What is a Troy Ounce?

What is a Troy Ounce?

The metric system, or International System of Units (SI), is widely used throughout the world. However, the troy ounce, the standard unit of weights for precious metals like gold and silver, is neither part of the metric system nor the “imperial” system used in the U.S. 

What is a troy ounce, and how is it different than the traditional ounce used in America?

The Troy Ounce vs. Traditional Ounce

The troy ounce is the standard unit used to weigh precious metals like gold and silver. 

A troy ounce, when converted into grams, is equal to 31.103 grams, which makes it heavier and therefore worth more than the traditional ounce, equal to 28.349 grams.

Troy Ounce > Traditional Ounce

A troy ounce is approximately 10% heavier than a regular ounce. An avoirdupois ounce, or traditional ounce, can be converted into a troy ounce by simply dividing it by 0.91. 

Troy Pound < Traditional Pound

For every troy pound, there are only 12 troy ounces, making a troy pound lighter than a regular pound, which is 16 ounces. It can be confusing when converting between ounces and pounds, but each system has its own standards.

The avoirdupois ounce is part of the avoirdupois system of measurements, which is commonly known in America via our standard use of ‘ounces’ and ‘pounds’. The troy ounce uses the troy system; one troy ounce is almost 1.0971 avoirdupois ounces. The avoirdupois ounce, simply called an ‘ounce’ in everyday conversation, is used for measuring everything from groceries to body weight in the U.S.

History and Modern Application

The beginning of the troy weight and measurement system is believed to have originated in the French town of Troyes, where English merchants came to trade and barter. They adopted a standardized system of measurements to make commerce easier.

Several traits of this system can also be traced back to the Roman monetary system, where Romans used bronze bars as currency. One heavy bronze bar, called “aes grave”, was equal to 1 pound. The currency was divisible into 12 one-ounce units, called “uncias”, which led to the 12-troy-ounce pound.

The troy weight system was used in many parts of Europe before the metric system. The troy ounce had been used in England since the 1400s and it was adopted officially in 1527.

The troy ounce is principally the same as the British Imperial troy ounce. It is primarily used for measuring expensive metals and gemstones, as opposed to the avoirdupois ounce, which is commonly used for measuring everyday items like food. For this reason precious metals like gold and silver are measured in troy ounces.

Thankfully, all gold prices and silver prices are calculated in troy ounces. 

Having a universal unit of measure when dealing with precious metals is part of what makes gold and silver so liquid. Investors around the world buy and sell gold and silver using the troy ounce system, so there is no need for any other system of measure or conversion standard.

1967 COINS COMMEMORATES 100TH ANNIVERSARY OF CANADA – REVISITED

I originally made a post on Canadian Coin Blog about these coins on March 13, 2013.

I stated: “The issue price for this set was $40.00 CAD in 1967. It now sells for approximately $1000.00 CAD because of the value of the $20 gold coin”.

In 1967, gold was trading at approximately $35.00 CAD per ounce. On March 6, 2020 gold closed on the spot market @ $2756.05 CAD per ounce. This is nearly 80 times increase in gold value in 53 years.

This makes the gold melt value of the gold coin in this set to be $1626.00 CAD. Just imagine buying this set @ $40.00 CAD in 1967 and selling it today for $1600.00 CAD at its gold melt value. In reality, it could probably fetch about $2000.00 CAD today. This is 50 times its original selling price in 53 years.

What about silver?

The price per ounce of silver was around $1.50 CAD for most of 1967. Adjusted for inflation, that’s about $15 CAD today. Silver is on the spot market @ $37.41 CAD per ounce on August 6, 2020. This is 25 times increase in silver value in 53 years.

Are gold and silver good investments? Look at its history history and decide for yourself.

SILVER PRICES SURGE – 22% GAIN IN 1 WEEK

On July 29th I added a post called Silver prices have been flat for a second day.

I stated: PLEASE DO NOT PANIC! RELAX!

MOTTO: Buy Lower, Sell Higher. Always Relax and Enjoy.

I hope you did not panic sell, but rather relaxed and at least, waited until today.

Silver closed on the spot market @ $32.34 CAD on July 29th.

Silver closed on the spot market @ $39.65 CAD on August 6th (today).

