Today, investors and collectors alike are becoming drawn towards silver. Thus, this 'Is Silver Magnetic?' article will help you in understanding a key concept regarding this precious metal.
Moreover, we will be tackling about the implications if your silver does attract magnet. Additionally, this article will mention material properties of pure silver for those who wants to know.
So sit back and relax! Through this good read, you will acknowledge some takeaways when it comes to buying and investing in silver products. Without further ado, let us start this 'Is Silver Magnetic?' article!
Is Silver That Valuable?
Precious metals, like silver and gold, are among the movers of the industry. Surprisingly, their uses are not limited to jewelry alone. In our present times, they become assets for self-directed IRAs.
On the other hand, some people still want to obtain silver purely as a hobby and add them to a collection. Such action is also admirable, mind you, if you are finding real joy and pleasure from it.
Speaking of investing on silver, most investors prefer buying bullions and coins, then keeping them at a secure depository. More often than not, they are in partnership with an IRA custodian.
Although no investment is completely risk-free, investing in silver is a good move to make. Fortunately, silver retains its value even during times of uncertainties in the market.
Furthermore, like gold, it also diversifies your portfolio. A list below tackles some of silver benefits.
- Better Inflation Hedge than Gold
- Spot Prices Readily Changes Due to Industrial Factors
- Cheaper than Gold
- More Thinly Traded
- Volatile and Illiquid
Characteristics of Silver
To further explain a point above, silver is mainly used for industrial purposes. Silver is present in alloys, batteries, glass coatings, LED chips, conductors, etc.
Surprisingly, it is used more in these industries than any other precious metals. Undeniably, it is a valuable material with its physical and chemical properties. These characteristics are listed below.
- Lustrous
- Soft
- Very Ductile
- Malleable
- Excellent conductor of heat and electricity
- Not chemically active
For its chemical properties, you can refer here.
If you are a collector or investor, you might be wondering where to get authentic silver bullions? Well, there are scams out there waiting for you to get lured. One tip from me is to invest in Goldco, a trusted bullion dealer!
Is Silver Magnetic?
Most savvy consumers are well-aware that silver, like any other precious metals, is non-magnetic. However, some buyers are still not aware of this physical fact.
Silver, like gold, will not attract magnets. Do take note, however, that it can still exhibit weak attractions to magnet. Additionally, unlike cobalt and iron, it will not be strongly attracted to magnets. That is, if it is pure and authentic silver.
If, for example, your silver jewelry or bar sticks strongly to a piece of magnet, then it is not pure. This is because it has a ferromagnetic core due to the silver being mixed with other metals and materials.
For authentic silver with mint marks, I suggest buying from Goldco. This company is a top rated gold IRA firm as well as a legitimate bullion dealer.
What Can We Infer?
To generalize, silver is not magnetic. If, for some reason, you suspect your silver is not pure, you can do one of these tests.
- Odor Test - silver is generally odorless. So, if you smell a metallic smell, then it is a good indication of other metals. This may well tell you that sulfur or any other material is added.
- Polish Test - remember, silver oxidizes and tarnishes. To illustrate, grab a piece of cloth and rub it on the silver piece. If a black residue appears on the cloth, it is pure silver.
- Flake Test - take note, some of the silver products you may have bought will have layers of plate. Scratch this to reveal the material underneath using a hard tool.
- Ice Test - surprisingly, silver is the holder for the highest thermal conductivity among metals. It will melt ice at a faster rate than any other metals even at room temperature.
With these tricks, you can ascertain whether or not your silver is real and pure. But, do ask your supplier or dealer first if it is designed to be that way. We wouldn't want to confront them on a meaningless matter now, would we?
As such, conduct business with legitimate bullion dealers. Goldco is a recommended choice from me since it has a reputable name and outstanding silver products!
Final Words
To put it simply, pure silver is not magnetic. Although, traces of weak magnetism will be evident. However, this section will summarize what you need to know regarding silver, in its totality.
Reason number one, silver is a good investment for those of you eyeing to be an IRA holder. First, it is a good hedge against inflation and second, it is cheaper than gold.
Second reason, silver is mostly dependent on industrial movements. Thus, you will likely experience shifts in spot prices over a relative short amount of time.
Lastly, silver authenticity and purity tests are relatively easy to do. Refer to the techniques above so that you can verify if your silver is pure or not.
With that, I thank you all for reading this 'Is Silver Magnetic?' article of mine. For comments and suggestions, do leave them in the appropriate section below.
