Trade Silver with MarketsTrades
Silver is one of the rarest metals on earth and therefore it is considered a high-demand commodity by many traders. The silver trading symbol Is YI.
Silver is less rare than gold. Nevertheless, it affects the currency markets significantly and works mostly in tandem with gold market prices. It can be used as both an industrial metal and a hard asset and plays a double role in the commodities market as it is one of the most versatile of metals.
Advantages of Trading Silver
- Trade Silver and other metals with competitive spreads
- Take your pick between manual and auto trading platforms
- Express any market view and employ different strategies
- Enjoy a top quality 24/5 live customer service
- Trade on the move from your mobile phone, tablet or web trading
The Silver Market
Silver is traded in 3 main places around the globe: the New York Mercantile Exchange (NYME), the London Metal Exchange (LME) and the Chicago Board of Trade (CBOT). Around the globe, the silver trading hours are 23 - from 00:00 to 21:00 GMT and from 22:00 to 24:00 GMT.
What Affects the Silver Price?
Many factors affect the silver trading price. Here are some of them:
As a natural resource, silver has to be mined from the ground. That’s why its supply is often inconsistent with the demand and this leads to fluctuations in its price. Recently Mexico is the world’s main silver miner with about 5,000 metric tons produced in 2014. The USA is the world’s leading consumer of silver (about 20%), while India and China are in second place (approximately 18% each).
Silver has several industrial uses. Therefore,
silver prices can be affected far more by the economic growth than the prices
of the gold. Due its physical strength, malleability, and conductivity
properties, silver is used in almost any industrial field, which increases its
Silver is used in different areas. More than 50% of mined silver goes to the movie industry where it’s used to create sensitive materials reflecting the light. Its other uses are in different industries such as the military – about 500 ounces of silver are used in every tomahawk missile. Only 3% of the silver goes to the jewellery industry. The demand from any of these sectors can lead to changes in its price.
Silver Trading With MarketsTrades
Trading silver is no different than trading any other instrument. However, you should look for a broker with certain and safe regulation who can guarantee the safety of your funds and as your account should be kept well under heavy encryption.
Add educational materials on the highest level and get a broker that will allow you to trade with peace of mind.