Why do you value silver at $25 per ounce when the spot price is lower?

Because the spot price changes frequently, we use a higher base in order to make our Warehouse Receipts remain stable at a given value for a period of time. In the event that the spot price of silver rises above that base and remains there for any length of time, we will adjust that base upward. Currently, we sell only the highest quality Silver rounds and bars at a Member Discount off our Silver Base of $25 per ounce, which means that the warehouse receipts are valued at that rate, as well.