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| Silver |
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Silver has attracted man's interest for thousands of years. In ancient times, silver deposits were plentiful on or near the earth's surface. Relics of ancient civilizations, include jewelry, religious artifacts, and food vessels formed from the durable, malleable metal.
In 1792, silver assumed a key role in the United States monetary system when Congress based the currency on the silver dollar, and its fixed relationship to gold. Silver was used for the nation's coinage until its use was discontinued in 1965.
At the turn of the century, an even more important economic function was emerging for silver, that of an industrial raw material.
Today, silver is sought as a valuable and practical industrial commodity, and as an appealing investment. The largest industrial users of silver are the photographic, jewelry, and electronic industries.
Newly mined metal provides most of the needed supply, and Mexico, the United States, and Peru are the primary producers. Secondary silver sources include coin melt, scrap recovery, and dishoarding from countries where export is restricted. Secondary sources are particularly price sensitive.
Mining companies, fabricators of finished products, and users of silver-content industrial materials can use the COMEX Division silver futures and options contracts to manage their price risk. As a precious metal, silver also plays a role in investment portfolios. |
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