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Spot Silver (XAG/USD) : Sign of physical silver: Ag from Latin 'argentum'. Atomic number: 47. Code: XAG. XAG refers to the ISO 4217 standard code for One troy ounce of Physical Silver. 1 troy ounce (oz t) = 31.1034768 grams. XAG = 99.99 percent pure silver without traces of any other metals. Physical silver is found in the Earth's crust in the pure, free elemental form of Native Silver as an alloy with gold and other metals. Most silver is produced as a byproduct of copper, gold, lead, and zinc refining. Silver has long been valued as a precious metal. Other than in currency and as an investment medium (coins and bullion), silver is used in solar panels, water filtration, jewellery, ornaments, high-value tableware and utensils, etc.