Silver and gold are rare metals that can be traded on the commodity market in bullion (bulk) form. The price of either of these precious metals depends on a number of factors, but gold is far more valuable than silver.
The market price of silver depends on a number of factors. At any given time, the price of silver may fluctuate, and usually does. The average price of silver in 2010 was $20.15 per ounce.
The market price of gold fluctuates based on the same factors that influence the price of silver, but gold tends to be more sought-after and, thus, more expensive than silver. The average price of gold in 2010 was $1224.53 per ounce.
A number of factors may influence the price of silver or gold. Factors influencing precious metal commodity prices include current supply, potential supply, current demand, expected demand and geopolitical events such as terrorist attacks or major economic events. Geopolitical events are significant influences on precious metal prices since, in times of uncertainty, markets tend to favor the tangibility of precious metals over paper currency.