One of the rarest metals found on Earth is silver. Many traders it a considered a high-demand commodity. The silver trading symbol Is YI.
Silver is not as rare as gold but it affects the currency markets significantly and usually together with gold market prices. As an extremely versatile metal, it can be used as both an industrial metal and a hard asset, and plays a double role in the commodities market.
Silver is traded in 3 main locations in the world: the New York Mercantile Exchange (NYME), the London Metal Exchange (LME) and the Chicago Board of Trade (CBOT). Silver trading hours are between 00:00 and 21:00 GMT, and between 22:00 and 24:00 GMT – 23 hours around the globe
The silver trading price is affected by many factors. Here are a few:
Silver is a natural resource, mined from the ground. That’s why its supply can be inconsistent with the demand, thus causing fluctuations in its price. In recent years, Mexico was the world’s main silver miner, with some 5,000 metric tons produced in 2014. USA is the world’s largest consumer of silver with about 20%, and India and China take the second place with almost 18%.
Silver has several industrial uses which explains why economic growth can affect silver prices far more than it does with gold prices. The industrial demand for silver is increasing due to it’s physical strength, malleability, and conductivity making it used in almost any industrial field.
Silver is used in different areas; more than 50% of the silver mined goes to the movie industry, used to create sensitive materials reflecting the light. Other uses are in different industries, including the military (about 500 ounces of silver are used in every tomahawk missile), while only 3% goes to the jewellery industry. Demand from any of these sectors leads to a change its price.
Trading silver is no different from any other instrument, however you should choose a broker with a certain and safe regulation, which guarantees your funds’ safety and your that account is well kept under heavy encryption.
When we also add education materials on the highest level, this makes a broker that will allow you to trade with a peace of mind.