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Submitted by: Dennis Chernik
Precious metals make attractive options for silver buyers among other purchaser types, whether in jewelry form or that of a bullion coin or bar. Silver has a symbol of Ag on the periodic table of elements and stands for ‘argentum’ in Latin. ‘Arg,’ the root word for ‘argentum,’ means ‘grey’ or ‘shining.’ Gold, a precious metal, is listed as Au, short for the Latin word ‘Aurum that stands for Glowing Dawn within the Latin language. Gold and silver are both measured in troy ounces; a troy ounce is a unit of imperial measure that indicates how heavy a metal is.
In times of economic turmoil the prices for gold rise which leads to the buying and selling of gold by individuals and businesses alike. The same holds true for silver because while the cost is typically lower, you can see profit from the precious metal. Jewelry stores focus more on the level of purity with silver while gold sellers factor in the metal’s weight and karat amount.
Gold does not tarnish over time or cause allergic reactions on the skin and is measured in karats. Silver does tarnish but comes clean when worked over by a cleaner made specifically for the metal. Gold conducts electricity and does not react in any way to oxygen or water. Up to 40 percent of the world’s silver is used in photography and in other type of industries; only 14 percent gets turned into jewelry or coins.
The prices of gold and silver tend to hold steady on the market when other stocks rise and fall. In fact, the precious metals contain more value when stock prices rise and fall during unstable times. When an individual decides to sell gold, he or she sends their jewelry or piece in a packet to a reputable dealer who then weighs the metal and makes a return offer based off of the weight and other factors such as how many karats the gold contains. Silver is assessed in much the same way and sellers of both metals hear back, often within 72 hours, with an offer for the piece in question. Companies and individuals who purchase gold and silver look to buy fine jewelry, bullion coins and bars. Sometimes it makes better sense to buy or sell the jewelry as is because the stone can raise the value up and over the price of the metal itself.
Gold along with silver buyers sometimes choose to purchase the precious metals and will either melt the metal down or choose to resell it in a jewelry store or pawn shop. Some companies act as a broker, meaning they will sell the gold and silver through their shop and then take a certain percentage after the sale is final. Learning the difference between silver and gold helps you determine which would make the most sense for you whether you’re a collector, buyer or seller of fine jewelry, bullion coins or bars.
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