What is the Price of Silver?
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The price of silver can be found on our website and in every newspaper, television and financial website. Silver is usually priced in US-Dollar per (troy) ounce. One ounce of silver equals 31.1034 grams. Silver is also priced in kilo’s and gram’s. The silver price is stated on the main exchanges for silver on the New York (COMEX), London (LBMA), Hong Kong and Sydney (HKEx and ASX).
A 24h live silver price can be viewed in the box on the left and www.kitco.com. Kitco also prices silver in all major currencies in Oz’s and Kilo’s.
If you compare the silver price on the left the and the purchase price for a 1oz bar or coin you see there is a difference. This difference is called ‘premium’ or ‘spread’. The premium is a percentage between the price for the raw commodity and the end-product. In this case a coin or bar. The premium includes the costs of production, minting, transportation, insurance and the distributors’ and dealers’ margin.
The premium which is the difference between the spot and purchasing price can change due to availability and demand. In times of high demand for physical silver coins and bars the premium can rise dramatically. In a normal market environment the premium for a 1oz silver coin is 8% to 12% and for a 1 kilo silver bar is between 5 and 8% both plus VAT.
The two components spot price plus premium equals the purchase price. It’s always good to check premiums before buying as they may vary from dealer to dealer a bit. You also need to make sure if the price is including tax or excluding tax.
Although silver is both an industrial metal as well as a precious metal it has always been more volatile than gold but nonetheless the two precious metals gold and silver are historically linked. If gold goes up – silver goes up and vice versa. The current ratio between gold and silver is around 1:50, it is found in the earth with a ratio of 1:10. In Roman times silver was used as money (and in most cultures as well) and exactly worth 1/10 of gold. Many investors believe that this ratio will be restored as the debt crises accelerates which will be very bullish for silver.
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