Gold and silver have long been used as currency standards across the world, transforming paper currency into a symbol of value. Since Richard Nixon announced that gold would no longer have a fixed dollar price in the United States the gold standard has been abandoned. Investing in gold and silver is one way that investors are able to secure value as the federal government continues to inflate the economy with the production of more paper which has been criticized by many as “funny money.”
Silver
Up until 1964, dimes and quarters each contained 90% silver, yet like any metal silver coins have always been produced with a range of purities; the Canadian Silver Maple 1 ounce coin containing some of the highest purities of any silver coin at 99.99% purity. Another popular form is cast bars that include 1 ounce, 10 ounce, and 100 ounce silver bars; in order to avoid counterfeits only buy bars that are 99.9% pure from certified and trusted sellers.
Gold
Gold buying is becoming one of the fastest growing investment strategies around the globe with new ATM machines specifically designed to withdraw and deposit gold coins and bars at any hour of the day. Although more affordable to the average investor, gold coins vary in purity and value; without experience many would-be investors have found themselves taking massive losses by overpaying with less-than genuine sellers. The most pure form of gold is 24 karat; since most gold bars in the world are 99% to 99.5% pure gold, nearly 24 karat gold bars retain their value better than less-pure forms of the precious metal. Licensed gold selling shops across the United States typically carry 10 ounce bars as their heaviest, yet 1 kilogram and 400 ounce bars are also popular among wealthy investors.