|Date||Open||Close||Daily High||Daily Low|
Unit conversion for Silver Price Today
|1 Troy Ounce ≈ 31,10 Gram||Silver Price Per 1 Gram||0.61 USD|
|1 Troy Ounce ≈ 0,031 Kilogram||Silver Price Per 1 Kilogram||614.72 USD|
|1 Troy Ounce ≈ 1,097 Ounce||Silver Price Per 1 Ounce||17.43 USD|
Silver is very light in color, can be burnished more easily, and has a higher reflectivity than other precious metals. Silver is a white metal which offers better electrical and thermal conductivity than the other three precious metals. Silver is easy to process and only causes chemical reactions with very few substances, such as sulfur and sulfur derivatives. Silver is used almost exclusively as an alloy with copper, since silver in its pure form is too soft. Silver does not change color when mixed with copper. (read more)
Silver frequently occurs during the extraction of base metals. In its pure form the white precious metal is even rarer than gold. Around 70 per cent of silver production occurs during copper, lead and zinc extraction. In nature, silver ores are frequently permeated by lead ores. As a result only around 20,000 tonnes of silver are obtained each year.
Silver has been known since about the 5th millennium B.C. and was already processed by the people living at that time. Back then, silver could still be found on the earth’s surface or at shallow depths, meaning that no complex extraction was required. Silver was also referred to by the Egyptians as “lunar metal”. Silver has been used for money since the 6th century B.C. The Greeks produced the first silver coins and used them as a means of payment. This is why silver has a particularly high political and economic significance among the precious metals. Until the 20th century silver was more important than gold.
The white precious metal is used in many industries. It is worked into items of jewelry or items of everyday use such as cutlery but is also used in electrical engineering and photography. Because silver kills bacteria and other microbes, it is also required in food technology and pharmaceutics. In 2007, 23 per cent of the world’s output of silver was processed as industrial metal in the American industry, 16 per cent in India and Japan, and 7 per cent in Italy.
The price of silver has been increasing steadily for several years since the supply of silver cannot meet the high and constant demand. In fact silver supplies are diminishing.
The most important producers of silver are Mexico, Peru and Australia. Silver is also produced in China, Poland, Russia, Canada and the USA.
The most important trading venues for silver are the New York Mercantile Exchange (COMEX), the Tokyo Commodity Exchange, the Chicago Board of Trade and the London Bullion Market. The silver traded on the stock exchange is worth around 17 million US dollars in total.