General Characteristics Silver's unique properties make it a very useful 'Industrial Commodity', despite it being classed as a precious metal.

Demand for silver is built on three main pillars; industrial uses, photography and Jewellery & silverware accounting for 342, 205 and 259 million ounces respectively in 2002. Just over half of mined silver comes from Mexico, Peru and United States, respectively, the first, second and fourth largest producing countries. The third largest is Australia. Primary mines produce about 27 percent of world silver, while around 73 percent comes as a by-product of gold, copper, lead, and zinc mining. The price of silver is not only a function of its primary output but more a function of the price of other metals also, as world mine production is more a function of the prices of other metals. The tie between silver and economic activity is strong, given that around two-thirds of total silver fabrication is in the industrial and photographic sectors. Often a faster growth in demand against supply leads to drop in stocks with government and investors. Economically viable primary silver mine is a function of the world silver price level.

y y y y y y y y

World Silver Supply from Above-ground Stocks Million Ounces 2001 Implied Net Disinvestment Producer Hedging Net Government Sales Sub-total Bullion Scrap Total -9.5 18.9 87.2 96.6 182.7 279.3 2002 20.9 -24.8 71.3 67.4 184.9 252.3

Indian Scenario Silver imports into India for domestic consumption in 2002 was 3,400 tons down 25 % from record 4,540 tons in 2001. Open General License (OGL) imports are the only significant source of supply to the Indian market. Non-duty paid silver for the export sector rose sharply in 2002, up by close to 200% year-on-year to 150 tons. Around 50% of India's silver requirements last year were met through imports of Chinese silver and other important sources of supply being UK, CIS, Australia and Dubai. Indian industrial demand in 2002 is estimated at 1375 tons down by 13 % from 1,579 tons in 2001. In spite of this fall, India is still one of the largest users of silver in the world, ranking alongside Industrial giants like Japan and the United States. By contrast with United States and Japan, Indian industrial offtake for fabrication in hardcore industrial applications like electronics and brazing alloys accounts for only 15 % and the rest being for foils for use in the decorative covering of food, plating of Jewellery and silverware and jari. In India silver price volatility is also an important determinant of silver demand as it is for gold.

y y y y y

India Industrial Fabrication , 2002 Percentage Pharmacy & Chemicals Foil Plating Solders & Brazing Electrical Photography Jari 22.4 9 13.7 5.4 13.5 0.85 17.1

World Markets London Bullion Market is the global hub of OTC (Over-The-Counter) trading in silver. Comex futures in New York is where most fund activity is focused

y y

Frequency Distribution of Silver London Fixing Volatility from 1995 till date Percentage Change Daily Number of times Percentage times Weekly Number of times Percentage times Biggest Price Movement since 1995 Between February 4 - 6, 1998, daily prices rocketed by 22.3%, as on a noted US financier had accumulated nearly 130 ounces of physical silver. Note: Post September 1999 daily silver prices have not shown more than 5% movement once and weekly silver prices only once. 9 21 15 3.4 50 11.4 363 83.1 7 0.3 10 0.5 85 3.9 2086 95.3 > 7% 5-7% 3-5% < 3%

Market data:

ExpiryMonth Unit

Open(Rs)

High(Rs)

Low(Rs)

LTP(Rs)

PCP(Rs)

Change(%)

BuyQty

BuyPrice(Rs)

SellQty

Se

05DEC2011 1 KGS

55789.00

55789.00

54922.00

55030.00

55009.00

0.04

55057.00

Silver futures: Silver Futures contract started trading on NCDEX platform from 2004 onwards has witnessed considerable volatility. Using futures platform importers & domestic buyers can minimize their price risk. Wide range of Market participants ensure good price discovery. With ever increasing import demand, importers can insure themselves against price risk. Disparity between import prices provide good arbitrage opportunities to the various market participants. Factors influencing prices: Rising Demand Rise in Investor demand Robust Jewelry off take. Geo-political concerns US dollar movement against other currencies Indian rupee movement against the US dollar Central Banks diversifying into bullion

Fall in Supply
  

Central Bank Sales Slowing and Massive De-Hedging Low supply from Scrap sector Relevant periodical data, estimates & facts published by various agencies

Future prospects:


India is worlds largest importer of Silver. Total world fabrication demand forecast to be around 10% higher y-o-y in 2010. World Industrial offtake is expected to recover by 18% in 2010. Jewelry & Silverware demand combined expected to decline marginally due to continuing high prices. Whereas, with investors continue to demand silvers coins, Investment demand expected to grow

