Silver Rates in India
Silver often plays second fiddle to another precious metal, gold, but this element has special properties that deserve a good look.
For example, of all the metals, pure silver is the best conductor of heat and electricity, according to the Jefferson National Linear Accelerator Laboratory. It's also the best reflector of visible light, which is why it is commonly used to make mirrors — though silver does tarnish and turn dark grey when exposed to air, requiring periodic polishing.
Pure silver is too soft for products like jewelry and tableware, so the family's finest forks and knives are most likely sterling silver, an alloy of 92.5 percent silver and 7.5 percent copper (though sometimes other metals are used). Silver is also used in some electronics and batteries. Because the metal has antimicrobial properties, nanoparticles of silver can be woven into clothing to prevent bacteria from building up on deposits of sweat and oils, according to the Royal Society of Chemistry (RSC).
Silver Rate determination- History
This highly valuable metal is slightly harder than gold. Silver was found to be separated from lead by civilizations are early as 3000 BC. Its uses were mentioned as far back as the Bible, in the book of Genesis
Silver has been used for thousands of years for ornaments, utensils, and trade, and as the basis for many monetary systems. Its value as a precious metal was long considered second only to gold. The word "silver" appears in Anglo-Saxon in various spellings, such as seolfor and siolfor. A similar form is seen throughout the Germanic languages (compare Old High German silabar and silbir). The chemical symbol Ag is from the Latin word for "silver", argentum, meaning "white" or "shining". Silver is mentioned in the Book of Genesis. Slag heaps found in Asia Minor and on the islands of the Aegean Seaindicate, silver was being separated from lead as early as the 4th millennium BC. One of the earliest silver extraction centres in Europe was Sardinia in early Chalcolithic. The stability of the Roman currency relied to a high degree on the supply of silver bullion, which Roman miners produced on a scale unparalleled before the discovery of the New World. Reaching a peak production of 200 t per year, an estimated silver stock of 10,000 t circulated in the Roman economy in the middle of the second century AD, five to ten times larger than the combined amount of silver available to medieval Europe and the Caliphate around 800 AD. Financial officials of the Roman Empire worried about the loss of silver to pay for silk from Sinica (China), which was in high demand.
Mines were worked in Laureion during 483 BC.
In the Gospels, Jesus' disciple Judas Iscariot is infamous for having taken a bribe of 30 coins of silver from religious leaders in Jerusalem to turn Jesus of Nazareth over to soldiers of the High Priest Caiaphas.
The Chinese Empire during most of its history used primarily silver as a means of exchange. In the 19th century, the threat to the balance of payments of the United Kingdom from Chinese merchants who required payment in silver for tea, silk, and porcelain led to the Opium War; Britain addressed the imbalance of payments by selling opium from British India to China.
Islam permits Muslim men to wear silver rings on the little finger of either hand. Mohammad Saheb himself wore a silver signet ring.
In the Americas, high temperature silver-lead cupellation technology was developed by pre-Inca civilizations as early as AD 60–120.
Silver price history & during 1960–2011 internationally
In earlier times, silver has commanded much higher prices. In the early 15th century, the price of silver is estimated to have surpassed $1,200 per ounce, based on 2011 dollars. The discovery of massive silver deposits in the New World during the succeeding centuries has caused the price to diminish greatly.
As of 4 April 2016, the price of silver was US$482.42 per kilogram (US$15.01 per troy ounce). This equates to approximately 1⁄81 the price of gold at that time. The ratio has varied from 1⁄15 to 1⁄100in the past 100 years. Physical silver bullion is higher priced than the paper certificates, with premiums increasing when demand is high and local shortages occur.
In 1980, the silver price rose to a peak for modern times of US$49.45 per troy ounce (ozt) due to market manipulation of Nelson Bunker Huntand Herbert Hunt (equivalent to $142 in 2015). Some time after Silver Thursday, the price was back to $10/oz troy. From 2001 to 2010, the price moved from $4.37 to $20.19 (average London US$/oz). According to the Silver Institute, silver's recent gains have greatly stemmed from a rise in investor interest and an increase in fabrication demand. In late April 2011, silver reached an all-time high of $49.76/ozt.
Silver is traded around the clock and around the world, including the major global commodity markets of London, Zurich, New York, Chicago and Hong Kong. The London market began trading silver in the 17th century and, to this day, it remains the center of the physical silver trade for most of the world. However, the COMEX division of the New York Mercantile Exchange is the most significant paper contracts trading market for silver. Silver’s spot price – the current price of silver that reflects market variables and expectations – is determined by the COMEX.
Overall, the price of silver is determined by the available supply versus fabrication demand. In recent years, fabrication demand has greatly outpaced mine production forcing market participants to use existing stocks to meet demand. As these available sources continue to decline, silver’s fundamental value continues to strengthen. However, because silver is a tangible asset, and is recognized as a store of value, its price can also be affected by factors like inflation (real or perceived), changing values of paper currencies, and fluctuations in deficits and interest rates.
Silver Rate in India
The price of silver and gold is determined by the current spot price per troy ounce set by the world’s major markets. Due to the forces of the international market, this spot price fluctuates throughout the day whenever the market is open and freezes once it closes.
The current market prices of all precious metals are determined by both the supply and demand, as well as the exchanges of these metals, which are tracked by the world’s bullion markets. The largest markets are the London gold and silver markets, and the Comex exchange futures markets in New York. Through dealer arbitrage, these markets are able to stay closely in line with each other, and many other markets base prices off of these markets. The spot price, or current market price, is used for the buying or selling of silver as a reference point for how much a metal is worth at a given time. Although the spot price displays the current value of each metal, most dealers mark-up gold and silver by selling the metals slightly over spot price, usually at a set percentage over the current market price. This mark-up is what allows dealers to cover their costs and make profits. With gold and silver, the more troy ounces purchased at one time the lower the mark-up percentage on each ounce.