Silver
A precious and industrial metal priced in $/troy oz on COMEX, with dual drivers: safe-haven demand and industrial demand (solar panels, electronics).
Silver trades on COMEX in contracts of 5,000 troy ounces. Unlike gold, silver has significant industrial demand — approximately 50–55% of annual supply goes to industrial applications including solar photovoltaic cells, electronics, and medical devices.
This dual character makes silver more volatile than gold. It rallies with gold during risk-off episodes but also correlates with industrial metals during economic expansions. The Gold/Silver ratio is closely watched to assess relative value between the two metals.
Silver markets are smaller and less liquid than gold, making them more susceptible to short squeezes and dramatic price dislocations.
Example
Silver trades at $28.50/oz while gold is at $2,380/oz — a Gold/Silver ratio of 83.5x. Historically the ratio averages ~65x; ratio bulls buy silver (or buy silver, sell gold) expecting mean reversion.
Related Terms
Copper
The leading base metal and economic bellwether, nicknamed "Dr. Copper" for its ability to signal global economic health via demand from construction and manufacturing.
IntermediateGold
The premier precious metal and safe-haven asset, priced in $/troy oz on COMEX and driven by real interest rates, dollar strength, and risk sentiment.
BeginnerGold/Silver Ratio
The number of silver ounces required to buy one ounce of gold — a measure of relative precious metal valuation that traders use to rotate between the two.
IntermediatePrecious Metals
Gold, silver, platinum, and palladium — rare, durable metals with monetary history and industrial uses, traded as safe-haven assets and inflation hedges.
BeginnerSafe-Haven Asset
An asset expected to retain or gain value during market turmoil — gold, US Treasuries, and the Swiss franc are the classic examples.
Beginner