Current scenario: Domestic Market Indian Silver market is majorly Silver import market. Annual demand for silver in India is close to 2500MT - 3200MT comprising 50% demand from Industry, 39% from Jewelry & Silverware, 9% from Coins & 1% each from photography & Net implied investment. 77.1% of the total demand is met through imports, 18.8% from secondary silver & 2.5% from Hindustan Zinc which is the largest producer of silver in India. Most of the imports close to 50% is from China International Market Silver mine production rose by 4% to 709.6 Moz in 2009. Rise was mainly from primary silver mines and as a by-product of gold mining. Peru was the worlds largest silver producing country in 2009, followed by Mexico, China, Australia and Bolivia. All of these countries saw increases last year except for Australia, where output from the lead/zinc sector declined markedly. With respect to scrap supply, 2009 saw a 6 percent decrease over 2008s figure to a 13-year low of 165.7 Moz. This represented the third consecutive year of losses in the scrap category. Global primary silver supply recorded a 7 percent increase to account for 30 percent of total mine production in 2009. Total fabrication demand was lower by 11.9% in 2009 primarily due to global financial crises
List of pricing data :

Date

Prev Close Price

Open Price 0.00 0.00

High Price 0.00 0.00

Low Price

09-MAR-2011 56160.00 10-MAR-2011 56667.00

Traded Open Value(Rs. Delivery Volume Interest In Centre Lakhs) 0.00 56667.00 0 0 0.00 Ahmedabad 0.00 55439.00 0 0 0.00 Ahmedabad Close Price

11-MAR-2011 12-MAR-2011 14-MAR-2011 15-MAR-2011 16-MAR-2011 17-MAR-2011 18-MAR-2011 19-MAR-2011 21-MAR-2011 22-MAR-2011 23-MAR-2011 24-MAR-2011 25-MAR-2011 26-MAR-2011 28-MAR-2011 29-MAR-2011 30-MAR-2011 31-MAR-2011 01-APR-2011 02-APR-2011 04-APR-2011 05-APR-2011 06-APR-2011 07-APR-2011 08-APR-2011 09-APR-2011 11-APR-2011 12-APR-2011 13-APR-2011 14-APR-2011 15-APR-2011 18-APR-2011 19-APR-2011 20-APR-2011 21-APR-2011 23-APR-2011

55439.00 56403.00 56520.00 56615.00 54479.00 54631.00 54068.00 54824.00 54970.00 56120.00 56302.00 57500.00 57727.00 57580.00 57872.00 57695.00 57696.00 57963.00 58299.00 58097.00 58150.00 58914.00 59839.00 60193.00 60470.00 62231.00 63590.00 63250.00 62677.00 62882.00 64733.00 65678.00 66781.00 67700.00 68864.00 70960.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 56403.00 0.00 56520.00 0.00 56615.00 0.00 54479.00 0.00 54631.00 0.00 54068.00 0.00 54824.00 0.00 54970.00 0.00 56120.00 0.00 56302.00 0.00 57500.00 0.00 57727.00 0.00 57580.00 0.00 57872.00 0.00 57695.00 0.00 57696.00 0.00 57963.00 0.00 58299.00 0.00 58097.00 0.00 58150.00 0.00 58914.00 0.00 59839.00 0.00 60193.00 0.00 60470.00 0.00 62231.00 0.00 63590.00 0.00 63250.00 0.00 62677.00 0.00 62882.00 0.00 64733.00 0.00 65678.00 0.00 66781.00 0.00 67700.00 0.00 68864.00 0.00 70960.00 0.00 73896.00

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

0.00 Ahmedabad 0.00 Ahmedabad 0.00 Ahmedabad 0.00 Ahmedabad 0.00 Ahmedabad 0.00 Ahmedabad 0.00 Ahmedabad 0.00 Ahmedabad 0.00 Ahmedabad 0.00 Ahmedabad 0.00 Ahmedabad 0.00 Ahmedabad 0.00 Ahmedabad 0.00 Ahmedabad 0.00 Ahmedabad 0.00 Ahmedabad 0.00 Ahmedabad 0.00 Ahmedabad 0.00 Ahmedabad 0.00 Ahmedabad 0.00 Ahmedabad 0.00 Ahmedabad 0.00 Ahmedabad 0.00 Ahmedabad 0.00 Ahmedabad 0.00 Ahmedabad 0.00 Ahmedabad 0.00 Ahmedabad 0.00 Ahmedabad 0.00 Ahmedabad 0.00 Ahmedabad 0.00 Ahmedabad 0.00 Ahmedabad 0.00 Ahmedabad 0.00 Ahmedabad 0.00 Ahmedabad

