Silver prices per ounce were $37.37 at the last market close.

Silver prices are still trending upward…but they’ve been in an upward trend for decades.

In 1990, the average price for that year was $4.06 per troy ounce. Fifteen years later, the yearly average silver price per troy ounce was $7.31. Throughout that 15 year period, average silver prices per troy ounce rose just a little more than $3 (1).

Here we are, in 2011, and many of us are wondering where we’d be sitting if we’d taken full advantage of the relatively low-cost precious metals market even just a couple of years ago.

And maybe you’re also wondering if silver looks like a better value, compared to gold investment.

We’re not financial gurus. (If we were, we’d be sitting on a beach in the Bahamas right now, watching the waves roll in.)

But we do know of a few good places to find some food for thought, when it comes to investment.

One is our financial planner or analyst.

Another is through doing exactly what we’re doing, which is keeping an eye on silver prices per ounce and the trends in the precious metals market.

And once you have the information, no matter how many opinions or helpful guides you find, it’s still up to you to decide what to do with all of those numbers and pearls of wisdom.

If you’re trying to decide between investing in silver or gold, it may help to also keep an eye on the gold/silver ratio.

The gold/silver ratio is calculated by dividing the yearly average price per troy ounce of gold by the yearly average price per troy ounce of silver. The lower that final number, the more expensive silver is, when compared to gold. On the other hand, a higher ratio means silver is cheaper when compared to gold (1).

Back in 1990, that ratio was 94.3. By 2010, because of the rise in silver prices, the gold/silver ratio had dropped to 60.7. As of March 2011, the ratio was right around 30.

Although the numbers will fluctuate–just like everything else in the market–at a glance, this tells you silver is becoming more expensive, in comparison to gold.

Staying up to date on the market trends and silver prices per ounce is a must; especially when you’re thinking about investing. Keeping an eye on the gold/silver ratio can be very useful, too.