Overview of Silver Prices

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Spot silver price refers to the price quoted by an institutional seller to an institutional buyer with an aim of delivering the metal within a 2-business day period.

Calculating the Spot Price of Silver.

Spot silver price is mainly determined or computed using futures contracts. These contracts are traded similarly to stocks and other useful commodities. This type of contract works by exchanging the delivery of silver for a set price while also ensuring that the exact details and quantity of the order are specified from one contract to another. you can use the popular platform called commodities exchange (COMEX) which is mainly based in New York where most financial trading companies thrive.

Factors that Affect Spot Silver Price.

It should be noted that there are numerous factors that tend to affect the spot silver price. Among these factors are the following:

  • Monetary Policy
  • Rising or Higher Inflation
  • US Dollar Value
  • The Specific Market where the Silver is Traded
  • Increased Demand for Jewelry
  • General Global Uncertainty
  • Global Economy Trend
  • Major Uses of Silver
  • Closure of Existing Mines
  • Discovery of New Mines

It is advisable for you to acquire information about each of the factors mentioned above as this will allow you to determine the most accurate spot silver price on a specific day or period.

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