Previously, I wrote about the idea of collecting silver against the possibility of a future “soft collapse” in the economy (see Silver Hunting for a Less-Than-Ideal Future).
Anyone may simply purchase silver outright from commercial suppliers. To do so economically, it pays to know that silver is commonly measured in Troy ounces.
A Troy ounce is heavier than a U.S. ounce. 1 oz U.S.=.911 oz Troy. So, if you’re buying silver by the ounce, you should determine which type of ounce weight your source offers, and know the following formula to ensure you’re paying the right price:
% pure silver X current silver price X .911.
The current price of silver and other precious metals fluctuates constantly, and may be found on line or from a broker.
This formula also comes in handy if you acquire silver as I do: seconhand. Usually, it represents a price ceiling that secondhand prices rarely approach.
The most obvious source for secondhand silver may be the least interesting to me and my family: jewelry and keepsakes.
Mark’s primary piece of silver jewelry. Note Sterling mark (Photo: Mark A. Zeiger).