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Spot price on silver indicates the price paid on a silver transaction for instant payment and delivery within one or two days of a business transaction. The word ‘spot’ itself translates into price paid for immediate transaction and transfer. Although there are many factors influencing the silver spot prices, the basics lie in the price determination through supply and demand. Buying, selling and trading of silver predominantly depends on the prices charted by three important markets - COMEX, NYMEX and London Commodities Market whose decision effect investors around the world. Silver along with other precious metals like gold, platinum, and palladium is vigorously traded on the stock market amid hourly changes affecting its prices. Depending on the economic model of supply and demand, these prices keep on changing. If the world demand more of the metal, the silver price silver price, spurges and vice versa. Since it is a non-perishable commodity, investor speculation on the trading prices and the supply and demand model also affects its prices. Being a precious metal, silver has been regarded as a form of money and a store of value. Economic progress around the world influences the prices on silver given that the economic speculations affect people’s investment decisions. Whenever, economy is receding, people look for an investment with a long-term storage value such as silver that can cause an increase in its prices. Inflation of currencies is also one of the major reasons influencing the silver spot price. There are certain factors that go unnoticed but are important in determining silver prices. Lowered production in silver mines, strikes of silver mine workers, & opening and closing times of mines can manipulate the price of silver. In addition, governments of countries sway the prices by trading large amounts of the metal. In the 1950’s the United States government sold large quantities of silver in a bid the keep the market silver prices down compared to the monetary price of silver in the country. Silver is also used for industrial purpose in products like photography, electronics, solar panels and health care sector. The demand for silver is also increasing in the solar industry and for manufacture of batteries, mirrors, and tableware. The demand and supply of silver in the manufacturing sector also considerably affects it prices. The spot price of silver expresses market expectations from the metal. It also mirrors how the future market of silver will shape up in the coming days as well near future. The present article furnishes brief details on numerous reasons to visit Prague anytime. Browse Prague car hire that offers satisfying travel to the city.
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