SILVER GAINED OVER 22% IN 1 WEEK

NOTE: Gold gained only 4% during the same period.

When will the SILVER surge slow down?

When will SILVER prices peak?

Gold & Silver Futures Contracts

Gold and silver futures are traded on several exchanges across the globe. These instruments can give investors exposure to gold and silver while only putting up a fraction of the total cost of the contract. Because of this leverage, gold and silver futures are not to be taken lightly and are certainly not appropriate for all investors.

What Exactly is a Gold or Silver Futures Contract?

Futures contracts were first traded in the mid-19th century with the establishment of a central grain market. This central grain market gave farmers the ability to sell their grain for immediate delivery in what is known as the spot market, or they had the option to sell their grain for a certain price for a future delivery date. A futures contract is a legal agreement between the buyer and the seller for the purchase or sale of an asset on a specific date during a specific month.

The purchase and sale of futures contracts is facilitated through a futures exchange and is standardized in terms of quality, quantity, and delivery time, as well as delivery location. The price of a futures contract is not fixed, however, and is constantly in a state of discovery through an auction-like process on exchange trading floors and/or electronic trading platforms. In the case of gold or silver, a futures contract outlines a specific delivery time and place for “good delivery” gold or silver bullion.

Who Uses Futures Contracts?

The use of futures contracts generally falls into two broad categories: hedging and speculative purposes. A hedger uses futures contracts to try and mitigate their price risk in an asset, while a speculator accepts this price risk in order to try and profit from favorable movement in prices. The market needs participation from both hedgers and speculators to function properly.

Hedgers may include producers, portfolio managers and consumers. For example, if a farmer produces corn and is concerned about the per-bushel price of corn falling and thus reducing his potential profit, he or she could sell futures contracts. If a corn farmer sold a futures contract today for delivery in five months at a price of $4.00 per bushel, then if the price of corn falls between now and the delivery date the farmer would lose money on his cash crop but would be offsetting those losses by gains made on the sale of the futures contract.

In other words, if Farmer Joe sold corn futures at $4.00 per bushel and corn prices drop to $3.50 per bushel, the Farmer Joe would have a $.50 profit on each corn future sold that would offset the $.50 loss he is seeing on his corn. By doing this, Farmer Joe has insulated himself from a large drop in the price of corn that could adversely affect his potential income.

On the flip side, however, if farmer Joe sells corn futures contracts at $4.00 per bushel and the price of corn rises to $4.50 per bushel, then Joe will be getting more money for his corn crop but will be losing money on the short futures contract. Hedgers must accept this potential profit loss in order to lock in future prices. The bottom line is that many producers and consumers will give up the potential for additional profit in order to try and protect themselves from the potential for loss. This is how futures contracts may be used to try and mitigate price risk.

Gold & Silver Futures Contract Value

A gold futures contract is for the purchase or sale of 100 troy ounces of .995 minimum percent fine gold. A silver futures contract is for the purchase or sale of 5000 troy ounces of .999 percent minimum fine silver. At today’s prices, therefore, a gold futures contract would be worth approximately $130,300 with gold currently trading at $1,303 per ounce. A silver futures contract would have a value of $103,150 with silver currently trading at $20.63 per ounce. Needless to say, the total contract value will fluctuate as gold and silver prices move up or down.

How Exactly Does a Futures Contract Work?

With a gold or silver futures contract, he or she is entering into an agreement through an exchange to buy or sell the metal at a certain date in the future. The most recognized exchange when it comes to metals trading is the COMEX exchange which is now part of Chicago’s CME Group. To buy or sell a futures contract, one does not need to have the entire amount of the contract value but rather must put up what is known as a margin deposit. A margin deposit is a good-faith deposit to make good on the contract.

The fact that futures contracts only require a small portion of the contract value makes them a leveraged instrument. For example, if a gold contract has a total value of approximately $130,000 at current prices, only a small deposit of about $5940 is needed to buy or sell the contract. In other words, one can control $130,000 worth of gold for less than $6000. This may potentially allow some investors to make a significant return on their investment, but also may cause large losses.

