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Silver Prices in Czech Koruna
Even though silver is often transacted in dollars, the white metal can be transacted in any currency. For those looking to buy or sell silver in the Czech Republic, the metal would likely be transacted in the local currency, the Czech Koruna. The price of silver would likely be quoted in Koruna per ounce, gram and kilo, and may also be quoted in one or more other currencies such as the U.S. Dollar or euro.
The Czech Koruna has been the official currency of the Czech Republic since 1993, when it replaced the Czechoslovak Koruna following the dissolution of Czechoslovakia. The currency is sometimes referred to as the Czech Crown.
The Czech Republic does not participate in the shared euro currency. At one point, the nation had planned on adopting the euro in 2010, but the nation then elected to suspend that plan indefinitely in 2005. The possibility of adopting the euro never seemed to be very popular among the Czech people.
Silver Pricing in Koruna
If you are buying or selling silver in the Czech Republic, chances are you will see silver prices quoted in the local currency as well as some other currencies such as dollars. Prices will often be quoted in various weights as well, including per ounce, gram and kilogram.
The price of silver is always changing, and can have periods of relative quiet as well as periods of market volatility. Regardless of what currency silver is traded in, the market can be influenced by numerous factors. Some of the biggest factors that can influence the price of silver include:
- Interest rates
- Currency markets
- Investment demand
- Industrial demand
- Risk appetite or aversion
Unlike gold, the silver market can be significantly affected by both investment demand and industrial demand. Silver is used in many areas of modern industry, including:
- Circuit board contacts
- Water purification
- Implants and prosthetics
And much, much more.
The potential applications for silver seem to be increasing, and as industrial demand for the metal grows, prices could potentially rise. The industrial demand for silver could also potentially cause a divergence between gold and silver prices, which often exhibit a close correlation.
Countries such as the Czech Republic that are heavily involved in industries such as manufacturing and electronics may see a growing need for silver as its uses multiply and if production levels of various products increase.
The Czech Mint
The Czech Mint was founded in 1993 following the dissolution of Czechoslovakia. Since it was founded, the Czech Mint has been the exclusive supplier of circulation coinage as well as commemorative coins for the central bank of the Czech Republic. The Czech Mint also produced various medals, tokens and pendants. The mint has to buy its blanks from various suppliers abroad, as there is no local production.
The Czech Mint uses three mintmarks on its products. The “b” with a crown is used for circulation coinage. The “CM” is used for medals made with precious metals. The “CM” with a crown is used for the mint’s own products according to its issue plan.
The Czech Republic reportedly has one of the lowest unemployment rates in the EU. The Czech Republic is involved in numerous areas of industry including chemical manufacturing, iron and steel production, engineering, machine-building, pharmaceuticals, electronics and more.
The Czech Koruna could potentially see appreciation against its counterpart the euro in the coming months or years. Factors that could potentially affect the currency’s value include interest rates, inflation levels and economic output.
Not only could industrial demand for silver potentially rise in the Czech Republic, but investment demand could rise as well. A number of potential issues could fuel silver demand from Czech investors. Some of these possible issues might include uncertainty over the EU and the euro, ongoing accommodation by global central banks, changes in inflation expectations and geopolitical dynamics. In addition, investors may look to silver and other precious metals as simply a way to gain further portfolio diversification.