Silver

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Silver is considered the ‘little brother’ of gold and was the third metal used by humankind, after copper and gold. Silver, which in Old Norse means ‘white’, ‘bright’ or ‘dazzling’, was for a long time more valuable than gold, even though it occurs in nature around 20 times more frequently. Mysticism links silver to the moon; the moon goddess Luna is attributed with feminine qualities such as purity and clarity. Her counterpart was the masculine, ‘golden’ sun.

Due to its lower market value, silver has a reputation as the ‘precious metal of the common man’. Yet silver can also be a substantial financial investment. We would be happy to assess the value of your silver and make you an offer. The valuation and our offer are carried out by us personally and are, of course, free of charge and without obligation.

Silver units and weights

Just like gold or platinum, the weight of silver is also expressed in the Anglo-Saxon unit ‘ounce’ (abbreviated to oz.). Strictly speaking, the unit is actually called a ‘Troy ounce’ (oz. tr.), although the word ‘Troy’ is often omitted as it is taken for granted in the trade in precious metals. However, outside the world of precious metals, this confusion of terms can cause problems; for example, the standard “ounce” is also the name of a unit for the weight of foodstuffs and corresponds to approximately 28.35 grams. The “Troy ounce”, on the other hand, weighs 31.1035 grams. In German usage, this unit is also known as a “fine ounce”, as it indicates only the proportion of precious metal. Impurities are deducted from the total weight.

The purity, i.e. the proportion of precious metal per 1,000 parts, is referred to as ‘fineness’ or simply ‘purity’, as with gold. Silver bars and coins generally have a fineness of 999/1,000, and in most cases even the highest available in normal trade: 999.9/1,000. A lower fineness is often the result of an alloy with copper or other metals, which are intended to give the silver greater strength. The famous “sterling silver”, for example, from which cutlery is often made, has a silver content of 925/1000.

Properties of silver

The precious metal silver has the symbol Ag (from its Latin name ‘Argentum’) and the atomic number 47; in the periodic table, it is listed in the 5th period. It is very soft for a metal and, after gold, the most malleable metal, making it highly ductile. No metal exhibits better thermal and electrical conductivity than silver. Its melting point is 961.93 degrees Celsius, and its boiling point is 2212 degrees Celsius. The hardness of silver (according to the Mohs scale) is 2.7; with a density of 10.50 g/cm³, silver is classified as a heavy metal.

Silver shines brighter than any other metal; more precisely, it reflects the most light. Over 99.5 per cent of light is reflected back by a smooth, unpolished silver surface. This is why silver was formerly used as the reflective surface of mirrors. Silver does not react with oxygen, but it does react with the trace amounts of hydrogen sulphide present in the air. This combines with the silver to form silver sulphide – the silver turns black. Airtight storage or a protective coating can prevent this effect, whilst regular polishing restores the shine. Conversely, the more silver is used, the brighter and more lustrous it becomes.

Hydrochloric acid does not affect silver, and it remains stable even in lye. However, it dissolves in nitric acid, as well as in hot, concentrated sulphuric acid and in alkaline cyanide solutions.

Silver Trading

Silver is the most abundant precious metal found in nature, occurring about 20 times more frequently than gold. Thanks to its noble lustre, it nevertheless remained a serious rival to gold for centuries; it was only with the introduction of the gold standard at the end of the 19th century that silver was finally forced to concede defeat, with prices diverging significantly. This is why silver is often referred to today as the ‘common man’s gold’.

Silver is sold in bars or as coins. Whilst the gold trade is left untouched by the state, Germany levies VAT on the trade in silver bars and coins. Global demand for silver stands at around 800 million ounces per year, compared with a slightly lower supply of approximately 650 million ounces. Around a third of this is obtained through recycling (for example, from the photographic industry). In addition to purchases for investment purposes, part of the demand comes from industry (e.g. for cameras, batteries, alloys) or from the medical sector (amalgam dental fillings, sterilisation of medical instruments).

The value of silver is extremely low compared to gold; for decades, it was the cheapest investment metal of all. In the last two decades of the last century, it had lost over nine-tenths of its value. Since then, interest in silver as an investment has been on the rise again. Silver came into the spotlight following purchases by the world-famous investor Warren Buffett, who, in January 1998, had bought up around 20 per cent of an annual production of silver through various channels. After the move became public knowledge, the price of silver skyrocketed in the days that followed. Other investors, such as George Soros, followed Buffett’s example and invested in silver.

Warren Buffett is not the first to speculate in silver. In the 1970s, it was the Hunt brothers who set off a wave of speculation. At the peak, the brothers are said to have held a total of 350 million ounces, 200 million of which were held via the COMEX futures exchange. At its peak, the value of an ounce of silver stood at around 50 US dollars. When the Hunts exited the silver trade, even the US Federal Reserve was involved to facilitate an orderly exit. In 1988, a court convicted the Hunt brothers of conspiracy to manipulate prices; later that same year, the Hunts filed for personal bankruptcy.

Silver coins

Most of the well-known bullion coins issued in gold (see Gold coins) are also available in a more affordable silver version. Among the best known and most widely circulated are the Canadian ‘Maple Leaf’ and the US ‘American Eagle’. There are also silver editions of the Austrian “Vienna Philharmonic” coin and the Mexican “Libertad”. However, the most famous bullion coin of all, the South African “Krugerrand”, exists only in gold. Nevertheless, the well-known springbok motif is often used for various cheap collector’s coins with no face value and no official endorsement, certainly not from South Africa. For instance, Krugerrand-like silver coins from the ‘Republic of Malawi’ have already appeared, which have nothing in common with the famous gold original.

There is, however, one famous bullion coin that is available exclusively in silver, and which is consequently the star among silver coins. It is the Australian ‘Kookaburra’, issued since 1990 by The Perth Mint. The 1-ounce version originally had a face value of five Australian dollars (AUD); since 1992, it has been just one AUD. There are also 2-ounce, 10-ounce and 1-kilogramme versions (face value of the 1-kg heavyweight: 30 AUD). The obverse of the coin features the Australian kookaburra bird, after which the collector’s item is named. The reverse side features a portrait of Australia’s official head of state, Queen Elizabeth II. In addition to the silver edition, there are also special Kookaburra coins with gold accents, which highlight the bird’s motif with the golden metal, for example. Furthermore, although not ‘genuine gold’, there are gold-plated versions of the Kookaburra.

Caution is advised when trading in silver coins due to VAT regulations. Unlike gold, trading in silver is generally subject to full VAT; this applies to coins as well as to bars. However, there is no rule without an exception. Some coins are exempt from this blanket rule and are instead taxed at a reduced rate of 7 per cent.