The following photos give you a sense of what silver metal clay looks like during various phases of the creation process. These sample photos were taken of different independent projects.
When it is dry and before it is put into the kiln it is extremely fragile - ask me how I know ;-) It's almost like a very thin layer of chalk.
The heat of a kiln firing burns off the binder and what is left is pure, precious metal - fine silver (.999 silver, which is 99.9% silver vs. sterling, which is only 92.5% silver) which appear white. It's just the silver crystals "unaligned" - think of your carpet before you pass the vacuum cleaner in one direction, the light "shines differently on it. Same with the silver.
After burnishing, tumbling, and polishing it really shines.