Silver (Ag)
Silver serves a dual role as both an industrial metal and a monetary asset. Industrial demand (solar panels, electronics, medical applications) accounts for over 50% of consumption. LBMA Good Delivery bars are 999+ fineness and weigh approximately 1,000 troy ounces.
- LBMA Good Delivery (999+)
- 9999 Fine
- Sterling (925)
- Industrial Grade
- CIF
- CIP
- DAP
Silver (Ag), in brief.
- Common origins
- Mexico
- Peru
- China
- Poland
- Australia
- Common destinations
- United States
- India
- United Kingdom
- Japan
- China
- Grades and specifications
- LBMA Good Delivery (999+)
- 9999 Fine
- Sterling (925)
- Industrial Grade
- Incoterms
- CIF
- CIP
- DAP
- Unit of measure
- Troy Ounces
What moves Silver (Ag) pricing
Silver prices off the LBMA Silver Price (London auction) and COMEX active futures. Industrial demand (~50% of consumption) drives silver more than gold: solar PV (silver paste in cells) is now the largest single demand source, followed by electronics and EVs. Investment demand cycles drive 100 troy oz bars and 1,000 oz Good Delivery bars. The gold-silver ratio (currently 80-90:1) is a closely-watched mean-reversion signal.
How Silver (Ag) cargoes are priced and settled
Good Delivery bars are 1,000 troy oz, 99.9% min. Industrial trade in granules and shot for solar paste manufacturing. Pricing is per troy ounce London Fix or COMEX. Most physical silver investment moves through 100 oz and kilobar formats, with retail premiums substantially above spot.
Silver (Ag) specifications and dispute practice
Refiner accreditation and bar lot quality are the main concerns. Industrial silver buyers (solar, electronics) often spec 99.99% or better, with specific impurity limits on lead, copper, and selenium relevant to their processes.
Where Silver (Ag) comes from and where it goes
Top mine producers: Mexico, Peru, China, Russia, Poland, Chile, Australia, US. Mexico alone produces ~20% of mined silver. Top consumers: China (solar manufacturing), India (jewelry and bars), US (industrial and investment). Solar industry concentration in China makes Chinese silver paste demand the dominant marginal driver since 2020.
Who trades Silver (Ag)?
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Related market pages.
- Gold (Au)Gold is the quintessential safe-haven asset and store of value, traded on LBMA and COMEX. Physical gold is delivered as London Good Delivery bars (400 oz, 995+ fineness) or smaller bars and coins. Central banks, jewelers, and investors are the primary demand drivers.
- Gold Dore BarsGold dore bars are semi-pure alloy bars produced at mine sites, typically containing 60-95% gold with silver and other impurities. They are shipped to LBMA-accredited refineries for processing into London Good Delivery bars. Dore pricing reflects a discount to refined gold for refining charges.
- Platinum (Pt)Platinum is a rare precious metal used in automotive catalytic converters, jewelry, and hydrogen fuel cell technology. South Africa supplies over 70% of global platinum, making it geopolitically sensitive. LPPM Good Delivery bars weigh between 1 and 6 kg at 999.5 minimum fineness.
- Palladium (Pd)Palladium is a platinum group metal primarily used in gasoline vehicle catalytic converters, where it neutralizes harmful emissions. Russia and South Africa together account for over 75% of global production. Palladium has experienced significant supply deficits, driving prices to historic highs.
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