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Silver Price Overview
History of Silver
Silver Trading Explained
Silver Price Overview
History of Silver
Silver Trading Explained
Silver is a precious metal that plays an important role in commodity markets. Its utility as both currency and a symbol of affluence and opulence has solidified its value in various civilizations.
Its malleability, conductivity, and resistance to corrosion made it highly valuable in ancient times, with civilizations like the Greeks, Romans, and Egyptians all utilising silver extensively.
In contemporary society, silver serves a multitude of industrial purposes due to its exceptional conductivity and reflectivity. It's an essential component in electronics, solar panels, medical devices, water purification systems, and various other applications across industries. Additionally, silver continues to be prized for its aesthetic appeal in jewellery and silverware.
The practice of mining silver can be traced back to around 3000 BCE. Early civilizations in regions like Anatolia and Greece utilised silver predominantly for decorative items and as a medium of exchange. Notably, the Greeks introduced one of the initial silver coins, the drachma, around 600 BCE, marking a pivotal moment in the economic history encapsulated by the Coinage Act of 1853.
The exploration of the Americas post-1492 by Christopher Columbus unlocked enormous silver deposits in Bolivia, Peru, and Mexico, with Bolivia's Potosí mine emerging as a global leader. The silver from this region was instrumental in minting the Spanish dollar, which became a universal trading currency, especially in commerce with China.
The 19th century diversified silver's utility with the advent of photography, where silver nitrate was pivotal. Presently, silver's extensive use in various industries underscores its continued investment allure, sharing similar characteristics to gold.
Silver is actively traded across global financial markets, with significant trading hubs like the London bullion market and exchanges offering silver exchange-traded products (ETPs). It is a crucial element in diversified investment portfolios, serving as a hedge against inflation and economic instability.
Factors such as supply-demand dynamics, geopolitical tensions, and economic indicators heavily influence silver prices. Its industrial demand further compounds its market value, integral in numerous production processes. In the financial realm, silver is traded through instruments like futures, options, ETFs, and contracts for difference (CFDs), with XAG/USD being the primary trading pair. Although smaller in scale compared to other commodities like gold, silver's market can experience heightened volatility which, while risky, also provides speculative opportunities for traders.
Trading silver through Skilling demands a nuanced understanding of market conditions, risk assessment, and strategic objectives. While it offers valuable portfolio diversification, the risks tied to commodity trading, such as price volatility and potential market manipulation, must be carefully managed at all times.
| Swap long | [[ data.swapLong ]] points |
|---|---|
| Swap short | [[ data.swapShort ]] points |
| Spread min | [[ data.stats.minSpread ]] |
| Spread avg | [[ data.stats.avgSpread ]] |
| Min contract size | [[ data.minVolume ]] |
| Min step size | [[ data.stepVolume ]] |
| Commission and Swap | Commission and Swap |
| Leverage | Leverage |
| Trading Hours | Trading Hours |
* The spreads provided are a reflection of the time-weighted average. Though Skilling attempts to provide competitive spreads during all trading hours, clients should note that these may vary and are susceptible to underlying market conditions. The above is provided for indicative purposes only. Clients are advised to check important news announcements on our Economic Calendar, which may result in the widening of spreads, amongst other instances.
The above spreads are applicable under normal trading conditions. Skilling has the right to amend the above spreads according to market conditions as per the 'Terms and Conditions'.
Trade [[data.name]] with Skilling
Take a view on the commodity sector! Diversify with a single position.
- Trade 24/5
- Tight spreads
- Average Execution at 5ms
- Easy to use platform
FAQs
What are the differences between Silver and Gold?
When it comes to CFD trading, the differences between Silver and Gold depend on the features they offer. Gold accounts have access to more advanced features that benefit traders in various ways.
Silver accounts are ideal for beginner traders because they offer lower spreads and commissions. This can help them gain experience without risking too much of their own capital at once. Silver accounts also offer access to basic analytical tools, but not as many as Gold accounts.
Gold accounts are better suited for experienced traders who have a deeper understanding of the CFD market. They offer lower spreads and commissions than Silver accounts, plus access to more advanced features such as premium research content, automated trading tools and analytics packages.
How much Silver is there available?
Silver is one of the most abundant elements on Earth. The estimated total amount of silver in the Earth's crust ranges from 500 million to 1 billion troy ounces, or 15–25 billion grams. This abundance makes it relatively inexpensive when compared with other precious metals, such as gold and platinum. Silver can be found in many places around the world, including in veins in rocks and in the oceans as dissolved salts. It can also be produced through a variety of industrial processes.
The amount of silver available for use changes each year due to new production or discoveries, and the demand created by various applications. For example, increased demand from industrial uses such as electronics and medical equipment can increase the amount of silver required for those purposes.
How to trade Silver?
Trading silver is similar to trading other commodities. Before you begin, it’s important to familiarize yourself with the different types of silver available and what factors affect its price. There are two main types of silver: physical silver and paper silver.
Physical silver refers to coins, bullion bars and other forms of actual physical metal while paper silver is a derivative that allows you to trade without actually owning any physical metal. Alternatively, options allow you to buy or sell the right to purchase an asset at a specific price in the future but do not require you to actually own the asset.
Why Trade [[data.name]]
Make the most of price fluctuations - no matter what direction the price swings and without the restrictions that come with owning the underlying asset.
CFD
Actual Commodities
Capitalise on rising prices (go long)
Capitalise on falling prices (go short)
Trade with leverage
Trade on volatility
No commissions
Just low spreads
Manage risk with in-platform tools
Ability to set take profit and stop loss levels