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Silver Prices in Israeli Shekels
Silver is a global commodity and is traded all over the world. Generally speaking, an ounce of silver in Asia should cost the same as an ounce of silver in the U.S. The white metal can be transacted in any currency. If you are in Israel or the immediate region, you may buy or sell silver using the local currency, the Israeli Shekel. Prices may also be quoted in other currencies as well, and would likely be quoted per ounce, gram and kilo.
The Israeli Shekel is the official currency of the State of Israel. The new Shekel was introduced in 1986, replacing the previous currency that had become hyper inflated at a rate of 1000:1. The Israeli Shekel is issued by the Bank of Israel and can be subdivided into 100 smaller currency units known as agora.
The currency’s name is derived from an ancient biblical currency of the same name.
Silver Pricing in Israeli Shekels
Silver prices are typically quoted by the ounce, gram and kilo. Silver would likely be quoted in shekels, but may also potentially be quoted in other currencies as well. Regardless of what currency silver may be traded in, the silver market can be influenced by numerous factors.
Some of the primary drivers of the silver price include:
- Interest rates
- Currency values
- Industrial demand
- Investment demand
- Investor Sentiment
Unlike gold, silver has two very distinct sources of demand: Investment demand and industrial demand. Silver is used in an increasing number of industrial applications, and today is used in electronics, solar energy, nuclear energy, disinfectants, jewelry and more.
Although gold and silver have a tendency to move together at times, this industrial demand for silver has the potential to create a significant divergence in the price of silver versus the price of gold.
The Israeli Coins and Medals Corporation
Established by Prime Minister Ben Gurion in 1958, the Israeli Coins and Medals Corporation was established to produce products commemorating events of historical significance to the State of Israel. Like other national mints, the mint also produced coinage celebrating Israel’s achievements in areas such as culture, arts and sciences. The mint was government-owned until 2008 when it became privatized.
The ICMC is involved in several endeavors:
ICMC is the only distributor of collector coins issued by the Bank of Israel. It also produces medals for the State of Israel, as well as for other organizations. Medals are fabricated using gold, silver, bronze and other metals.
The ICMC is also involved in art sales as well as fine jewelry sales. ICMC even works with the Israeli Antiquities Authority to produce replicas of ancient Israeli artifacts.
The Holy Land Mint produces a variety of silver bars of .999 percent fineness. These silver bars feature beautiful design work. One bar features a view of Jerusalem through a window while another bar features the symbolic dove. The mint also produces various silver bullion coinage of .999 percent purity.
The citizens of Israel enjoy a high standard of living comparable to many Western European countries, and the Israeli economy is advanced.
In addition to being a major technological hub, Israel is also a major player in the diamond cutting and polishing industry.
The nation has little natural resources, however, and must rely on imports for some major needs such as energy.
Israel has attracted major foreign investment in recent years, and that foreign investment and venture capital have helped fuel some of the nation’s growth in technology. Israel has also performed well in this arena, likely due to having a very well-educated population.
Further advancement of the Israeli economy could potentially have a significant impact on the value of the shekel.
As the Israeli economy continues to grow, demand for silver could potentially increase. Technological advances could fuel more demand for silver from an industrial standpoint, while both institutional and individual investors may also look to silver as a means of further portfolio diversification.