25-APR-2011 26-APR-2011 27-APR-2011 28-APR-2011 29-APR-2011 30-APR-2011 02-MAY-2011 03-MAY-2011 04-MAY-2011 05-MAY-2011 06-MAY-2011 07-MAY-2011 09-MAY-2011 10-MAY-2011 11-MAY-2011 12-MAY-2011 13-MAY-2011 14-MAY-2011 16-MAY-2011 17-MAY-2011 18-MAY-2011 19-MAY-2011 20-MAY-2011 21-MAY-2011 23-MAY-2011 24-MAY-2011 25-MAY-2011 26-MAY-2011 27-MAY-2011 28-MAY-2011 30-MAY-2011 31-MAY-2011 01-JUN-2011 02-JUN-2011 03-JUN-2011 04-JUN-2011

73896.00 72588.00 68300.00 69601.00 73354.00 73601.00 73000.00 70119.00 64350.00 61401.00 56276.00 55560.00 56255.00 58300.00 60299.00 55000.00 55705.00 54900.00 55150.00 54180.00 53150.00 55255.00 54650.00 55010.00 54853.00 55000.00 56640.00 58882.00 58247.00 59147.00 59170.00 59429.00 59485.00 58552.00 56361.00 56285.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 72588.00 0.00 68300.00 0.00 69601.00 0.00 73354.00 0.00 73601.00 0.00 73000.00 0.00 70119.00 0.00 64350.00 0.00 61401.00 0.00 56276.00 0.00 55560.00 0.00 56255.00 0.00 58300.00 0.00 60299.00 0.00 55000.00 0.00 55705.00 0.00 54900.00 0.00 55150.00 0.00 54180.00 0.00 53150.00 0.00 55255.00 0.00 54650.00 0.00 55010.00 0.00 54853.00 0.00 55000.00 0.00 56640.00 0.00 58882.00 0.00 58247.00 0.00 59147.00 0.00 59170.00 0.00 59429.00 0.00 59485.00 0.00 58552.00 0.00 56361.00 0.00 56285.00 0.00 56020.00

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

0.00 Ahmedabad 0.00 Ahmedabad 0.00 Ahmedabad 0.00 Ahmedabad 0.00 Ahmedabad 0.00 Ahmedabad 0.00 Ahmedabad 0.00 Ahmedabad 0.00 Ahmedabad 0.00 Ahmedabad 0.00 Ahmedabad 0.00 Ahmedabad 0.00 Ahmedabad 0.00 Ahmedabad 0.00 Ahmedabad 0.00 Ahmedabad 0.00 Ahmedabad 0.00 Ahmedabad 0.00 Ahmedabad 0.00 Ahmedabad 0.00 Ahmedabad 0.00 Ahmedabad 0.00 Ahmedabad 0.00 Ahmedabad 0.00 Ahmedabad 0.00 Ahmedabad 0.00 Ahmedabad 0.00 Ahmedabad 0.00 Ahmedabad 0.00 Ahmedabad 0.00 Ahmedabad 0.00 Ahmedabad 0.00 Ahmedabad 0.00 Ahmedabad 0.00 Ahmedabad 0.00 Ahmedabad

06-JUN-2011 07-JUN-2011 08-JUN-2011 09-JUN-2011 10-JUN-2011 11-JUN-2011 13-JUN-2011 14-JUN-2011 15-JUN-2011

56020.00 0.00 0.00 0.00 56855.00 56855.00 0.00 0.00 0.00 57140.00 57140.00 0.00 0.00 0.00 56506.00 56506.00 0.00 0.00 0.00 57530.00 57530.00 0.00 0.00 0.00 56149.00 56149.00 0.00 0.00 0.00 56102.00 56102.00 54500.00 54500.00 54500.00 54500.00 54500.00 0.00 0.00 0.00 54980.00 54980.00 0.00 0.00 0.00 54844.00

0 0 0 0 0 0 30 0 0

0 0 0 0 0 0 30 30 30

0.00 Ahmedabad 0.00 Ahmedabad 0.00 Ahmedabad 0.00 Ahmedabad 0.00 Ahmedabad 0.00 Ahmedabad 16.35 Ahmedabad 0.00 Ahmedabad 0.00 Ahmedabad

Investors versus Traders in the Silver Market: Who Is Winning?

