Silver is the oldest precious metal known to man and for thousands of years it has been valued as a global currency, a commodity, an investment and simply an object of beauty.
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Major Characteristics
- Silver (Chemical Symbol-Ag) is a brilliant grey-white metal that is soft and malleable.
- Silver has unique properties such as its strength, malleability, ductility, electrical and thermal conductivity, sensitivity, high reflectance of light, and reactivity.
- The main source of silver is in lead ore, although it can also be found associated with copper, zinc and gold and produced as a by-product of base metal mining activities.
- Secondary silver sources include coin melt, scrap recovery, and dis-hoarding from countries where export is restricted. Secondary sources are price sensitive.
- Silver is unique amongst metals due to the fact that it can be classified as both a precious metal and an industrial metal.
- Today, silver is sought as a valuable and practical industrial commodity and as an investment.
- Silver is an important element of global monetary reserves.
- It is an effective portfolio diversifier.
Factors Influencing the Market
- Economic events such as national industrial growth, global financial crisis, recession, and inflation affect metal prices.
- Commodity-specific events such as the construction of new production facilities or processes, unexpected mine or plant closures, or industry restructuring, all affect metal prices.
- Governments set trade policy (implementation or suspension of taxes, penalties, and quotas) that affect supply by regulating (restricting or encouraging) material flow.
- Geopolitical events involving governments or economic paradigms and armed conflict can cause major changes.
- A faster growth in demand against supply often leads to a drop in stocks with the government and investors.
- Silver demand is underpinned by the demand from jewellery and silverware, industrial applications, and overall industrial growth.
- In UAE, the real industrial demand occupies a small share in the total industrial demand of silver. This is in sharp contrast to most developed economies.
- In UAE, the real industrial demand occupies a small share in the total industrial demand of silver. This is in sharp contrast to most developed economies.
Global Scenario
- Silver is predominantly traded on the London Bullion Market Association (LBMA) and COMEX in New York.
- LBMA, as the global hub of over-the-counter (OTC) trading in silver, is its main physical market. Comex is a futures and options exchange, where most fund activity is focused.
- Silver is invariably quoted in the US dollars per troy ounce.
