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.

Start Trading Silver (Ag)
LBMA Good Delivery (999+)9999 FineSterling (925)Industrial GradeCIFCIPDAP
Quick Facts

Silver (Ag) at a Glance

Common Origins
MexicoPeruChinaPolandAustralia
Common Destinations
United StatesIndiaUnited KingdomJapanChina
Grades & Specifications
LBMA Good Delivery (999+)9999 FineSterling (925)Industrial Grade
INCOTERMS
CIFCIPDAP
Unit of Measure
Troy Ounces
Price Drivers

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.

Contract Structure

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.

Quality & Disputes

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.

Trade Flows

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.

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More in Precious Metals

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 Bars

Gold 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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