What is Spot Silver?

The spot price, as the name indicates is the price an individual will have to pay for a particular commodity at a particular moment. It is the current value of an item and decides the amount a buyer eventually pays for any tradable commodity. The spot price, contrary to assumptions actually depends on a number of factors, including the current market trends and expected future prices. Spot price of a commodity changes on a regular basis, owing to changing markets.

Spot Silver

Silver is a widely traded commodity, and spot silver refers to silver purchased at spot rates. The spot silver amount typically refers to the cost for 1 troy ounce of .999 fine silver and can be purchased in different forms, with coins, bars and bullion being some of the most popular modes. Realistically, one actually ends up paying different rates compared to spot prices, on account of a profit margin which most dealers keep. The value one pays also depends on the type of silver which he/she intends to buy, with silver coins generally commanding a premium over spot rates. The best way to get the most out of your investment is to buy “junk” or recycled silver, which is often available at prices below spot rates.

Where to Buy Spot Silver

Individuals who are keen to purchase silver rate today at spot rates in India can do so from either banks or jewellers. It is important to remember that silver purchased from banks is often more expensive on account of quality assurances and purity checks. Almost all major banks offer silver at a little above spot rates whereas jewellery stores or pawn shops can offer silver products at spot rates or even below it at times.

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