In commodity market terminology, Silver refers to a soft, lustrous, light-colored metallic element with high thermal and electrical conductivity. Silver is considered a precious metal and is used in the production of coins, jewelry, photography and utensils, as well as being used for the storage of wealth similar to Gold.
Silver futures trade on the COMEX, a division of the New York Mercantile Exchange or NYMEX, and on the Globex electronic platform of the Chicago Mercantile Exchange. COMEX Silver contracts are for 5,000 troy ounces, while the e-mini Silver futures contract is for 1,000 ounces. Both are quoted in U.S. Dollars with a minimum fluctuation of $0.10 per ounce. The symbol for Silver is SI.