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Silver Prices in Danish Krone
Silver is a dollar denominated commodity, but it can be bought or sold using any currency. If you live in Denmark, for example, you would likely buy or sell silver in the local currency. Silver prices would be quoted in Danish Krone, but may also be quoted in other currencies as well such as U.S. Dollars. Silver prices are typically quoted in prices per ounce, gram and kilogram.
The Danish Krone is the official currency of Denmark, as well as Greenland and the Faroe Islands. The word “krone” literally means crown, and sometimes the currency is referred to as the Danish Crown.
Currently, the Danish Krone is pegged to the euro using an EU exchange rate mechanism.
The Government of Denmark is considered a parliamentary representative democracy. It is also considered a constitutional monarchy with Queen Margrethe II as head of state. The cabinet of the government exercises executive power, and is presided over by the Prime Minister. Denmark has a multi-party system, with two major parties and several other significant parties. The government of Denmark is considered to be very efficient, and the people of Denmark are reportedly highly satisfied with the nation’s level of transparency and accountability. Denmark is considered one of the least corrupt countries in the world.
Denmark does not have a lot in the way of natural resources, thus its economy focuses on human resources. The country does have exports, however, and its main exports include fuel, chemicals and manufactured goods. Denmark maintains an unemployment rate lower than the area average, and has one of the lowest levels of income inequality.
Greenland has a small and mixed economy, and the area is highly dependent on the Danish Government for support. Greenland’s largest employer is the various administrators of the area, and people are also employed in the hunting, whaling, mining and energy industries.
The Faroe Islands consists of about 541 square miles with a population of just under 50,000. Since 1948, the islands have been a self-governing country within the Kingdom of Denmark, although Denmark still maintains control over some key areas such as defense, policing, the currency, justice and foreign affairs.
Silver Pricing in Danish Krone
If you are buying or selling silver in Denmark or its territories, you would likely see prices quoted in Danish Krone per ounce, gram and kilo. You may also see the prices quoted in some other key currencies such as U.S. Dollars or euros.
Silver prices, like other commodities, are always changing based on supply and demand and other factors. Some of the major issues that can impact the price of silver include:
- Currency markets
- Investment demand
- Industrial demand
Unlike gold, silver can potentially benefit from both investment demand and industrial demand. Silver is used in a wide variety of industrial applications, and the potential uses for the metal seem to be growing rapidly. Silver and gold prices often exhibit a close correlation, but industrial demand for silver could potentially cause a divergence from the price of gold.
Silver may also potentially be added to a portfolio as a way to add additional diversification from traditional stocks and bonds. Silver may potentially provide a meaningful hedge against a number of economic and geopolitical issues such as inflation, declining currency values and even deflation.
The Royal Danish Mint
The Royal Danish Mint has been part of the Danmarks Nationalbank since 1975. The mint was operated on a subcontractor basis until it became an independent institution in Copenhagen in 1739.
When the absolute monarchy was abolished in 1849, administration of the mint was turned over to the Ministry of Finance. The mint produced all Danish coinage as well as commemorative coins.
The Mint did strike the Krone in silver back in 1875. The coin featured King Christian IX of Denmark on the obverse, and the coat of arms of Denmark on the reverse. The coin was also minted in 1876, 1892 and 1898.
Another silver Krone was struck sometime later, in 1915 and 1916, with King Christian X featured on the obverse.