Silver Spot Price & Charts Indonesian Rupiah

Silver Prices in Indonesian Rupiah

In Indonesia, silver may be transacted in the local currency, the rupiah. Although silver is commonly traded and quoted in U.S. Dollars the white metal can be quoted and transacted in any currency. Silver prices are typically quoted by the ounce, gram and kilo. One ounce silver coins and rounds are extremely popular, while one ounce and 10 ounce bars are also a favorite among investors.

The Indonesian Rupiah is the official currency of Indonesia, and the currency is issued and controlled by the Bank of Indonesia. The rupiah gets its name from the Hindustani word rupiya, which is derived from Sanskrit. Each rupiah can be subdivided into 100 smaller units known as sen.

Silver Pricing in Indonesian Rupiah

Silver prices can be bought or sold by the ounce, gram or kilo. In Indonesia, prices would likely be quoted in the local currency, and may also be quoted in other key currencies as well. A stronger rupiah may potentially make silver relatively less expensive for investors, while a weaker currency may potentially make silver relatively more expensive.

Silver prices can be influenced by a number of economic and geopolitical factors. Some of the main factors that can drive price action in silver include:

• Interest rates
• Industrial demand
• Investment demand
• Currency markets
• Equity markets
• Risk appetite or aversion

Because silver has so many industrial uses, it may see strong demand from both investors and industry. Although silver and gold have a tendency to move together at times, this alternative source of demand for silver could potentially cause a significant divergence in the price of silver from the price of gold.

The price of silver is in a constant state of flux based on supply and demand. Silver prices may be set by a pricing mechanism such as the London silver price or exchange-traded futures contracts.

The Grasberg Mine

The Grasberg mine, located in Indonesia, is the largest gold mine in the world. The mine is located in Papua and is owned by Freeport-McMoran and the Indonesian Government. In addition to gold, the mine also produces copper and silver.

Indonesia also has refining ability. The Logam Mulia refinery, located in Jakarta, is the country’s only major gold and silver refiner. Logam Mulia produces silver bars of 999.5 percent fineness in both 250 gram and 500 gram weights.

Indonesia has a complete silver market. Silver can be mined, refined and sold all within the country’s borders. Silver may gain in popularity in Indonesia and other Asian nations, as it is far less expensive than gold ounce-per-ounce and it has many industrial uses.

In fact, the applications for silver seem to be consistently on the rise, and as more and more uses are discovered, demand may rise along with prices.

The Indonesian economy is one of the largest economies in Asia. It is also considered an emerging market economy. Indonesia has one of the highest levels of GDP in the world.

Beginning in the 1980s, significant investment found its way into this Asian country. U.S. investors put capital to work in oil and gas, and also got involved in various mining projects. Other nations such as Japan, the U.K. and India also invested in the nation.

Indonesia is rich with natural resources such as crude oil, natural gas, gold, silver, copper and tin. The country is an exporter of electronics, rubber, oil, gas and more.

The Indonesian economy, like other Asian economies, could potentially see strong future economic growth. As the economy grows, demand for silver could potentially increase from both industrial demand as well as investment demand.

Silver has a long history and reputation as a reliable store of wealth and value. Indonesian investors could potentially look to silver as another means of portfolio diversification.

With more uses for silver being discovered, and with silver demand for industries such as solar energy and electronics potentially on the rise, demand for the white metal could potentially see a significant increase in the years and decades ahead. With Asia being the hub of so much economic growth and technology, silver may play an increasingly important role to many economies in the region.

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