Silver Price

Technical Analysis Silver Futures

About Silver

For trading silver on the stock exchange, futures contracts and options are most often used as the most convenient tool for profiting from changes in its price.

Silver futures are traded on several commodity exchanges - NYMEX, COMEX, CME, ICE, LME.

NYMEX (business hours 08:10-15:20 New York time (GMT-04:00 and GMT-05:00 in winter)) and COMEX (08:00-13:30 New York time). The division is arbitrary, since both NYMEX and COMEX are components of the CME Group conglomerate.

The contract ticker on the Chicago Mercantile Exchange (CME) is SI, its volume is 5,000 troy ounces, and silver is quoted in US dollars.

The minimum step is $0.005 per troy ounce or $25 per 1 contract. According to the rules, futures are quoted for 3 consecutive months (current + 2 next), as well as in any January, March, May or September in the next 23 months and in any July or December in the next 60 months.

Similar futures are traded on the Intercontinental Exchange (ICE). In addition, on many sites there are mini-contracts with a reduced lot.

For example, on the CME it has the ticker QI and is 2500 ounces, half the size of a standard lot. Step $0.0125 per ounce or $31.25 per contract.

On the London Metal Exchange (LME), contracts are traded under the ticker AG and have the same volume of 5,000 ounces.

On the Tokyo Commodity Exchange (TOCOM), silver futures have a number of differences. First of all, they have a numerical ticker of 12, and their volume is 10 kilograms. The currency of settlements on them is also not dollars, but yen.

In addition to the listed futures, there is also trading on the currency exchange. In this case, we are talking about the XAGUSD pair.


The largest silver mining countries are:
  • Peru;
  • China;
  • Russia;
  • Poland;
  • Australia;
  • Chile;
  • Bolivia;
  • Argentina;
  • USA.

As for the price of silver, over the past 10 years it has not risen in price and updated the lows over and over again.

When analyzing the silver market, consider:

Silver is driven relative to gold. The fact is that companies developing deposits deal with 3-4 precious metals at the same time. Gold is a more popular commodity, if the price of it rises, then the production capacity of gold miners will also grow, then attention will be paid to silver.

The situation in the countries leading in silver mining. If, for example, a coup d'état occurs in Mexico, this will immediately affect the price of the precious metal. The cost will include an uncertainty factor.

Seasonal factor. For example, during the wedding period in India, due to an increase in demand for gold, an empty place is created in the precious metals market, which can be occupied by silver.

The general state of the world economy. The main consumption of silver falls on the industry, so in times of crisis, silver does not grow as rapidly as gold. Investors are in no hurry to transfer capital into it.

The price of silver depends on the balance of supply and demand. For a sharp increase, an equally sharp increase in demand for the precious metal is needed.

Also, the silver rate today depends on information about the discovery of new deposits.

The course may be affected by breakthroughs in the chemical industry, for example, making it possible to recover silver from waste.

Industry and Silver

The physical properties make it possible to use the metal in the manufacture of electrical contacts of complex equipment, elements for microwave technology, mirrors, the food industry (the additive E174 is based on silver) and other products.

In everyday life, coins are minted from this metal, jewelry and cutlery are made.

Due to its high light sensitivity, silver is used in photography.

The chemical properties of the metal make it possible to use it as a catalyst in oxidation reactions, for the manufacture of batteries, explosives, and also in gas mask filters.

Silver iodide can even be used to disperse clouds. Relatively recently, silver began to be actively used in the textile industry for the manufacture of special fabrics.

Of course, significant amounts of silver are stored in the form of bars in the state gold and foreign exchange reserves, and are also used as an investment asset both in short-term trading and for long-term investments.

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Elliott Wave Forecast: Silver (XAGUSD) Needs More Downside Before a Pullback

Short term Elliott Wave forecast on Silver (XAGUSD) continued with bearish momentum from 10.04.2022 high calling for further downside. Decline from 10.04.2022 high is unfolding as a 5 waves impulse. Down from 10.04.2022 high, wave ((i)) ended at 19.92 and rally in wave ((ii)) ended at 20.87. Then silver resumes the drop as wave ((iii)). Internal subdivision has another 5 waves in lesser degree. The 60 minutes chart below shows the internal subdivision of wave ((iii)).

Down from wave ((ii)), wave (i) ended at 20.34 and rally in wave (ii) ended at 20.82. Down from wave (ii), wave (iii) ended at 18.84 and wave (iv) ended at 19.30. Wave ((iii)) decline ended at 18.34 and wave ((iv)) ended at 19.07. Final leg lower wave ((v)) is in progress.

We are expecting more downside to break 18.34 low to complete a wave ((v)) and wave 1. When the impulse lower has completed we should see a bounce in 3, 7 or 11 swings higher. This correction should fail as far as pivot at 21.25 high stays intact.

SILVER 60 Minutes Elliott Wave Chart

Elliott Wave Forecast: Silver (XAGUSD) Needs More Downside Before a Pullback

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