The most important producers of silver are Mexico, Peru and Australia. The silver traded on the stock exchange is worth around 17 million US dollars in total.
Silver Commodity Add to watchlist Trade Now. News Kitco 2d. Kitco 3d. Newsfile 3d. Zacks 3d. Historical Prices Feb. Currently, the weekday closing time is PM Eastern Time.
This is the change in the price of the metal from 30 days ago as opposed from the previous close. This is the change in the price of the metal from a year ago today, as opposed from the previous close. Every precious metals market has a corresponding benchmark price that is set on a daily basis. These benchmarks are used mostly for commercial contracts and producer agreements.
These benchmarks are calculated partly from trading activity in the spot market. An OTC is not a formal exchange and prices are negotiated directly between participants with most of the transaction taking place electronically.
Silver, actually trades 23 hours a day Sunday through Friday. Most OTC markets overlap each other; there is a one-hour period between 5 p. However, despite this one hour close, because spot is traded on OTC markets, there are no official opening or closing prices.
For larger transactions, most precious metals traders will use a benchmark price that is taken at specific periods during the trading day.
The spread is the price difference between the bid and the ask price. Silver is a fairly liquid markets so traders can expect to see a fairly narrow spread in these markets; however, other precious metals may have wider spreads, reflecting a more illiquid marketplace. Because there is no official closing or opening price for gold or silver, market participants rely on benchmark prices, set during different times of the day by different organizations.
These benchmarks are also referred to as fixings. The silver benchmark price is determined daily in an electronic auction between participating banks with the LBMA, which is administered by ICE Benchmark Administration. Like the previous gold fix, the London Silver Fix was a global benchmark used for over years but was revamped in August The price is set daily in U.
The Kitco. These time zones have been selected because they represent the world's largest precious metals trading centers. One troy ounce of silver is the same around the world and for larger transaction are usually priced in U. Traditionally, currencies that are stronger than the U.
While silver mostly quoted in ounces per U. Silver and most precious metals prices are quoted in troy ounces; however, countries that have adopted the metric system price gold in grams, kilograms and tonnes. Though not as popular as kilograms and grams, Tael is a weight measurement in China. The tola is a weight measurement in South Asia. A troy ounce is used specifically in the weighing and pricing of precious metals and its use dates back to the Roman Empire when currencies were valued in weight.
The process was carried over to the British Empire where one pound sterling was worth one troy pound of silver. The U. Mint adopted the troy ounce system in An imperial ounce equals While you can buy silver in any currency in the world, it is important to realize that ultimately everything is based on the value of the U.
Given that the U. Reserve currencies are used to settle international transactions. Since the start of the 20th century, the U. Open orders are only executed on days when an appropriate price is published. How does BullionVault determine a price per kg for the Daily Price? On BullionVault you place orders in kilograms.
We convert the as-published price of silver per ounce to a price of silver per kg and round up to the nearest Dollar, Euro and Pound. We use the same silver price per kg for buying and for selling with no spread. How can I understand what influences and impacts the silver price on a regular basis?
Additionally, once you open a BullionVault account you can opt-in to receive the Weekly Market Update. This weekly email explores and discusses current movements in the gold, platinum and silver prices and the reasons behind them. What is BullionVault?
Can I track the silver price today? You can monitor the silver price today by changing the chart scale to 10 minutes, 1 hour, 6 hours or 1 day.
You can also keep track of the silver price on your iPhone or Android device with the BullionVault App. Open an account today.
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