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Silver Prices in South African Rand
The silver market sees demand from both the investment community as well as industry. Prices are constantly on the move, and the metal is traded all over the world. Silver prices are typically quoted by the ounce, gram and kilogram. One ounce bars, coins and rounds are a favorite among individual investors. Silver can be traded in any currency. If you are looking to buy or sell the metal in South Africa, for example, you would see prices quoted per ounce, gram and kilo in rand.
The South African rand is the official currency of South Africa. The rand is also the currency used for the common monetary area between Lesotho, South Africa, Swaziland and Namibia. The South African Rand is named after the ridge on which the city of Johannesburg is built, otherwise referred to as “Witwatersrand.” This same location is where the majority of South Africa’s gold deposits have been found.
Like the U.S. Dollar, the rand can be subdivided into 100 smaller units of currency called cents. The rand, however, uses a comma between whole units and cents rather than a decimal point.
The rand is issued and controlled by the central bank of South Africa, known as the South African Reserve Bank. This central bank was established in 1921 and was one of the first central banks created outside of the U.K. and Europe.
Silver Pricing in South African Rand
As a global commodity, silver is constantly changing hands all over the world. The white metal has three primary sources of demand: Jewelry, investment and industrial. These multiple demand streams could potentially fuel a price divergence between gold and silver, which often have a positive correlation. Some of the main influences on the price of silver include interest rates, currency markets, geopolitics, coin demand and industrial demand.
Silver is widely used in numerous industrial arenas. The white metal is currently used in solar energy production, nuclear power, chemical production and electronics. As more potential applications for silver are discovered, demand and prices for the metal could potentially increase.
The South African Mint
In addition to circulation coinage for the country of South Africa, the South African Mint also produces both bullion as well as numismatic coins. The mint has an excellent reputation for producing quality products, and it takes great pride in its long history of over 120 years in operation. The mint utilizes modern minting technology to produce products that celebrate the history and heritage of the nation.
The South African Mint is known all over the world for its Gold Krugerrand Coin. This gold bullion coin has been a mainstay among gold investors and coin collectors since it was introduced 50 years ago.
The South African Mint is now adding a silver krugerrand coin to its collection. This commemorative silver bullion coin celebrates the monumental 50th anniversary of the krugerrand coin program. These silver coins will feature the same obverse and reverse designs as the gold krugerrand and will also be available in proof version as well.
The South African Economy
The South African economy is the largest in Africa and the country accounts for a significant portion of the continent’s GDP. The South African economy has made great strides in the last 20 years, but it still faces numerous hurdles toward becoming even more productive. Issues such as unreliable electricity access, crime, income inequality and low levels of education stand in the way of the economy reaching its full potential.
South Africa has a significant mining history. Beginning in the mid to late 1800s, the country saw large-scale mining operations get under way. This eventually led to the Witwatersrand gold rush in 1886. Significant gold discoveries have been made in the country, and it is still one of the world’s largest gold producers today. The country is also a major coal exporter and major producer of iron ore. South Africa also has deposits of chrome, platinum, manganese, and vanadium.