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Silver Prices in Mexican Pesos
The silver market is traded all over the world, and silver may be quoted in and transacted in any currency. The price of silver is typically quoted per ounce, gram and kilo in one or more currencies. If you are in Mexico, you would likely see silver quoted in pesos and possibly U.S. Dollars.
The Mexican Peso is the official currency of Mexico and is controlled and issued by the Bank of Mexico. The Mexican Peso is one of the most heavily traded currencies in the world, and its roots are from the Spanish Dollar.
Silver Pricing in Mexican Pesos
Silver is a global commodity and its price is in a constant state of flux. Whether silver is quoted by the peso, dollar, euro or other currency, the market price can be affected by numerous potential influences. Some of the biggest potential influences on the price of silver include:
- Interest rates
- Currency markets
- Investment demand
- Industrial demand
- Risk appetite or aversion
Silver prices, unlike gold, have two major sources of demand: Investment and industrial. More and more uses for silver are seemingly being discovered all the time, and as the number of industrial applications continues to grow, demand for the white metal may increase. Silver is currently used in many different industrial arenas including electronics, healthcare, solar energy, chemical production and more.
The Mexican Mint
La Casa de Moneda de Mexico is the official mint of Mexico. Established by Spanish Crown decree in 1535, the Mexican Mint is the oldest mint in the Americas. The mint produces coinage for the Bank of Mexico.
The Mexican Silver Libertad
The Mexican Silver Libertad Coin is a highly popular silver bullion coin produced by the Mexican Mint. The Libertad is the official bullion coin of Mexico, comparable to the American Gold Eagle or the Canadian Gold Maple Leaf.
The Mexican Silver Libertad coin is minted with .999 percent fine silver and features iconic design work. The coin’s obverse features the image of Winged Victory, while the coin’s reverse features the Mexican coat of arms.
The silver Mexican Libertad coin is available in several weights including 1/20, 1/10, ¼, ½ one ounce, two ounce, five ounce and 1 kilo. The Libertad is also available in a proof finish.
You can also purchase Mexican Silver Libertad coins that have been certified by a coin grading company such as NGC or PCGS.
The Mexican Economy
Mexico is becoming an increasingly powerful emerging market. Mexico has one of the largest economies in the world. The country relies heavily on exports, and its main trading partners are the U.S., Canada, China and Japan. The North American Free Trade Agreement (NAFTA) was put into effect back in 1994, and the amount of trade between Mexico, Canada and the U.S. has grown significantly since that agreement took effect. Mexico also has free trade agreements in place with numerous other countries to facilitate the easy movement of goods and services.
The Mexican economy exports numerous goods. Some of the country’s biggest exports include vehicles, electronic equipment, oil, machinery, plastics, gems, iron, steel and vegetables.
Mexico is one of the world’s largest silver producers. According to the Silver Institute, Mexico produced 189.5 (Moz) in 2015. Mexico has some of the largest silver mines in the world, and much of the nation’s silver comes from the Mexican silver belt, called La Faja de Plata. This belt extends some 800 kilometers along the Sierra Madre Occidental Mountains. According to Investingnews.com, it is the world’s most productive silver district. Silver production in the country has reportedly declined in recent years as demand increased while prices declined. Silver production in the country could, however, potentially increase again if prices rise and it makes monetary sense for companies to increase output.
As the Mexican economy grows, the demand for silver may potentially increase both due to increasing investment demand as well as increasing industrial demand. Silver may potentially be purchased by investors as a potential hedge against inflation, declining paper currency values and more.