The silver market experienced a serious downturn at the end of the 1890’s. The significant mining strikes, such as the Comstock Lode, originally excited miners over the large stores of the precious metal. However, with so much silver on the market, the prices plummeted, and miners were forced to face the possibility of bankruptcy. To stabilize the market, the United States government bought up large stores and promptly minted it into the Morgan dollars. Of course, with no real need for silver because of a market flush with it, the dollars sat in vaults and were rarely circulated.
Today, silver is a completely different story. The uses for the metal that have been discovered since the late 1800’s require huge amounts, so the stockpiles are quickly disappearing. Silver is a natural antibacterial agent, so it is often used in medical devices and creams. Of course, once these are made, the metal is completely unusable again. Other uses, such as industrial and electronic, also render the metal useless. This means that more and more of the precious metal is needed, and less and less continues to exist. Mines now have a hard time keeping up with the production demands.
If you would like to add precious metals to your investment portfolio, it is a good idea to make purchases of a few different metals. Gold is, of course, the most popular option. Don’t leave out the possibility of silver, though. With supplies dwindling and demands rising, the prices of the metal are virtually guaranteed to keep rising. You should add this precious metal to your portfolio and enjoy the appreciation in value over the years.
You can purchase precious metals in several different forms, such as bullion bars and coins. Both are available in different sizes and purities, which means that there is an affordable option for almost anyone. The bullion bars are fairly easy to handle, but storing them can be a bit of a hassle for those that do not have a vault at their disposal. Coins can offer a bit more fun than just investing, too, because you can spend time seeking out rare and desirable coins. If you manage to find coins that other collectors really want, you might be able to ask more than just the face value or the precious metal value. However you decide to collect precious metals, you can be certain that your financial future is secure.