Should I Buy Gold or Silver in 2023?

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You may be wondering: Should I buy Gold or Silver?

Well, there are several reasons to buy precious metals. These reasons include: safety, security, and diversification.

You can also use them as insurance. After all, you never know when disaster will strike or how long it will last. There are times when you may want to get a little bit of gold to help you through the crisis.

When it comes to investing in precious metals, there are many factors to consider. The main reason to buy gold is to protect against inflation. While silver's upside potential is less, it has been used as a store of value for thousands of years. Silver also has the added benefit of being more plentiful on Earth than gold, and its price often increases when governments print too much money.

The price of gold is more expensive than silver, which is why many new investors start with silver coins. However, if you're interested in investing in gold, you can choose between silver coins and gold bullion. These are relatively inexpensive and are often a more convenient way to start. Silver coins are a great option for beginners and many will graduate to buying gold bullion in time.

The downsides of silver are that it is less liquid and has higher volatility than gold. However, this doesn't mean you should avoid buying it. It has many industrial uses and is more affordable than gold. It is also less valuable and underowned compared to gold.

six gold bars in a stack

Top Reasons to Consider Gold

One of the major advantages of owning gold and silver is that they are relatively safe investments.

This makes them ideal for times of economic instability when other assets are losing their value.

Gold also acts as a hedge against inflation, which is an important factor in times of crisis. As a result, there are cyclical patterns in the price of gold and silver.

Price of Gold Historically Higher Than Silver

The price of gold is generally higher than silver. This is due to supply and demand. Gold is a safe haven asset, but it can be risky if the dollar depreciates. Silver is a more stable store of value, but it does not offer the same upside potential as gold.

Home Storage an Option

Another important advantage of owning gold is that it can be stored outside of the financial system. This helps limit the risk of counterparty default. Owning gold directly is a more sensible option than relying on a bank or investment company to hold it for you. Gold and silver can be purchased in two forms - physical bars and coins and financial products such as gold ETFs and IRAs. Although the latter is cheaper, they do not directly own the precious metal, unless you opt for an improved IRA, in which case it's stored in a secure depository.

Could Continue to Appreciate 

As long as real interest rates are low, gold will continue to appreciate. In fact, gold prices are projected to appreciate by the same percentage as the per capita money supply. With these high returns, gold prices may well spike over time.

five silver bars

Top Reasons to Consider Silver

Silver is another asset that is often overlooked when buying gold, but there are good reasons to own it.

First of all, silver is a hard asset that doesn't depreciate like stocks or bonds.

Silver is the world's most in-demand metal, which makes it an attractive investment. However, silver is often mined as a by-product of other metal ores, so you can't always get pure ore.

Used Across Multiple Industries 

Another reason to own silver is that it is used in numerous industries. For example, silver is used in computers, cellphones, and digital cameras. In addition to its consumer-facing applications, silver is also used in industrial and medical equipment. This means that the demand for silver is only increasing, and its price is very affordable.

Cheaper Than Gold

A third reason to own silver is that it is cheaper than gold. This makes it an excellent alternative for investors who have limited resources, and those with smaller financial needs. Furthermore, silver is much easier to store than gold, making it more accessible to novice investors. Another reason to buy silver is that it has the potential to give you greater profits compared to gold.

gold and silver bars

Gold vs Silver

If you've ever wanted to invest in precious metals, then you may be wondering: "Gold vs Silver"?

These two assets have similar properties, but one is more expensive than the other.

While gold is valued at nearly $1,850 per ounce at last check, silver is priced at a fraction of that price.

Silver, on the other hand, is much easier to sell in my experience. 

Each Carries its Own Benefits and Risks

Both precious metals have long histories, but each has its own set of benefits and risks. It's important to consider these factors when comparing them. First, you need to consider the amount of storage space each precious metal requires. Silver is less dense than gold, so it takes up more space in storage and during shipment.

Consider Price Volatility 

Second, consider the volatility of the prices. Silver tends to rise more and fall less during a bull market than gold, but it can fall just as much or more in a bear market. Because of this, selling at the right time is critical to your investment success. Finally, you should keep in mind that one ounce of gold can cost up to 80 times the price of a single ounce of silver. In addition, silver is typically cheaper than gold in smaller denominations.

Both are Comparatively Rare

Lastly, gold and silver are both comparatively rare. The annual supply of both metals is close to a billion ounces each. In terms of price movements, gold is more predictable than silver. Historically, this has made it the best investment during economic uncertainty, but nothing is guaranteed when investing in either metal.

How Have Gold and Silver Performed Against Inflation?

If you are looking for an inflation hedge, you may want to consider gold or silver. Both have a positive track record in the inflation department, and their prices are both gaining value. However, silver is a much cheaper alternative than gold, which makes it more accessible to most investors. Silver is used in medical equipment, solar panels, and electrical switches.

In recent years, inflation has reached record highs in the United States. The last time it was this high was in the 1970s. Inflation was at a high of 8.8% per year during the period 1973 to 1979, due to oil price shocks and energy shortages. During this period, silver gained an average of 80.8% a year, excluding the Hunt brothers' 434.8% gain in 1979. Even with the exception of that one single year, the average gain in silver was still significantly higher than the average inflation rate during this time.

Unlike gold, silver is also volatile. It offers higher growth, but also higher losses. Although both assets have historically outperformed COLA, silver has a higher volatility risk. If you are looking to hedge against inflation, you should invest in other asset classes, such as stocks or real estate.

Gold and Silver IRAs

If you are looking for a safe retirement investment, gold and silver are a good choice.

The value of these precious metals has not been affected by global financial instability, unlike stocks, bonds, and other paper assets.

If you want to own precious metals, you should consider investing in gold or silver coins or buying stocks in mining companies.

Another option is to purchase gold or silver ETFs.

Buying physical gold or silver coins or investing in gold ETFs gives you peace of mind.

Choosing the Best Gold IRA Company

If you decide that rolling some of your retirement savings into a gold or silver IRA, it's important to go with a company that you can trust - for us, Augusta Precious Metals checks those boxes:

Is an IRA Worth Considering?

In addition to buying gold coins and silver coins, you can also invest in a precious metals IRA. To set up an account, you'll need a trustee and an approved depository. As gold prices have grown over the past decade, more people have started opening gold IRA accounts. Moreover, more gold IRA companies have been launched and have experienced robust growth.

When deciding whether to invest in gold or silver, it's important to consider the risks and returns associated with each asset. Silver is a safer investment than gold and can offer better growth potential. In addition, it is a relatively cheap investment and can be bought at a discount. Silver has long been a valued tangible asset and is useful in many industries.


When you're deciding on a safe-haven asset, buying gold or silver is a good option. While both metals offer many advantages, gold has a better track record for long-term returns. Silver, on the other hand, has a more volatile price, and even a small amount of money can have a greater impact on its price. While there are exceptions to this rule, it's best to be emotionally prepared for the volatility.

When it comes to the price per ounce, gold is generally more expensive than silver. This is because gold is denser and therefore is worth more per volume. Similarly, gold is subject to a higher markup on retail prices compared to silver. This makes it important to buy your precious metals at a price that is close to its spot price.

Whether you choose to invest in gold or silver is a personal decision that will depend on your financial situation and what you're hoping to achieve. Generally, buying gold during good times and silver during bad ones is a good rule of thumb. Both metals are semi-predictable speculations, so a good index fund will always outperform a metal like gold over a long period of time.