The spot price of silver is traded close to 24 hours a day on weekdays and stops on weekends. The spot price of silver is mainly derived from exchanges based in London, Zurich, New York, Chicago, China and Hong Kong. Today's fluctuations in spot silver prices are mainly determined by COMEX. Angelo from SRSroccoReport, there's a different factor at play and it's not what people expect - gold IRA firms are also influencing the spot silver prices. While he agrees that the Federal Reserve and central banks do intervene in the gold and silver markets, their influence is limited to upward movements.
Steve finds that the main cause of price changes is oil. As has been observed with the change in film technology, silver prices are directly and indirectly influenced by new and existing technologies. Many of these new uses of silver take advantage of the physical characteristics found only in this metal, making it practically irreplaceable. What contradicts it is the fact that new technology is, in fact, helping to replace silver in more mundane applications.
For example, new types of aluminum alloys are acceptable replacements for some inexpensive mirrors. The same is true with the common use of stainless steel cutlery in many homes instead of traditional silver items. However, it is the new demands of solar photovoltaic systems and many ecological applications that generally make technology a net upward factor for silver demand and prices. China has set the prices of most metals unofficially for the past decade.
And this week, the country officially participated in setting prices for one of the most important precious metals markets in the world. While the real importance of the gold-silver ratio is the subject of intense debate, there is a historical relationship between the price of gold and that of silver.