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Silver Prices in Swedish Krona
Although silver is a dollar-denominated commodity, the white metal can be quoted in or transacted in any currency. Silver is typically quoted by the ounce, gram or kilogram. If you are looking to buy or sell silver in Sweden, you would likely see prices quoted per ounce, gram and kilogram in Swedish Krona. The metal may also potentially be quoted in other currencies as well, such as the U.S. Dollar or euros.
The Swedish Krona is the official currency of Sweden. Because krona means “crown” in English, the currency is sometimes referred to as the Swedish Crown.
The Swedish Krona was introduced in 1873 to replace the riksdaler at par. This occurred when Sweden joined the Scandinavian Monetary Union. The krona can be subdivided into 100 smaller currency units, although these are no longer used. The Scandinavian Monetary Union consisted of Sweden, Norway and Denmark, and the union was in place until the beginning of the First World War. The union used a gold standard, and after it was dissolved each country kept the name of its respective currency.
The central bank of Sweden is known as the Sveriges Riksbank. It is also referred to as the Swedish National Bank or Bank of Sweden. It is the world’s oldest central bank, and one of the world’s oldest banks still in operation. The central bank’s primary objective is to promote financial and price stability through conducting monetary policy. The bank is tasked with maintaining stable levels of inflation, and currently has a 2% per year inflation target.
Silver Pricing in Swedish Krona
The silver market is constantly on the move and derives demand from three primary sources: Investment demand, industrial demand and jewelry demand. Some of the main influences on the price of silver include:
- Interest rates
- Equity markets
- Investment demand
- Industrial demand
- Jewelry demand
- Investor sentiment
Silver coins, bars and rounds are very popular with individual investors. The one ounce weight is very popular, and larger investors may look to larger bars such as the 10, 50 or 100 ounce weight.
Silver is widely used in many areas of modern industry. Some of the current arenas silver is used in include nuclear power generation, solar power generation, chemical production and electronics. As more and more applications for silver are discovered, industrial demand could potentially increase significantly. Such growth in industrial demand could potentially cause tighter supplies and higher prices.
The Swedish Economy
The economy of Sweden is an export-oriented developed economy. The nation’s economy is heavily dependent on foreign trade, and its primary areas of industry include telecommunications, chemical goods, forestry, iron and steel, precision equipment and motor vehicles. Sweden is a welfare state and finances its programs through relatively high income taxes.
Various forms of engineering account for half of the nation’s output and GDP, and Sweden has a highly skilled workforce. Sweden’s primary trading partners include the U.K., Germany, Finland, Denmark and the U.S.
Unlike many other European countries, Sweden did not participate in the Second World War, and therefore wasn’t forced to rebuild following the war’s conclusion. Today, Sweden’s citizens enjoy a very high standard of living through high-tech capitalism and significant welfare benefits.
The Government of the Kingdom of Sweden consists of a national cabinet that has full executive authority of the nation. In the government’s current form, the Swedish Monarch has no executive powers and serves as a ceremonial head of state. The cabinet is headed by a prime minister, who is appointed by the Speaker of the Riksdag. The prime minister then appoints other members of the national cabinet.
Further growth and expansion of Sweden’s economy could potentially increase demand for silver and other metals. This demand could potentially come from both investors as well as industry. Further growth and expansion of Sweden’s economy could also potentially strengthen the nation’s currency, making metals relatively less expensive.