The price of silver per is usually referred to as the Spot Price. The price changes throughout each business day, and is updated minute by minute. It can fluctuate often, and quickly, depending on market conditions and world events.

When buying and selling silver by the ounce the standard measurement is in Troy Ounces. One Troy Ounce is about 1.10 regular “avoirdupois” ounces, the ounce used to measure mail at the post office. Silver is also sold in grams and kilos. The price of silver on charts and graphs is almost always referring to the price per troy ounce.

Coins made by the U.S. Mint, and intended for use as legal tender, are weighed in grams. When buying silver in round, coin or bars there is usually an additional fee added to the spot price. This fee is called the Premium.

When buying silver in today's market, sellers will take the current price of silver per ounce and add the premium to cover minting fees and other costs. The goal of the buyer is to buy the highest quality silver, at the lowest price possible. The goal of the seller is to get the highest price. The difference between what you paid when you bought it, and what you get when you sell it, determines whether you made a profit or a loss. Profit is not a dirty word.

The price of silver has increased over 400% between 2002 and 2012. Every time the U.S. Federal Reserve prints money, the price of silver and gold goes up. It’s not that the metal is worth more, but rather that the dollar is worth less.