The Silver Price, is usually referred to as the Spot Price. The spot price of silver 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, and 12 troy ounces in a troy pound. Silver is also sold in grains, grams, kilos, etc… but when referring to the current spot price of silver 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.
When buying silver in today’s market, sellers will take the current spot price of silver and add the premium to cover the minting fees and other costs. The goal of the buyer is to buy the highest quality silver, at the best possible price. From 2002 to 2011, the spot price of silver increased by 400% and still has room for investment growth (see chart to the right).
Quality Silver Bullion is always up to date on the current spot price of silver. We base our price of silver bullion on the New York Ask spot price. The spot price of silver changes constantly according to market fluctuations. Always remember that the spot price of silver will change; that is why we recommend that you check back on a regular basis to qualitysilverbullion.com to see the current spot price of silver, which is updated every minute.
When placing an order, a customer will lock in on the spot price of silver, and a small premium will be added on for the minting fees. You will find that QSB’s total cost per ounce (Spot + Premium + Shipping) is very competitive!
This image below shows the current bid price of silver, and shows a graph of the price changes in the last 24 hours.