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Silver Prices in Hong Kong Dollars
Although silver is usually a dollar denominated commodity, the metal can be bought and sold in any currency. If you are in Hong Kong, for example, you would likely see the price of silver quoted in the local currency: Hong Kong Dollars. Silver prices may also be quoted in other key currencies such as U.S. Dollars or euros. The price of silver is quoted in prices per ounce, gram and kilo.
The Hong Kong Dollar is the official currency of Hong Kong. The Hong Kong Dollar is also one of the most widely traded currencies in the world. Each Hong Kong Dollar, like a U.S. Dollar, is comprised of 100 cents.
Hong Kong did not always use its own currency, however. During the 19th century, Hong Kong used various currencies including Mexican Pesos, Indian Rupees and Chinese coins for transacting. Hong Kong was a British colony, and at one point sterling was introduced but never became widely popular or used. In 1863, the Royal Mint of London began issuing special coinage for use in Hong Kong. Three years later, a local mint was established to produce the area’s coinage. The local mint was intended to produce silver dollars and half dollar pieces. The mint did not last long, however, as the coinage was not well-received and the mint ended up shutting down just two years later.
In 1935, the Hong Kong Dollar was introduced. Hong Kong abandoned the silver standard and the currency used a crawling peg to sterling.
Hong Kong issues its own currency through the government and three local banks. Its currency operations are fully autonomous and are supervised by the Hong Kong Monetary Authority.
Hong Kong Dollars are backed up with U.S. Dollars, and a bank issuing Hong Kong Dollars must have an equal amount of U.S. Dollars on deposit.
Silver Pricing in Hong Kong Dollars
Silver can be traded in various currencies all over the world. As a global commodity, issues that affect the price of silver in Asia can also affect the price of silver in North America. Silver prices can see periods of relative quiet and only minor changes in price as well as periods of large price swings and heightened market volatility. Some of the major economic issues that can affect the price of silver in Hong Kong Dollars include:
- Interest rates
- Investment demand
- Industrial demand
- Currency markets
- Overall risk appetite or aversion
Unlike its counterpart gold, silver is widely used in modern industry. Silver is now used in such arenas as:
- Circuit boards
- Photovoltaic cells
- Nuclear control rods
- Solar energy
Silver prices can potentially be affected by supply and demand issues. A major mining disruption, for example, could potentially cause a significant rise in the price of silver.
Although gold and silver prices may have a tendency to move together, due to its industrial demand in addition to its investment demand, silver prices have the potential to diverge from gold prices.
The Chinese Gold and Silver Exchange
Asian demand for silver and other metals is a major influence on prices. More markets are looking to take a more active role in gold and silver pricing.
The Chinese Gold and Silver Exchange Society (CGSE) was founded in 1910 and is the only exchange in Hong Kong that trades physical gold and silver. The exchange is run on a membership basis, and currently has almost 200 members.
Asian demand for silver may potentially increase in the coming years and decades, and that demand could rise significantly. Silver may be highly sought after in the region, as more and more of the world’s technology is produced in the region.
Individual investors may also seek out silver for its potential to provide a hedge against a number of economic and geopolitical issues such as inflation, declining paper currency values and declining purchasing power. Silver also has the potential to rise in price based on industrial supply and demand as well as investment demand.
The Hong Kong silver market could potentially grow significantly in size and scope, and the country may potentially look to become an even larger player in global silver pricing and trade. You can see the latest strikes in stock by visiting our Chinese Mint product page.