How do the silver prices per ounce differ in each country?


Quick Answer

Silver prices are similar throughout the world with one ounce trading in the United States at $14.80, in Europe at $14.75, in India at $14.92, in China at $14.76, and in Russia at $14.74, as of September 2015. Prices are stable across borders because a large consortium of major players such as mining companies and refineries set worldwide prices.

Continue Reading

Full Answer

The London Bullion Market Association controls the worldwide silver market through silver fixing. The LBMA replaced the London Silver Fixing Company in August 2014. Now six LBMA members, HSBC Bank USA NA, JPMorgan Chase Bank, Mitsui & Co Precious Metals Inc., ScotiaMocatta, The Toronto Dominion Bank and UBS AG, set the global benchmark price of silver. In addition to repositories such as banks, LBMA members are traders, fabricators, producers and transport companies.

The LBMA also maintains a Good Delivery List of refiners in over 30 countries who meet their specific standards. This ensures accurate assay and quality of bullion held in LBMA-member vaults. Silver prices are set in U.S. Dollars per troy ounce by an auction that begins each workday at 12 p.m. GMT. Thomson Reuters then reports the day’s price through Elektron, a market data system.

Despite local traders dealing in silver contracts with local investors, LBMA ultimately settles the contracts through the transfer of bullion.

Learn more about Precious Metals & Gems

Related Questions