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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.
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.
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