Historical Silver-Prices & Price of Silver Today
Silver-Prices Today is the whitest, most malleable and most conductive metal available. It has enjoyed a variety of uses throughout history, most notably as a form of money and jewelry. The first evidence of its use as currency dates back to around 700 B.C.E., in what is now Turkey. Silver has adorned tombs from Chaldea to China, and was one of the prime movers of European history after the discovery of the New World.
While silver is less rare than gold, it has played a significant role in affecting currencies and has consistently moved in tandem with gold prices. The British pound derives its name directly from the fact that a British pound was once considered to be worth one pound of sterling silver. Over 14 languages use synonymous terms for silver and money. In fact, the U.S. dollar prior to the Civil War was also backed by silver. (This method may seem arcane, but many well-established strategies rely on it. Find out more in Trading The Gold-Silver Ratio.)
In 1971, the U.S. moved away from the gold standard, effectively becoming a fiat currency. This led to an increase in the value of gold and also a significant run up in the value of silver. For the first time, the status of silver and gold as precious metals was established around the world, as was the interrelationship of their price movement. In 1973, the Hunt brothers used their enormous fortune, along with bank leverage, to try to corner the silver market. Through their actions and the speculative nature of the metals market at the time, silver peaked at over $50 per ounce by 1980, with a majority of that increase ($41) occurring over the last six months of 1979.Price of Silver Today
Silver is similar in its physical and chemical properties to its two vertical neighbors in group of the periodic table,copper and gold. Its 47 electrons are arranged in the configuration [Kr]4d105s1, similarly to copper ([Ar]3d104s1) and gold ([Xe]4f145d106s1); group 11 is one of the few groups in the d-block which has a completely consistent set of electron configurations.This distinctive electron configuration, with a single electron in the highest occupied s subshell over a filled d subshell, accounts for many of the singular properties of metallic silver.
Silver is an extremely soft, ductile and malleable transition metal, though it is slightly less malleable than gold. Silver crystallizes in a face-centered cubic lattice with bulk coordination number 12, where only the single 5s electron is delocalized, similarly to copper and gold. Unlike metals with incomplete d-shells, metallic bonds in silver are lacking acovalent character and are relatively weak. This observation explains the low hardness and high ductility of single crystals of silver.
Silver has a brilliant white metallic luster that can take a high polish, and which is so characteristic that the name of the metal itself has become a color nameUnlike copper and gold, the energy required to excite an electron from the filled d band to the s-p conduction band in silver is large enough (around 385 kJ/mol) that it no longer corresponds to absorption in the visible region of the spectrum, but rather in the ultraviolet; hence silver is not a colored metal.Protected silver has greater optical reflectivity than aluminium at all wavelengths longer than ~450 nmAt wavelengths shorter than 450 nm, silver’s reflectivity is inferior to that of aluminium and drops to zero near 310 nm
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