Gold and silver were around long before conventional forms of currency and have been used as such for many thousands of years. The strong history of these precious metals are part of the reason that people associate them with financial stability. The term gold standard means that a government has determined the value of their currency in accordance with an equal worth of gold. This terms is also applied when any other precious metal is used in place of gold.

Gold is a precious metal that has forever been synonymous with luxury and wealth. Silver, on the other hand, has always come in second and is not usually considered to be quite as valuable as gold. The difference is evident when you consider that gold is more prominently used to make jewellery and silver is used for accessories and silverware items. However, silver has also been used in jewellery creation and can sometimes fetch an equally impressive price-tag as an item of gold jewellery. Both gold and silver can be used to make a wide range of items due to the fact they are both soft metals.

When people are deciding which precious metal will make the best investment, gold is likely to be the first one that comes to mind. However, investing in silver is also a wise financial decision.

There is much debate as to when gold and silver were first used as legal currency. Official estimates put this date between 2,000 and 3,000 years ago but some experts believe that it was actually much before this time. The value of gold and silver is determined by the purity and the weight. Because these precious metals are rarer than other metals, this value is set quite high. Paper currency is something that can be printed endlessly by those with the power to do so, whereas there is only a certain amount of gold and silver in the world and it cannot be artificially reproduced.

As well as being used for currency and jewellery, gold and silver also has industrial uses. Because of their conductive properties, these precious metals are often used in the manufacturing of things like auto-mobiles and electronic devices.

When it comes to the purity of gold and silver there are several prevalent misconceptions. Several people will tell you that Sterling Silver is as pure as silver gets. However, silver in this form is actually only 92.5% pure silver and the remaining amount is a combination of less valuable precious metals. Also, 24 karat gold is as pure as gold gets.