Due to the nature of these vehicles, one’s losses can exceed their account equity. Leverage is a double-edged sword and is not suitable for all investors. Speculators may use these contracts to try and profit from price movement in gold or silver while hedgers may use them to try and mitigate price risk. While you can take physical delivery on a gold or silver futures contract, most futures contracts these days are closed prior to expiration or are cash-settled.

If I Buy A Gold Futures Contract, Do I Own Gold?

This is kind of a tricky question to answer. When purchasing a gold futures contract, you can take delivery on that contract of the physical gold. This process can be lengthy and somewhat complicated, however. One does not have the physical gold in their possession until they take delivery and even then the gold will likely be held in a depository until it is transferred to the location of their choice. Most futures contracts are never delivered upon, and gold and silver are no exception. When looking to buy physical gold, there are easier ways to purchase physical metal.

Gold & Silver Futures FAQs

Why would someone sell a futures contract rather than buy it?

Futures contracts can allow one to potentially capitalize on price movements in the market. The reasons for someone selling a futures contract rather than buying could be they believe that prices are going to come down, or they could be a producer looking to try to hedge their price risk. For example, a jewelry maker whose potential profit may be hurt by falling gold prices could decide to sell gold futures in order to try to mitigate this risk.

Are Gold and Silver Futures Risky?

Trading gold and silver futures contracts involves substantial risk — and trading any futures contract involves substantial risk for that matter. Because of the leveraged nature of these types of investment vehicles, investors have the potential to make large profits but also have the equal potential to suffer large losses. In fact, due to the leverage involved, he or she can lose all of the funds in their account very quickly. One can lose more than all of the funds in his or her account as well. Trading in gold or silver futures contracts is not the same as owning the physical metal that one can wrap their hands around.

Would I be better off trying to time the gold or silver markets and trading them accordingly?

The fact of the matter is that the vast majority of investors are poor market timers. Think of how many professionals are out there today trying to “beat the market.” The majority of these professionals cannot beat the benchmark SP500 index. We are not saying it cannot be done, but for most people we believe this type of mentality is not going to be of benefit. That being said, paper investments such as futures, ETFs or the like do not equal physical metal ownership and do not accomplish the same goals.

What about the gold and silver ratio? Can it be helpful?

The gold and silver ratio is simply the number of ounces of silver that equals the value of one ounce of gold. So, with gold trading at $1,310 per ounce and silver trading at $20.05 per ounce, the gold/silver ratio would be 65.34. Some precious metals investors do monitor this ratio in order to try to get some type of buying advantage. For example, if the price of silver is low relative to the price of gold, one may buy silver coins, rounds or bars rather than gold. On the other hand, if the price of silver is relatively expensive to gold, then one may elect to purchase gold coins or bars. It is simply another tool that attempts to determine relative value.

Is it easier to take delivery of a futures contract rather than buying gold or silver from a dealer?

No. Taking delivery from an exchange on “good delivery” gold or silver is neither a simple nor a cost-efficient process. There are several hoops that must be jumped through in order to do this and in addition to those hoops there are fees and costs involved, as well.

What about hedging my physical metals with futures?

One of the biggest uses of futures contracts is for hedging purposes. Hedging involves the purchase or sale of a contract that can potentially help offset losses in a physical market. For example, if a jeweler is worried about the price of silver going up dramatically and squeezing his or her profits, they could buy a silver futures contract to try to help mitigate this risk. If the price of silver does, in fact, start to rise, then the jeweler would potentially see gains on the long futures contract that may help offset losses he or she is seeing on their profits due to higher silver prices.

Is hedging appropriate for the average physical metals investor out there?

This is very debatable, but, again, due to the nature of futures contracts they are certainly not suitable for all investors. Proper hedging requires a good deal of market knowledge and expertise and is beyond the normal investor’s investment acumen. In addition, if one is buying gold or silver for the long-term, they should be prepared for and accept any declines in prices that may occur.

Why do gold and silver futures move around so much?

Gold and silver are very active, and global markets trade nearly around the clock now. These markets can potentially be affected by many different things such as geopolitical events, central bank action or commentary, outside markets, such as oil or the dollar, and investor risk appetite. The markets are basically in a constant state of price discovery and, therefore, may have periods of quiet price activity and may have periods of very heavy price activity.

