Ohio Sterling Silver Price Calculator
Here’s a comprehensive table summarizing all you need to know about the current Ohio Sterling Silver price:
| Aspect | Details |
|---|---|
| Current Price | $30.25 per troy ounce |
| Date | November 15, 2024 |
| Recent Trend | Price trending down |
| Change | -1.23% from previous trading day |
| Sterling Silver (92.5%) Scrap Price | $22.33 per ounce2 |
| Sterling Flatware (92.5%) Buy Price | $25.12 per ounce5 |
| Sterling Jewelry (92.5%) Buy Price | $24.15 per ounce5 |
Key Factors Influencing Silver Prices
- Supply and Demand: Limited supply and constant demand contribute to silver’s value6.
- Economic Growth: Strong economic growth increases industrial demand for silver3.
- Inflation: Silver is often seen as a hedge against inflation and currency devaluation3.
- Interest Rates: Lower interest rates tend to increase silver prices, while higher rates decrease them3.
- Geopolitical Factors: Political instability and conflicts can drive safe-haven demand for silver3.
- Strength of the U.S. Dollar: Generally, a strong dollar puts pressure on silver prices6.
- Industrial Demand: Silver is used in various industries, including electronics, solar panels, and medical devices3.
- Investor Sentiment: Market trends and forecasts can lead to speculative trading and price volatility3.
- Global Events: Major events like pandemics or natural disasters can disrupt supply chains and alter demand patterns3.
- Regulatory Changes: Mining regulations and environmental policies can affect silver production and prices3.
The silver market is dynamic, with prices fluctuating based on these and other factors. Investors and traders should keep these aspects in mind when considering silver investments or transactions.