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Silver Prices in Norwegian Krone
The silver market is constantly on the move as the supply and demand equation changes. Although silver is often traded or quoted in U.S. Dollars, it can be transacted in any currency. The price of silver is typically quoted by the ounce, gram and kilo. Smaller investors may focus on one ounce coins, bars and rounds. Larger investors may be more interested in silver bars such as 50 ounce or 100 ounce bars.
If you are looking to buy or sell silver in Norway, you would likely see the price of silver quoted per ounce, gram and kilo in the local currency.
The Norwegian Krone is the official currency of Norway and its territories. Like many other currencies, the krone can be subdivided into 100 smaller units of currency (although only electronically).
The Krone replaced the spesidaler in 1875, allowing Norway to become part of the Scandinavian Monetary Union which had been established two years prior. Since 1992, the krone has been on a managed floating rate after it abandoned a fixed rate system.
At one time, kroner coins with a 10 and 20 kroner face value were struck in gold, although production came to an end in 1910.
Silver Pricing in Norwegian Krone
In Norway or its territories, the price of silver would be quoted in krone and possibly some other currencies. The price of silver is always changing based on many potential factors. Some of the biggest potential inputs into the price of silver include:
- Interest rates
- Investment demand
- Industrial demand
- Currency markets
- Overall investor sentiment
- Coin demand
Silver has three primary sources of demand including jewelry demand, industrial demand and investment demand. Individual investors may acquire silver as another way to potentially add diversification to their portfolios. Silver may also potentially provide a meaningful hedge against inflation and other economic or geopolitical issues.
Silver is also used widely in modern industry, and the potential applications for silver are likely to expand significantly. As modern technology advances, demand for this metal could potentially increase significantly. Silver is currently used in a wide variety of industrial arenas including solar power, health care, nuclear power, x-ray film, electronics and more.
The Norwegian Economy
Norway has seen strong economic expansion since the beginning of the industrial era and it is considered a developed, mixed economy. A big part of Norway’s economic growth has been its available natural resources. The country has deposits of lead, copper, natural gas, timber and oil.
Norway has a very high standard of living, and the government imposes significant taxes and fees on its citizens to maintain the many programs run by the country.
Norway provides a number of welfare programs for its citizens. Some of these include unemployment programs, education programs, retirement programs disability programs and more.
The Government is heavily involved in various areas of the country’s industry, having an ownership stake in such arenas as aluminum production, hydroelectric production, and oil production. The country also has a stake in a telecommunications company and a financial services company.
The Norges Bank
The Norges Bank is the central bank of Norway and is responsible for maintaining price stability and overall financial stability in the country. The bank also manages the Government Pension Fund of Norway. From 1986 to 1993, the Norges Bank used the overnight bank lending rate as a key policy rate. Starting in 1993, the bank began using the sight deposit rate as its key policy rate.
Like other central banks, the Norges Bank maintains foreign exchange reserves to help promote financial stability. The bank maintains reserves in a fixed income portfolio and equity portfolio. The bank also receives cash from the country’s petroleum activities in a petroleum buffer portfolio.
The Norges Bank produces coins and banknotes for the country of Norway. The bank also produces and sells commemorative coins including a 200 krone silver Constitution 200th anniversary coin and a 20 krone Norges Bank 200 years proof version circulation coin.