Do I need to monitor gold and silver futures prices every day if I own the metals?

This is totally up to you. We believe that physical gold or silver ownership is a long term investment and should be treated accordingly. The markets will have day to day or even second to second fluctuations in price. If you are looking at a long term time horizon, then these fluctuations are not too important in the grand scheme of things. That being said, you can monitor the price of metals on a daily basis if you so choose. The web is full of free resources to follow or track commodity or market prices.

All Market Updates are provided as a third party analysis and do not necessarily reflect the explicit views of Canadian Coin Blog and should not be construed as financial advice.

Silver prices have been flat for a second day.

PLEASE DO NOT PANIC! RELAX!

MOTTO: Buy Lower, Sell Higher. Always Relax and Enjoy.

This is what we should expect. Silver prices on the spot market increased by approximate 25% in 10 days from July 17^th to July 27^th. For the last 2 days silver prices have been flat but silver prices have not declined. My Guaranteed Investment Certificates (GICs) are earning less that 2% per year. Silver purchased @ $26.27 CAD per ounce on July 17, 2020 has gained 25% which is approximately 2% per day which is actually over 365 times what my GICs earned during the same period. The last 2 days have shown no gains, but also no losses in the price of silver.

Although we want to see silver prices continue to rise, after 10 days of exploding prices, we should expect some flat days and maybe a few dips in price. However, the economy has a long road to recovery and this is the environment in which precious metals are most likely to grow.

Having said this, I continue to study the silver market daily (maybe hourly) to determine the right moment to exit. If you purchased silver last week @ $25 to $27 and would be happy with a 25% return on your investment, there is nothing wrong with selling your silver today. But I am staying the course for awhile longer because I feel I can still gain more by staying with this current silver wave. Covid-19 has been devastating, but will this be the silver lining?

Silver closed on the spot market @ $26.27 CAD per ounce on July 17, 2020

Silver closed on the spot market @ $30.57 CAD per ounce on July 24, 2020

Silver closed on the spot market @ $32.86 CAD per ounce on July 27, 2020

Silver closed on the spot market @ $32.69 CAD per ounce on July 28, 2020

Today, July 29^th on the spot market,silver has been up and down between $32.20 CAD and $32.77 CAD per ounce.

Gold Price Breaks All Previous Records

The spot gold price rose to $1,944.68 USD an ounce on July 27th , overtaking its previous record of $1,920 USD during the financial crisis in September 2011.

$1,944.68 USD = $2,593.95 CAD = £1,509 GBP

As of 6 pm EST June 28, 2020 gold is trading on the spot market @ $2622.50 CAD per ounce.

Buying Gold & Silver Bullion

How To Buy Gold/Silver Bullion Coins & Bars

When investing in gold and silver for the first time, it is very easy for customers to become overwhelmed by the many options offered to them. Whether faced with the decision of which products to order or how much to pay, the choices can seem endless. Fortunately, customers can rest assured knowing that there is no “right” or “wrong” way to purchase precious metals. While there are some general guidelines to keep in mind when doing your initial research, buying precious metals is mostly a matter of finding out which options best suit your needs.

How Much Should I Spend?

The most important factor in determining how much you should pay for your precious metals is the spot price. The spot price indicates the current market value of a precious metal and serves as a basis for bullion pricing. These prices are constantly fluctuating, so it is important to find the most up-to-date spot price possible. Once you have the spot price for your particular precious metal, you need to research which precious metals dealers have prices closest to the original spot price, since these will be the dealers who offer the lowest premiums.

Finding the Right Price & Dealer

Before you begin comparing the prices of different precious metals dealers, you need to make sure that the dealers you are researching are actually licensed to sell precious metals. Taking the time to verify their status will not only ensure that their merchandise has been lawfully obtained, but that they also understand the various policies regarding precious metals sales, such as taxation and reporting.

After you have confirmed their license statuses, it is time to compare the different dealers. When examining prices, be sure to take into account other expenses outside the premium rates such as shipping, insurance and taxation. You should also take note of their different policies regarding shipping and methods of payments to see if they can accommodate your needs.

