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Thursday, October 13, 2011

In pursuit of the lustrous white metal - the silver...........

Cannington [Australia]; Fresnillo [Mexico]; San Cristobal Polymetallic [Bolivia]; Antamina [Peru]; Rudna [Poland] Penasquito [Mexico]
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After my post yesterday on the shining white metal, many have responded querying on some aspects.  As far as I know, there appears to be no Silver ETF in India.  Coins are available aplenty in MMTC as also in all major Gold shops.   Also, silver is traded in the Indian commodity exchanges like National Commodity & Derivatives Exchange ltd, Multi Commodity Exchange of India ltd. and National Multi Commodity Exchange of India ltd

Silver is found in native form very rarely as nuggets, but more usually combined with sulfur, arsenic, antimony, or chlorine and in various ores such as argentite (Ag2S) and chlorargyrite ("horn silver," AgCl).  Though India is one of top consumers of Silver, it ranks low in the list of Silver producing countries where the top 10 are : Mexico, Peru, Australia, China, Poland, Chile, Canada, United States, Russia & Kazakhstan; followed by the likes of Bolivia, Sweden, Indonesia, Morocco and ……………

We are primarily a silver importing Nation. Rajasthan, Gujarat and Jharkhand are the States which produce some quantities of silver.

The value and rates of this white metal has been volatile and increasing.  Ask your mother to know the factual information. Most likely that they would have bought at least a silver tumbler when you were born and keep buying silver on various occasions related to family and you can easily understand the rise in the prices perhaps more than that of Gold or petrol. 

Besides its religious and sentimental attachment, silver has unique properties including its strength, malleability and ductility, its electrical and thermal conductivity, its sensitivity to and high reflectance of light and the ability to endure extreme temperature ranges.

Here is a chart of the silver prices over the past one week. 
12th Oct,2011
53000, 52798, 53037, 52627, 52601, 52822, 53268, 53042, 53437, 53291, 53395, 53531, 53472, 53416, 53685, 53769, 54112, 54300, 54110, 54331, 53949, 53864, 53975, 53753, 54154

11th Oct,2011
53250, 53030, 53486, 53244, 53385, 53198, 53118, 52990, 53253, 53160, 53093, 53443, 53281, 53248

10th Oct,2011
52285, 52944, 52835

9th Oct,2011
52290, 52285

8th Oct,2011
53322, 52918, 53287, 53260, 53185, 53291, 53508, 53346, 52876, 51531, 52200, 52171, 52233, 52275

7th Oct,2011
51323, 51975, 51645, 52244, 52373, 52807, 52851, 53370, 53620, 53625, 53331

6th Oct,2011
50028, 49115, 49501, 49372, 49335, 49967, 50173, 49965, 50820, 51415, 51323

and a  chart depicting the movement at NY over the last 6 months :

--------  or we should find a bounty of silver underground or beneath the sea, as was found out recently.  

Do read my earlier post on silver beneath the sea here

Regards – S. Sampathkumar
PS:   The names at the start of the article are the names of some leading mines and the countries where they are located.

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