Calculating Historical Silver Price
Silver has long been valued as a precious metal; it was according to historians first used in Ancient Greece as early as 6000BC. The Greeks used it to produce coins, jewellery and everyday items such as tableware. Silver was also cut into large pieces so it could be used to store wealth. Today silver is still incredibly popular – and very important – because not only is it an attractive malleable metal, it plays a very important role in green technology and health care. Aside from being used to produce jewellery and investment products, silver is used in the manufacturing of solar energy panels and, because of its antibacterial properties, medical products such as bandages.
Silver will always be a popular investment product; it is a vital precious metal with a relatively low purchase price when compared to the cost of gold, platinum and palladium. In the early 1900s silver cost approximately $2.00 per ounce; its price continually increased until it reached an all-time high in 1980 – on ‘Silver Thursday’ – when an ounce would have cost you approximately $50.00. If you had invested $10,000.00 in silver in 1970 at $2.00 per ounce, you could have cashed in ten years later with your investment worth almost $250,000.00. In 2001 you could have purchased silver at $5.00 per ounce and cashed in seven years later with the price at $21.00 per ounce.
If you are interested in investing in precious metals, silver is a good starting place. Its current trading price is quite low and analysts are predicting an upswing in its fortunes. In 2005 you could have purchased an ounce of silver for approximately $6.00 per ounce; six years later in 2011 its price reached almost cost $49.00 per ounce. In a relatively short space of time you could have turned a $10,000.00 investment into more than $80,000.00. The BGO silver investment calculator will show you how silver has performed from 1968 to the present day; you will be able to see the profits you could have made by investing your money in silver during the last 50-plus years.