History & properties:
Silver has the symbol Ag derived from the Latin argentum. It has the atomic number
47. Silver is often found in close proximity to other ores, such as lead, copper and
zinc. Sterling silver is a commonly used alloy of silver containing 92.5% silver and
7.5% copper. Silver has the highest electrical conductivity of all metals, but its cost being 50 times
more expensive than copper has prevented it from being used more widely for
electrical purposes. First mined on a large scale around five thousand years ago in an
area that is modern-day Turkey, its use was widespread due to its ease of access
since silver deposits were on or near the earth's surface.
Exchange traded:
Silver is traded on the COMEX division of the New York Mercantile Exchange
(NYMEX), the Chicago Board of Trade (CBOT), and the Tokyo Commodities Exchange
(TOCOM). The COMEX silver futures contract specifies delivery of 5,000 troy ounces,
and is quoted in US cents per troy ounce. The Bloomberg ticker for the spot silver
price is SLVRLN and is quoted in US cents per troy ounce.
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