Silver Market Continues To Suffer After Crash
When it comes to the varies types of precious, valuable metals silver is typically the best. The reason behind fine silvers variances is because this precious metal brings different types of trading activity. People call it the poor man’s gold. Silver is called poor mans gold because it is so much cheaper than gold.
Over the last almost fifty years, it takes on average of fifty-five ounces of the metal just to purchase one ounce of pure gold. In recent years, it can take up to seventy-six ounces of pure silver to buy only one ounce of pure gold.
That is the way many participants of the gold and silver market prefer to buy this precious metal as to gold.
They can afford it. Also, day by day exchanging ranges in metal tend to be significantly more expensive than gold on a rate premise. Doing so makes the metal more appealing to hazard searchers in the business sectors. The metal is at sixteen dollars and a quarter while a contract of Comex silver has a value totaling at $81,125. The gold prices compared to the precious metal are outrageous starting at $126,500 at Comex gold worth per ounce.
The establishment of the exchange of the precious metal is recently at $6,380 or almost 8% of contract value. The increase of the metal can reflect on the higher volatility. This is another reason why investors prefer this precious metal over gold.
Early July 2017 did some damage that may affect the silver market shortly. In just the first week of July 2017, a massive crash occurred during the time zone in Asia. . The price of silver has decreased to the fifteen-dollars and a little over fifty cents just within hours. Around fifty million ounces of fine silver hot the market during Asian time zone trading hours. From the crash in early July it still was affected by mid-July the precious metal was an all time low at fifteen-dollars and fourteen cents.