Silver is a chemical element with the symbol Ag (Latin: argentum). A soft white lustrous transition metal, it has the highest electrical and thermal conductivity of any metal and occurs in minerals and in free form. This metal is used in coins, jewelry, tableware, photography, and in mirrors.
Silver is currently about 1/50th the price of gold by mass, and approximately 70 times more valuable than copper. Silver did once trade at 1/6th to 1/12th the price of gold, prior to the Age of Discovery and the discovery of great silver deposits in the Americas, most notably the vast Comstock Lode in Virginia City, Nevada, USA. This then resulted in the debate over cheap Free Silver to benefit the agricultural sector was among the most prolongued and difficult in that country's history and dominated public discourse during the latter decades of the nineteenth century.
Over the last 100 years the price of silver and the gold/silver price ratio has fluctuated greatly due to competing industrial and store of value demands. In 1980 the silver price rose to an all-time high of US$49.45 per troy ounce. By December 2001 the price had fallen to US$4.15 per ounce, and in May 2006 it had risen back as high as US$15.21 per ounce. As of 2006, current silver prices (and most other metal prices) have been rather volatile, for example quickly dropping from the May high of US$15.21 per ounce to a June low of US$9.60 per ounce before rising back above US$12 per ounce by August.