2006 was an important year in silver, because it marked the first time in 16 years that investors had begun to buy more silver than they sold (either in physical form or through trusts or holding companies). It marked the end of a powerfully demoralizing silver bear market where private investors sold over 2 billion ounces of silver- a pretty amazing number. Average investors had been far more bearish on silver than gold during this time, by the way, which is part of what makes the last five years so dramatic (and may also explain silver's parabolic price move.) 2006 also saw the introduction of the iShares Silver ETF, now the worlds largest silver ETF with over 300 million ounces of silver. Within a couple of years several other ETFs were established, like the Zurich Cantonal Banks Silver ETF, as well as the Sprott Physical SilverTrust. These entities allowed investors unprecedented ease of gaining exposure to silver with brokerage accounts, and have played a large role in popularizing silver investing (in addition to the Central Fund of Canada, which has been in existence since 1961.) More evidence of the bullish shift toward silver by the public came in 2008 during the financial crisis. As has been remarked elsewhere repeatedly, the large downdraft experienced by silver in 2008 came largely from the liquidation of large, paper long positions at the COMEX. While the COMEX does not have that much physical silver, it is without a doubt the market maker in terms of paper silver ounces, doing north of 70% of all paper trading volume in silver. This is why people pay attention to the inventories held there. But even as the silver price was being knocked lower on paper in 2008, millions and millions of physical ounces were being snapped up either by direct retail investment or through holding companies and trusts. And sure enough, by 2009, silver had recouped nearly all of its gains lost during the market meltdown of the fall of 2008. I think that was the first clue as to the power of the private investor demand for silver. This is another way of saying that while the COMEX can hardly be ignored as the world price maker in silver, it is not always in charge of the market price for the white metal.

Looking Back At The Last Silver Bull

During the phase of the last bull market in silver net investment (starting in 1963 when retail investors were allowed to buy silver bullion and not ending until 1989after the official bull market was over) it has been estimated that investors only became net sellers during about 7 or 8 of those 24 years.

Beginning in the 1960s, silver buying came both from investing in bullion, as well as from people simply hoarding silver coins still being produced by the U.S. mint until all silver was finally removed from U.S. coinage in 1968. By 1970, investors had purchased or hoarded over 1 billion ounces of silver. Then, during the next 19 years, silver net buying led to the hoarding of an additional billion ounces of silver bullion. (A historical perspective is provided in the 2009 CPM Yearbook, p. 8-10; and The Silver Institutess World Silver Survey, 1990, 6-9). How much net buying has gone on in the last five years? Only about 500 billion ounces, or a quarter of as much done between 1963 and 1989.

What caused silver disinvestment last time around

So the tectonic shift made by investors into silver in 2006 is likely far from over. This is all the more true when you consider the conditions that made investors sell their silver between roughly 1990 and 2005. While it is correct that the price of silver had been declining for some time in the 1980s (largely due to the Hunt's Corner blowing up coupled with positive real interest rates), silver investors had been fairly resilient during the 80s, having continued to buy a full eight years after the 1980 peak, albeit in decreasing amounts. Also remember that the average silver investor probably does not put more than 5-10% of their money into the metal, so they are able to absorb large percentage losses since those losses comprise such a small part of their overall net worth. So what caused these hardened silver investors to sell their silver beginning in the 1990s? It was seeing other people getting much more money on other investment opportunities in the go-go 90s. Silver investors weren't that afraid of losing money alone. But if you are losing money while other people are making a killing in stocks or junk bonds or real estate (as was the case between 1989 and 2005), then you might consider dumping even your small holdings of silver. But that was then and this is now. Can anyone out there tell me what kinds of assets in the coming years are going to make people want to dump their silver hedges? Any ideas?Any? To go back to what has been driving silver higher (investors): if only 5 years of net investment in silver has taken the metal from roughly 7 dollars to over 35 dollars, and the amount of that net investment today has only equaled about 500 million ounces, how high will silver go if, over time, investors buy the two billion ounces of silver that they did in 60s and 70s? I think you already know my answer. Of course the real reason to buy some silver is as a systemic financial hedge-you shouldn't be too concerned about the fiat price. But many people are concerned about the price of silver, and others claim silver is (or was) in a bubble. I think the facts say otherwise.

SILVER Description | Overview | History | Grading of silver | Silver producing countries | Indian silver market | Major trading centers

Description Silver is a white colored shiny element that is highly ductile and malleable and is used in making jewelry, coins and tableware. It is also used in chemical experiments as it provides a high electrical and thermal conductivity. It is found in the metallic state and also in a large amount of minerals mainly in argentite. That is why it is called argentum in Latin.

