Gold Vs. Silver Jewelry In Encino: What's The Difference?
If you're interested in making custom jewelry and you're not sure whether to pick silver or gold as the material, this piece might be what you need. Gold and silver are precious metals, but there are significant differences between both metals that make each one unique. The difference will help you understand if gold is a better option for jewelry investment than silver and vice versa.
Gold Vs. Silver Jewelry In Encino: What's The Difference?
1) Market Size Variations
The market for gold jewelry is far smaller than the market for silver jewelry in Encino. The total silver mined in 2012 was about 787 million ounces worldwide. Estimating that the price at the time was about $20 an ounce of silver, the total worth of silver produced in the entire year was just $16 billion. On the contrary, gold is mined on a much larger scale. Statistics show that about 2500 tons of gold are mined annually reaching up to $120 billion in the market. This makes the gold market about twice as large as the silver market. Also, the pure silver mines around the world aren't half as many as the pure gold mines.
2) Recycling Variations
Since the market for gold is far larger than the market for silver, it is understandable that gold is recycled on a much larger scale than silver yearly. Almost every gold made gets recycled at some point and is used in one tangible form or the other. Research has shown that almost 40% of the total yearly gold supply is gotten from recycled gold. Silver is mostly used in the production of electronics thanks to its amazing ability to conduct energy. It is considered more plentiful than gold and isn't recycled as much as gold.
3) Price Variations
When it comes to price, whether for jewelry in Encino or physical metal for investment, gold is far more expensive than silver. The price of silver is closer to the price of base metals such as nickel and copper than it is too precious metals like platinum and gold. With platinum and gold being sold at around $1505.00 and $1358.80 respectively, silver and nickel are sold at around $22.61 and $.40 per ounce respectively. This is partly due to the relative abundance of silver to gold on the earth crust. As the price of gold hikes, the price of silver rises faster. As the price of gold drops, the price of silver drops faster. This makes silver a volatile material.
4) Popularity
Gold plated jewelry is more common than silver. This is irrespective of the high cost of gold as opposed to silver. People tend to prefer gold for custom jewelry while they use silver for industrial purposes or industrial products.
Both custom gold and silver jewelry in Encino is precious. They play similar roles in the industry even if gold is far ahead of silver regarding price and popularity. When you want to order custom jewelry, the material you use should depend on your reason and budget. If you have enough money to invest, you can order custom jewelry made of gold. If you are a little low on the budget and would like to try something less common but still durable, you should consider custom silver jewelry.