Gold and silver are two of the most popular metals in the market. One major consideration when it comes to buying either of them is the price. However, the differences between the two are more than just the price. If you have been asking the question – between gold and silver, which is better? This post offers the answers that you need. The first thing to understand is that ‘better’ is subjective. It depends on a lot of factors and preference is a major one. To put things in a better perspective, this post will highlight the major distinctions between these two metals to enable you to make an informed decision about buying gold jewelry or silver.
Beyond beauty and aesthetics, precious metals are an investment. You should have this in mind when buying a piece of gold jewelry or a silver piece. When it comes to price, silver is more volatile than gold. Every year, about 760 million ounces of silver are supplied while the supply of gold is about 2500-3000 tons annually. Looking at these figures, it seems that the silver market is bigger than gold but the opposite is the case. In reality, the annual supply of gold is twelve times more than silver in terms of price. This is mainly due to the volatility of the price of silver. Today, silver may rise in price, even more than gold and by tomorrow, the price would have dropped significantly below gold. This means if you are thinking of buying precious metal as an investment, gold would be more ideal than silver.
Silver and gold are both physical assets but silver is more affordable. This makes silver a more practical option than gold, especially for everyday small purchases and use. Without a doubt, a piece of gold is more expensive but in reality, it is an excellent investment.
Although silver jewelry is affordable, you need more space for the storage than you do for gold because silver is not as dense as gold. For instance, pure silver is about 84% heavier than the pure gold of the same volume. This means if you want to store gold and silver of the same size, you will need about 128 times more space for silver than gold. It is easier and more convenient to keep gold than silver because of the size.
Gold jewelry is more durable than silver. This makes gold a more favored gift when compared to silver. Gold is more scratch-resistant and it does not tarnish like silver. Now, do not get this wrong. Both silver and gold are durable and are both precious metals. For instance, sterling silver is about 92.5% pure silver and just about 7.5% metal alloy. This makes it durable for daily use. However, gold is more durable because it is pure gold in every sense of the word.
Gold is yellow and silver is grey. However, colors are not the only things that make up the appearances of these metals. Rose gold and white gold are not the same as yellow gold. Rose gold contains copper and alloyed, which give it the pinkish color while the silver hue of white gold is achieved from a combination of alloyed and nickel, palladium, or manganese. Silver jewel on the other hand is pure silver, although oxidized silver may have a tint of dark grey.
Choosing between gold jewelry and silver is a matter of preference and budget. If you can afford it, a gold piece is ideal but if you have budget-constraint, a silver jewel is also a great piece.