Overview Silver is a metal that is associated with metals like gold, lead, zinc and copper, though its unusual properties makes it very different from them. It is used in making various kinds of jewelry, as it is considered as a precious metal second to gold but its contribution in the various industrial sectors as a raw material makes it unmatchable. No other metal can replace silver as it has an endless number of uses.

Silver is produced throughout the world but an interesting fact remains that the primary source of silver is not the silver mines but the other sources of silver. Silver mines produce a small amount of silver that is 25% of the worlds total production and the rest of it is derived as a by-product from gold mines (15%), copper mines (24%), lead and zinc mines (34%) and other sources. The total production of silver in the world figures to be around 615 million ounces and Mexico is the leading silver producing country. The total demand of silver in the world amounts to be around 29 thousand tons. About 95% of this demand is contributed largely by three industrial sectors namely photography, jewelry and silverware sectors. The idea of silver as a holding asset and as a source of coinage is losing popularity to the idea of silver as an industrial commodity. The demand of silver in 2002 from these sectors was: Photography sector 342 million ounces Jewelry sector 205 million ounces Silverware sector 259 million ounces The countries that are the major consumers of silver are: y y y y y y y y y y y y

United states Canada Mexico United Kingdom France Germany Italy Japan India

History Silver is one of the oldest found metals on earth and it had been used in jewelry and utensils since 4th millennium B.C. Old books indicate that at that time it was extracted from lead. First attempt to mine silver is said to be have been made around 3000 BC in the areas of Anatolia. A process, culpellation was found out in order to extract silver from silver ores around 2500BC. This led to the discovery of more silver mines around the world. It was used as currency in many civilizations. Silver coin as a currency was first introduced in the eastern Mediterranean in 550 B.C. It started gaining popularity as a medium of exchange since then. The discovery of the American countries marked an important twist in the history of silver as the major silver mines in Mexico, Peru and Bolivia were found. There have been important technological improvements till now, which have resulted in the increased production of silver and have made it an unmatchable commodity.

Grading of Silver Silver that is found with some percentage of other elements in it is called impure silver. That is why it is graded upon its fineness. According to the Indian standards, silver is graded into six categories Grade 9999 Fineness 999.9 9995 999.5 999 999 970 970 925 925 916 916

Silver producing countries

y y y y y y y y y y y y y y y

Mexico (99 million ounces) Peru (98.4 million ounces) Australia (71.9 million ounces) China (63.8 million ounces) Poland (43.8 million ounces) Chile (42.8 million ounces) Canada (40.6 million ounces) United States (40.2 million ounces) Russia (37.9 million ounces) Kazakhstan (20.6 million ounces) Bolivia (13.1 million ounces) Sweden (9.4 million ounces) Indonesia (8.6 million ounces) Morocco (6.3 million ounces) Argentina (5 million ounces)

y y y y y

Turkey (3.7 million ounces) South Africa (3.2 million ounces) Iran (2.6 million ounces) Japan (2.4 million ounces) India (2.1 million ounces)

The above-mentioned figures are the silver production figures of the countries in 2004. Clearly, Mexico leads the list of silver producing countries. It contributes to about 15% of the worlds total production. As already mentioned, only 25% of the worlds total production (i.e. 615 million ounces) comes from the primary silver mines and the rest from other sources like refining of other metals and also from scrap recycling. World silver survey done in 1998 depicts that around 152.2 million ounces of silver was separated from the waste for recycling purposes. This percentage of separated silver has improved due to advanced methods of separation. United States is the major silver producing country through scrap and waste followed by Japan. Production of silver in India

India hardly produces any silver and is basically a silver importing country. It holds the 20th place in the list of silver producing countries and the total production of silver in India in 2004 was around 2.1 million ounces. The three major silver producing states in India are: y y y

Rajasthan Gujarat Jharkhand

Rajasthan is the leading silver producing state in India with a production of around 32 thousand tons. Gujarat follows on the second place with a production of around 20 thousand tons.

year Production Unit of Measure change 2002 2003 2004 2005 2006 52 51 15 32 23 Metric tons Metric tons NA -1.92 %

