in total demand over production chiefly because it is an industrial metal. The trend for silver over a matter of years is expected to increase dramatically by most analysts. During the latter part of 2008, the metal began to stabilize at $9 to $10 USD an ounce, remaining that way until well into the first quarter financial year.

Currently there has been some recovery of the US dollar and other world currencies. Gold and silver appear to be back on track, as well as oil and gas, in a more positive manner. According to CNN World News, as of February 28, 2009, silver was at 13.11 USD/troy ounce, +0.13 from about 12.98 USD/troy ounce.