Currently, the weekday closing time is 2:00 PM Eastern Time. This is the change in the price of the metal from the price at the end of the previous trading session. SILVER FUTURES CHANGE (CHANGE FROM PREVIOUS CLOSE) If it is January 18 at 5:00 PM and silver is quoted at $17.50 then we would show a change of +0.50 at that time. If it is January 17 at 6:30 PM and the price is $17.02, we will show a change of +0.02. For example: Silver last traded at $17.00 at 5:00 PM on January 17. Change is always the difference between the current price and the price at 5:00pm. Kitco use the last quote at 5:00 PM as the close of that given day. Here’s why: The time the silver market stops trading in New York on weekdays is for a 60 min period, from 5:00 PM New York time until 6:00 PM. Weekdays from 6:00 PM NY time until midnight the previous close is from the current day. This is the change in the price of the metal from the previous close, which is not necessarily the previous day. The difference between the spot price and the future price, when expressed as an annual percentage rate is known as the “forward rate”.ĬHANGE (CHANGE IN SILVER PRICE FROM PREVIOUS CLOSE) The difference is determined by the number of days to the delivery contract date, prevailing interest rates, and the strength of the market demand for immediate physical delivery. In normal markets, the futures price for silver is higher than the spot. The future price, which we also display on this page, is used for futures contracts and represents the price to be paid on the date of a delivery of silver in the future. There is usually a difference between the spot price of silver and the future price. SPOT SILVER PRICE VS SILVER FUTURES PRICE For example, this occurs when an investor with a long position sells that position prior to delivery notice. The great majority of futures contracts are offset prior to the delivery date. Silver contracts are rarely settled in physical metal. There are two different positions that can be taken: A long (buy) position is an obligation to accept delivery of the physical metal, while a short (sell) position is the obligation to make delivery. They also provide speculators with an opportunity to participate in the markets by lodging exchange required margin. Hedgers use these contracts as a way to manage their price risk on an expected purchase or sale of the physical metal. The contracts are standardized by a futures exchange as to quantity, quality, time and place of delivery. Silver futures are used both as a way for silver producers and market makers to hedge their products against fluctuations in the market, and as a way for speculators to make money off of those same movements in the market.Ī precious metals futures contract is a legally binding agreement for delivery of a metal in the future at an agreed-upon price. The silver futures market is one of a number of commodity futures, wherein contracts are entered into, agreeing to buy or sell silver at a certain price at a specified future date. For the high and low values, we are showing the lowest bid and the highest ask of the day. Whenever bullion dealers in any of these cities are active, we indicate this on our website with the message “Spot Market is Open”.
New York, London, Sydney, Hong Kong, Tokyo, and Zurich are where most of the trading activity takes place. The spot silver market is trading very close to 24 hours a day as there is almost always a location somewhere in the world that is actively taking orders for silver transactions. Transactions for bullion coins are almost always priced using the spot price as a basis.
The spot silver price refers to the price of silver for immediate delivery. Silver is sometimes referred to as monetary metals as it has historical uses as currencies and is seen as a store of value however, silver has a significant industrial component, equivalent to almost half of its markets, because it is less reactive, good conductors and highly malleable. There are five main precious metals openly traded on various exchanges, Silver is the second largest market in this specific sector. This is a classification of specific metals that are considered rare and have a higher economic value compared to other metals. Silver Price Guide WHAT MAKES SILVER A PRECIOUS METAL?
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