For thousands of years, our ancestors have recognized and taken advantaged of the beauty and versatility of silver. Countless civilizations, from ancient Greece to the United States, have relied on silver bullion to stabilize their currencies. Second in popularity, after gold, in the futures markets, silver is looked upon as a good investment because of its versatility and many industry uses. Silver futures can be used as a hedging tool for both producers and consumers of silver alike. Silver futures also offer advantages like central clearing, a liquid market, and transparency of price among traders.
Silver Contract Specifications
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Silver has been mined for thousands of years, originating in Asia Minor. Silver has played a major role in the history of global currency. The Ancient Greeks were the first to use silver coins. In 1792, the United States decided to base its monetary system on the silver dollar. U.S. usage of silver in currency was discontinued in 1965, and Mexico is the only country that uses silver in their coins.
Silver is used for a variety of products including jewelry, glass, and common household appliances. It is also used for electrical applieances. Due to its lustrous metallic element, silver can also conduct heat and electricity far better than other precious metals. Global leaders in world silver production include Mexico, Peru, and China. In the U.S., silver is produced in states such as Nevada, Alaska, Arizona, and Idaho.
Last updated May 2013.
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