XAG – Silver

Silver is a precious metal used in coins, jewelry, electronics, utensils, solar panels, photography and more, and has the highest electrical conductivity of any metal. Silver has been used as currency for thousands of years. Like gold, silver is often used to understand market movements. As an investment, silver is available in coins and bullion. Silver is very malleable, is very reflective, and has an atomic number of 47. Silver trades with the currency code of XAG.

Value of Silver

Throughout history, many countries held a silver standard. By the 1700s, a move to the gold standard began that continued through the 20th century. Silver now trades globally 24 hours a day, with spot price set by COMEX, through the New York Mercantile Exchange.((http://www.jmbullion.com/charts/silver-prices/ Retrieved 13 January 2015.)) Once the spot price is set, brokers may add markups to the price before an investor can purchase.

Currently, silver is valued at approximately 1/60 the value of gold.

Silver Reserves

Globally, there are some 520,000 metric tons of silver held in reserves as of 2013.((http://www.statista.com/statistics/273649/silver-reserves-of-countries/ Retrieved 13 January 2015.)) The largest reserves of silver are:

Country Metric Tons
Australia 88,000
Peru 87,000
Poland 85,000
Chile 77,000
China 43,000
Mexico 37,000
United States 25,000
Bolivia 22,000
Canada 7,000

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