Silver is a precious metal that has enjoyed a variety of uses through its history. It has notably been applicable as a form of jewelry, silverware and currency. The metal is extracted from an ore usually of copper, gold and zinc. Silver as an investment is available in many different forms, including paper silver and silver bullion. The prices of silver are largely followed in the financial markets around the globe. Many investors are constantly seeking safe assets amid an increasingly unstable political backdrop and volatility in the stock market.
The price of silver just like other precious metals is driven by current events, market speculation, currency fluctuations, supply and demand as well as buying power. Over the years, the prices have exhibited volatility because of lower market liquidity, and demand fluctuations between industrial and store of value use. Staying current with the changes in spot price is crucial to ensure investors make moves based on the most up-to-date market conditions. The silver spot price is usually quoted in U.S. dollars (USD) hence the abbreviation, XAGUSD.