Silver, in its rawest form, was commonly used in conjunction with Gold as currency around the world. The symbol for this asset is XAG. The UK monetary units, “pounds”, traditionally represented the value of 1 troy pound of silver. These days silver is much more relevant in terms of jewelry and not currency, however the price is still traded in terms of USD.
In the 1800s, many nations, such as the United States and Great Britain, switched from silver to a gold standard of monetary value, then in the 20th century to fiat currency.
Much like gold, many traders consider it a safe haven when other markets are falling. Back in the year 2000, Silver prices were hovering at around 5$ per ounce. These days silver prices are ranging between 30$ – 40$ per ounce!
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