Selecting Your Gold/Silver Bullion Coins & Bars

Once you’ve settled on the right dealer, your next step will be deciding the type of precious metals merchandise you would like to purchase. Precious metals come in a variety of shapes, sizes and styles, so customers should try to familiarize themselves with their different options. Customers should also be sure to understand the premium policies and investment benefits of these options as well.

When buying precious metals, customers should first decide which forms of precious metals they intend to purchase. Some common forms of bullion include coins, rounds and bars. Coins are the most recognized of the bullion forms because of their use as currency. Their stunning designs make them ideal for customers who want to display their investments. However, due to mintage restricting by the government, coins are often produced in limited quantities, making them quite valuable as both collectibles and investment pieces. Their rarity is also the reason they carry higher premium rates than other precious metals bullion.

With their flat, disc-like shape, rounds are often confused with coins; however, unlike coins, rounds do not have a circulating face value. Their value is based solely on precious metal content. While the premium rate for a round is lower than that of a coin, it is important to note that their premium rates increase and decrease inversely with the size of the round. In other words, the smaller the coin, the higher the premium over spot.

Bars are precious metals pieces which have been pressed into a rectangular shape. Because these forms are easy to stack on top of each other, they are the easiest to organize and store. Bars are popular choice among investors because, like rounds, they offer a low premium over spot that decreases as the size of the bar gets larger. As a result, bars are best suited for customers who want to make substantial investments by purchasing in bulk.

Upon deciding which form of precious metal you would like to purchase, take the time to research which mints specialize in those particular forms. Then, browse through their collections until you find a particular piece you would like to purchase and proceed with the checkout.

Methods of Payment

After selecting the items you intend to purchase, it is time to select your method of payment. While acceptable forms of payments can vary according to the dealer, the most commonly accepted forms of payment include credit/debit cards, PayPal, paper checks and bank wires. Again, customers are advised to check with their dealer not only regarding which forms of payments can be used, but also regarding any policies or restrictions with these payment methods.

Storage

When your order finally arrives, the only decision left to make is where to store it. Customers need to take into account both accessibility as well as safety. For most customers, this primary decision will be whether to store at home or through a third-party facility.

For customers that require immediate access to their precious metal, home storage is their best option. Customers who choose to keep their precious metals at home can either secretly conceal their valuables or store them in a safe. Secret storage is the easiest and most inexpensive way to hide your precious metals. Unfortunately, it can sometimes subject your bullion to conditions that can cause physical harm, like moisture. It is better to keep your valuables in a safe since it can protect them from both thieves and natural disasters. While a little more costly, safes can provide an extra level of protection for your gold and silver. The main disadvantage to both forms of home storage is that once someone discovers that you keep precious metals in your home, you could potentially become the target of theft, armed robbery and even assault.

Customers who prefer not to deal with the risks and responsibilities of storing their precious metals at home are encouraged to turn their valuables over to a bank. These establishments are equipped with high level security both internally and externally. Their facilities have also been constructed to provide the optimal storage conditions for your precious metals. While these third-party facilities are more expensive and provide less accessibility, they offer greater protection for both you and your investments.

Buying Online vs. Locally

Perhaps, the main decision you will have to make while selecting a dealer is whether you would like to purchase your precious metals from an online dealer or a local coin shop. Local establishments allow customers to actually see the merchandise prior to purchasing them. They also eliminate the need to pay for shipping and insurance since you will be able to take your purchase home with you. There are, however, a number of drawbacks with purchasing your precious metals locally. Local coin shops charge higher premium rates than online stores in order to cover overhead expenses. Local coin shops also tend to have a limited selection of precious metals merchandise due the physical constrictions of the store and their limited clientele. Moreover, many local coin shops double as resale shops, so the majority of their merchandise will be used products.

Online dealers, on the other hand, will often have a wider selection due to having a larger client base and because their virtual storefronts offer unlimited pages to display their array of merchandise. Another advantage to online dealers is the convenience. Unlike local coin shops, where you are required to visit a particular location during its hours of operation, online dealers allow you to shop at any time from the comfort of your own home. Lastly, online dealers also offer you an extra level of protection for both your investment and yourself. A reputable online dealer will be in direct communication with the mints to ensure the merchandise you receive is authentic. More importantly, online dealers enable you to make your purchases privately, which will keep you from becoming a potential target for theft and burglary.

