Yes it's silver. It's not a spent bullet if you notice the two circles that go around the outer edge on the front they are perfect and the back is perfectly flat and smooth. Not consistent with a spent bullet as I have found those but never like this. I could upload side profile pictures if that would help.
It's a non magnetic softer metal with seemingly high heat conductivity if that helps. When held in the light I can see a scuff from when I dug it up that shines in a silver appearance.