The Price of Silver per Ounce is usually referred to as the Spot Price. The Silver Spot Price is updated minute by minute and can fluctuate quite rapidly depending on current market conditions.
When buying and selling silver by the ounce, it is industry standard to measure it in Troy Ounces which is about 1.10 regular or Avoirdupois ounces. There are 31.1 grams in a troy ounce. Silver is also sold in grains, grams, kilos, etc… but when referring to the price of silver per ounce on charts and graphs, it is almost always priced by the troy ounce. It is important to know that when buying silver in round, coin, or bar form that there is an additional fee added onto the spot price called the Premium. This premium covers the assaying, processing and handling of the precious metals, known as Bullion.
When buying silver in today’s market, sellers will take the current price of silver per ounce and add the premium to cover their expenses and profit. The goal of the buyer is to buy the highest quality silver, at the best price possible. From 2002 to 2011, the price of silver increased by 400% and still has room for investment growth (see 24 hour chart above for the Current price of Silver per ounce).
Quality Silver Bullion is always up to date on the current price of silver. We base our price of silver bullion on the New York Ask spot price. The price of Silver changes constantly according to the market fluctuations. A customer will lock in on the spot price when the order is placed. A premium will be added on for the minting fees, but you will find that our total cost per ounce (Spot + Premium + Shipping) is very competitive.