What is the Difference Between Silver Coin Value and the Silver Spot Price?

Silver Spot Price | Spot Silver Prices

The silver spot price is the current price of unrefined silver per troy ounce. This price is set before any costs related to manufacturing, transportation, silver dealer premiums, or import/export taxes are accounted for. The silver spot price is a global standardized silver price that takes into account global silver valuations & price fluctuations.

There are a number of reasons why the silver spot price abides by a global standard. Aside from encouraging global integration of regional markets, maintaining a single global silver spot price prevents arbitrage.

Arbitrage is the practice of buying a product in one market at one price and selling it for a higher price in another. While this practice does exist in other sectors of the market, it is explicitly prevented in the silver, gold & precious metals market through the use of a single silver spot price.

The silver price of one troy ounce of silver in North America will equal the silver price on the other side of the world as translated into any particular country’s currency. This unique aspect of silver prices paints a picture of exactly how massively influential silver prices are on global markets.

Importance of Silver Spot Price

The silver spot price is the amount you can expect to pay for 1 oz. of silver, on any given day. Like all investments, the ROI is dependent on the initial silver price you pay, so make sure to buy low. Track the changing live spot price of silver with our silver price ticker. It runs 24/7 and provides actionable insight into the trending price of silver. Hover over any point in time to observe the price of silver from any particular day. Monitoring the price of silver can also offer insight into economic events and potential market crashes. Keeping up to date on the price of silver and precious metals is an important habit for wise investors globally.

What Does Silver Cost to Buy?

The cost to buy silver bullion online is the silver spot price plus a small premium charge to cover dealer fees. While the dealer is entitled to set their own premium fee, most charge only a small percentage on a sale because they want to encourage buying. If the silver price is listed at $19 USD per troy ounce, it should be expected that a small service fee be attached to the overall cost. Consider it a small tax on your investment that ensures the transaction goes through smoothly. This is standard industry practise, and should be expected by all investors when calculating the ideal silver prices to invest in.

What is the Difference Between Silver Coin Value and the Silver Spot Price?

The silver spot price will fluctuate daily based on movements throughout the industry. This overall silver price may represent an excellent opportunity compared with the value of silver coins. A silver coin’s valuation comes from four secondary factors: mintage, scarcity, numismatic value, and the condition of the coin. These factors have a direct impact on the value of the coins on the market, such that a silver coin with extreme rarity will be far more valuable than a common coin in mint condition, though the spot silver price may not reflect this intrinsic value.

Will Silver Spot Price Break All Previous Records in 2020?

Record High Silver Spot Price in 1980

There are lots of claims as to what the record price was in 1980 — $41.50 USD, $48.80 USD, $49.45 USD, $50 USD, $50.50 USD, etc.

Why is this? Because there is the London Fix, New York closing price, intraday high, spot/futures and other figures that people could use.

First: Silver High was 1980 (not 2011)

Some people like to state what they want, not what is true. In this case, there are people making claims that the price of silver was higher in 2011 than 1980. For example, the “Silver Doctors” claim that the April 28, 2011 COMEX intraday high of $49.50 USD was the all-time record (in 1980 it was $50.35 USD). That just ain’t so. They were close, however.

First, there is the inflation factor: everything from wages to the cost of houses, cars, gas, meat, and bread was about 2-3 times more in 2011. The inflation-adjusted 1980 high price of silver in 2011 would have been around $125ish. Even so, there was no high in 2011 that was higher than the same one in 1980:

High Description	1980	2011
COMEX open	$49.90 USD (18 Jan 1980)	$48.46 USD (29 Apr 2011)
COMEX intraday	$50.35 USD (18 Jan 1980)	$49.52 USD (28 Apr 2011)
COMEX close	$48.70 USD (17 Jan 1980)	$48.58 USD (29 Apr 2011)
London Fix	$49.45 USD (18 Jan 1980)	$48.70 USD (28 Apr 2011)

High Price Chart, Low to High!