Metric tons -70.59 % Metric tons 113.33 % Metric tons -28.13 %

Indian silver market As mentioned above, India is primarily a silver importing country, as the production of India is not sufficient to satisfy the ever-growing domestic demand. The production of silver in India stands out at the figure of around 2.1 million ounces placing it at the 20th position in the list of major silver producing countries. The import of silver in India hovers over 110 million ounces that shows the huge size of Indian domestic demand. However, this import level fell sharply as a result of the decline in demand due to rise in silver prices and inconsistent monsoon on which the income of the rural sector depends. But, even this sharp decline could not affect Indias reputation of being one of the largest consumer countries of silver in the world. India stands third after United States and Japan among the leading consumers of silver in the world. The countries from which India imports silver and maintain the flow of silver in the market are: y y y y y

China United Kingdom European Union Australia Dubai

Over 50% share of import of silver in India is held by Chinese silver. The major importing center of silver in India was Mumbai but now it has been shifted to Ahmedabad and Jaipur due to high sales tax and octroi charges. Market influencing factors
y y y y y

Price movements of other metals Income level of the rural sector of the economy Available supply verses Fabrication demand Fluctuation in deficits and interest rates Inflation

Major trading centers of silver

y y y y y y

London Zurich New York (COMEX) Chicago (CBOT) Hong Kong Tokyo Commodity Exchange (TOCOM)

In India, silver is traded at the following places

y

Delhi

y y y y y

Indore Rajasthan Madhya Pradesh Mathura (Uttar Pradesh) Rajkot (Gujarat)

Also, silver is traded in the Indian commodity exchanges like National Commodity & Derivatives Exchange ltd, Multi Commodity Exchange of India ltd. and National Multi Commodity Exchange of India ltd

Exchange-traded products
Silver exchange-traded products represent a quick and easy way for an investor to gain exposure to the silver price, without the inconvenience of storing physical bars. Silver ETPs include:  iShares Silver Trust (NYSE: SLV) launched by iShares is the largest silver ETF on the market with over 340 million troy ounces of silver in storage.[26]  ETFS Physical Silver (LSE: PHAG) and ETFS Silver Trust (NYSE: SIVR) launched by ETF Securities.  Sprott Physical Silver Trust (NYSE: PSLV, TSX: PHS.U) is a closed-end fund created by Sprott Asset Management. The initial public offering was completed on November 3, 2010.[27] [edit]Certificates

U.S. $5 Silver Certificate.

A silver certificate of ownership can be held by investors instead of storing the actual silver bullion. Silver certificates allow investors to buy and sell the security without the difficulties associated with the transfer of actual physical silver. The Perth Mint Certificate Program (PMCP) is the only government-guaranteed silver-certificate program in the world. The U.S. dollar has been issued as silver certificates in the past, each one represented one silver dollar payable to the bearer on demand. The notes were issued in denominations of $10, $5, and $1; however, since 1968, they can no longer be redeemed for physical silver.

Accounts
Most Swiss banks offer silver accounts where silver can be instantly bought or sold just like any foreign currency. Unlike physical silver, the customer does not own the actual metal but rather has a claim against the bank for a certain quantity of metal. Digital gold currency providers and internet bullion exchanges, such as BullionVault, offer silver as an alternative to gold. At least some of these companies do not allow investors to redeem their investment in actual silver.

Why Silver Jewelry?

You have so many choices to buy jewelry, why would you want to buy silver jewelry. There are many advantages to buying silver jewelry these days. Some of them are:
y y y y y y y y y y y y y y y y y y y

Modern Fashion Traditional designs Sturdy and durable Cheaper Mexico (99 million ounces) Peru (98.4 million ounces) Australia (71.9 million ounces) China (63.8 million ounces) Poland (43.8 million ounces) Chile (42.8 million ounces) Canada (40.6 million ounces) United States (40.2 million ounces) Russia (37.9 million ounces) Kazakhstan (20.6 million ounces) Bolivia (13.1 million ounces) Sweden (9.4 million ounces) Indonesia (8.6 million ounces) Morocco (6.3 million ounces) Argentina (5 million ounces)

y y y y y

Turkey (3.7 million ounces) South Africa (3.2 million ounces) Iran (2.6 million ounces) Japan (2.4 million ounces) India (2.1 million ounces)

The above-mentioned figures are the silver production figures of the countries in 2004. Clearly, Mexico leads the list of silver producing countries. It contributes to about 15% of the worlds total production. As already mentioned, only 25% of the worlds total production (i.e. 615 million ounces) comes from the primary silver mines and the rest from other sources like refining of other metals and also from scrap recycling. World silver survey done in 1998 depicts that around 152.2 million ounces of silver was separated from the waste for recycling purposes. This percentage of separated silver has improved due to advanced methods of separation. United States is the major silver producing country through scrap and waste followed by Japan.