For decades, people looking for the best website for silver prices have wondered how, why, and when the silver price is set? What makes silver go up and down? Many people have scrutinized the market making systems, condemning them as rigged. Not long ago, we wrote about the legendary Hunt Brothers story of how they nearly cornered the Silver Market.
Market corners routinely threaten the integrity of Silver Prices. So we asked what is the best website for silver prices?
Michael Lewis, author of Flash Boys: A Wall St. Revolution, wrote about big banks and high-frequency trading firms. He explained how these firms were exploiting dark pools with AI. These firms were front-running orders to take advantage of investor trading. David Glovin writes how Deutsche Bank's admission of manipulating LBMA Gold and Silver prices has led to questions of other banks doing the same. So where should you turn?
Well, what about other metal exchanges? Does that mean the Commodities and Metals Exchange (COMEX) is the best source for silver prices? Perhaps not, suggests Sean Geddert. He notes how COMEX derivative trading is ripe for manipulative behaviour. Most websites combine various feeds from New York and London sources to get their silver price, and you can expect up to a $0.05 USD fluctuation.
Here are five contenders for the best website for Silver Prices, in no particular order:
1. The London Bullion Market Association (LBMA) allows certified banks and refineries to trade precious metals in several forms. These are: over-the-counter "spot," forwards, and options. To set silver prices, the LBMA uses a USD e-auction system of thirty-second rounds. These begin at 12PM London time. The LBMA aims to reach an equilibrium between buying and selling 100,000 troy ounce and 25,000 troy ounce orders of silver. Since 1919, when it set up the first Gold price fix at N M Rothschild & Sons' office, it has become the continental standard.
2. The Commodities and Mercantile Exchange (COMEX) is the second best website for silver prices. COMEX joined the New York Mercantile Exchange in 1994 and is part of CME Group. The CME group is one of the world's foremost derivates trading marketplaces. COMEX prices are rooted in futures contracts typically used for hedging risk, are hardly ever delivered on.
3. Bloomberg is private Manhattan company and one of the official third-party distributors of COMEX and LBMA prices. Founded in 1981 by famous New York mayor Michael Bloomberg and several partners, including Merril Lynch, its Bloomberg Terminals have become world renowned. One great thing about Bloomberg is how it features an array of prices, from Copper to Wheat.
4. Fastmarkets, which owns The Bullion Desk, is a premier provider and aggregator of precious metals feeds. They provide a range of free charts that are reliable and allow you take adjust the number of data points, frequency, and much more. You can also track the performance of other precious and non-precious metals.
5. NASDAQ Commodities is part of the National Association of Securities Dealers Automated Quotations (NASDAQ) Stock Market. Since its founding in 1971, it has become the second largest stock market in the world. It is licensed by the New York Mercantile Exchange, Inc. (NYMEX) to reflect 30-minute delayed COMEX prices. It forms an unbiased reflection of COMEX commodity prices making it one of the best websites for silver prices.
And here are five more websites contending for the best website for Silver Prices, again in no particular order.
6. CNBC makes our list for the best website for silver prices due to its broad news coverage and excellent graphing software. CNBC Pro offers other paid service from this Thompson Reuters-owned company. One key benefit is the ability to compare different commodity prices.
7. Infomine is a mining and mineral geared information service that both produces content and provides analysis tools. Based in Canada, it is also an online community represented in over 100 countries and has over 700,000 members. It's global presence and industry orientation makes it an excellent addition to our list of the best websites for silver prices.
8. The Royal Canadian Mint is may be the best website for silver prices online because it is the source of the Silver Maple Leaf. This coin is one of the most common precious metals products. The mint has been producing coins and currency for Canada since 1908. It now tools, manufactures, and more recently directly retails circulation and collectible products.
9. Kitco Silver contends for the best website for silver prices due to its popularity among investors and bullion users alike. Launched in 1995 by one of Canada's larger gold buyers and sellers, Kitco News has maintained a steady presence in the industry. More recently they have released a handy Android and iPhone App for thosewho want to track prices more closely.
10. Silverprice.org deserves honourable mention as among the best websites for silver prices. Owned by the Gold Price Group, located in Dallas, Texas, they provide prices in a range of convenient sizes for the public and dealers.
Conclusions on the best website for Silver Prices:
The best website for silver prices is always going to be up in the air. We've tried to give you as many unbiased sources as possible based on COMEX and LBMA prices. In reality, you can expect silver prices to fluctuate between feeds and markets by anywhere from 1 to 10 cents. In conclusion there is no one best website for silver prices, but there are many great ones you can rely on!