Price	Date	Description
$41.50 USD	January 21, 1980	COMEX May, 1980 High
$48.70 USD	January 17, 1980	COMEX Settlement Price Appears in Wikipedia ‘Silver Thursday’. Also in The Great Silver Bubble as: “The previous day the price had risen to $48.70 in New York.”
$49.45 USD	January 18, 1980	London Fix
$49.80 USD	January 18, 1980	COMEX Opening Price
$50.35 USD	January 18, 1980	Intraday COMEX High (official, rounded?)
$50.36 USD	January 18, 1980	Intraday COMEX High (reported)
$50.50 USD	January 18, 1980	Intraday CBOT (sometimes incorrectly referred to as London/LBMA) See New York Times, January 19, 1980 p36
$52.50 USD	January 18, 1980	Intraday CBOT High

Silver Prices Exploded As predicted on Canadian Coin Blog on July 17, 2020

Silver Price Exploded During the Past 10 Days

Silver closed on the spot market @ $26.27 CAD per ounce on July 17, 2020

Silver closed on the spot market @ $30.57 CAD per ounce on July 24, 2020

Today,  July 27^th silver closed on the spot market for $34.12 CAD per ounce.

Silver is trading on the spot market @ $34.81 CAD at this moment (July 27^th 9:30 pm EST).

That is an increase of 30% in just 10 days.

500 one ounce silver coins purchased on July 17^th for $16515.00 are selling for $21240.00 tonight. This is an increase of $4725.00 (29%) in 10 days.

500 one ounce silver coins purchased on July 21^st for $17920.00 are selling for $21240.00 tonight. This is an increase of $3320.00 (18.6%) in 6 days.

500 one ounce silver coins purchased on July 26^th for $19240.00 are selling for $21240.00 tonight. This is an increase of $2000.00 (10.4%) in 1 day.

Commentary:

Silver closed on the spot market @ $17.57 CAD per ounce om March 19, 2020

Silver closed on the spot market @ $21.28 CAD per ounce om April 17, 2020

Silver closed on the spot market @ $23.46 CAD per ounce om May 15, 2020

Silver closed on the spot market @ $23.52 CAD per ounce om June 15, 2020

Silver closed on the spot market @ $24.71 CAD per ounce om June 30, 2020

Silver closed on the spot market @ $26.27 CAD per ounce on July 17, 2020

Silver closed on the spot market @ $30.57 CAD per ounce on July 24, 2020

Silver closed on the spot market @ $34.12 CAD per ounce on July 27, 2020

Silver is trading on the spot market @ $34.81 at this moment (July 27^th 9:30 pm EST).

This is approximately 100% increase in the value of silver in the past 132 days.

However, half of that gain has been made in the last 10 days.

During the first 122 days (March 19^th to July 17^th), silver increased in value on the spot market by $8.70 CAD per ounce.

During the past 10 days (July 17^th to July 27^th ), silver increased in value on the spot market by $8.54 CAD per ounce.

POST FROM JULY 17, 2020

THIS MAY BE YOUR CHANCE TO BUY SILVER

BUY SILVER WHILE THE PRICE IS LOW

We love silver right now because silver prices are 60% below their 2011 peak. In fact, not only is this a good time to get your hands on silver, the current economic events as a result of Covid-19 have made this the best time in history to buy silver. With the general market still trending downward, you’ve probably heard lots of talk that a major correction (upward movement) is on the way over the next several months and years. So here’s why you should take advantage of your chance to buy silver @ about $20.00 USD ($26.27 CAD) per ounce.  

All markets go through periods of consolidations and corrections.  Silver is no exception. In fact, because the global silver market is relatively small, silver prices  tend to be more volatile.  But volatility works both ways, so when silver rises, its price can  virtually explode higher. That’s exactly what happened to silver in April 2011, when silver prices rose by 170% in  the space of just 7 months.

There are not any guarantees, but many believe that silver will rebound quicker than most commodities. It already appears to be happening with silver prices increasing nearly 10% over the past 30 days, which is about 2.5 times faster than gold.

Silver Price Performance CAD VS Gold Price Performance CAD

Posted on July 17, 2020

During the past 12 months, silver prices have increased nearly 23%. During the past 12 months, gold prices have increased nearly 30.57%. This is a great return of anyone who has invested in either silver or gold. But something very interesting has happened over the past month. During the past 30 days, silver prices have increased 9.7%. During the past 30 days, gold prices have increased nearly 3.89%.