First of all, silver isn't as rare as gold. There is still much more silver to be extracted in the Earth's crust than gold. In addition, value can be a matter of perspective. People tend to value gold more than silver, hence the price difference.
One of the main reasons why silver is cheaper than gold is the rarity of the metal. There is much less gold available in the world than silver, and the difference in its prices is mainly due to the imbalance in supply and demand. One of the most important elements that make silver cheaper than gold is the rarity of the metal itself. Gold is simply rarer than silver—much rarer—and this imbalance in supply and demand between the two metals makes up most of the difference in their prices.
For example, if tomorrow large gold minerals were discovered that make gold more abundant than silver, the price of gold is likely to drop dramatically, especially if gold suddenly becomes more abundant than even silver. The following 100-year chart shows that the ratio between gold and silver shows that it moved below 20 three times in the past century. The lowest point was reached in January 1980, when the ratio fell below 15 (more on that later). Silver, the global sensation in 1919-1920 — January 24, 1920, the Mohave County miner and our mineral wealth.
Kingman (Arizona) You can learn more about the value of silver and gold at Sell Gold HQ and learn more about how you can sell scrap silver and scrap gold for a quick sum of cash. The best-known precious metals are gold and silver, however, there is a feeling that gold is more valuable than silver and with good reason. Both gold and silver are mined, however, the processes of extraction and chemical extraction of gold are known to be more difficult. The demand for gold and silver is relatively high (higher for gold than for silver) and this also contributes to rising prices.
The use of gold and silver in jewelry can help raise prices, more so for gold than for silver. Much of the silver and gold discovered is actually alloyed with other metals, which generally requires the separation of the two metals to produce pure silver or pure gold. The use of gold and silver in jewelry, in particular, helps to increase prices, more so in the case of gold than silver.