Hong Kong Dollars 24 Hour Spot Silver Price
Hong Kong Dollars Silver Price History Charts
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Silver Price Hong Kong
Hong Kong is located to the south of the Chinese mainland and is officially known as the Hong Kong Special Administrative Region of the People’s Republic of China. The area is one of the most densely populated in the world, with over 7 million inhabitants in the region.
Hong Kong was previously part of the British Empire, but became part of China in 1997. Hong Kong runs its own government, and is autonomous when it comes to executive, legislative and judicial powers. The issues of defense and foreign affairs, however, still fall under Chinese authority.
Hong Kong today has become a major tourist destination and is also one of the globe’s major financial centers.
The official currency of Hong Kong is the Hong Kong dollar. The dollar, like many other global currencies, can be subdivided into 100 smaller units of currency called cents. Founded in April 1993, the Hong Kong Monetary Authority acts as the region’s de facto central bank and it is in charge of issuing and maintaining the currency.
If you are looking to buy silver in Hong Kong, you will likely see prices quoted in the local currency as well as other key currencies such as U.S. Dollars, Japanese Yen, euros or Great British Pounds. Silver is typically quoted by the ounce, gram or kilo.
The Hong Kong Mint was in operation from 1866 to 1868. The mint was located on Sugar Street and was built by the Governor of Hong Kong to provide a steady stream of silver dollars in the region. In Hong Kong’s early colonial days, various currencies were used to facilitate trade. The British Pound was the official currency of the region, but it was not widely accepted. Rather, merchants preferred various silver coins. The silver coinage produced, however, was also not well-received and the ongoing debasement of of the silver coinage fueled losses for the mint. Due to this, the operation was shut down after only two years.
Today, the Chinese Gold and Silver Exchange is the only exchange in Hong Kong that facilitates the trading of physical gold and silver bullion. The exchange dates back to 1910, and operates on a membership system with over 170 members. The exchange provides trading on numerous gold and silver products. The exchange also features its own assay department, known as the “Hong Kong Precious Metals Assay Centre.”
The price of silver in Hong Kong can be affected by many different factors. From an investment perspective, the price of the metal can be affected by such key economic issues as interest rates, currency values, stock markets, inflation and more. Because silver is also widely used in modern industry, it can see changes in price based on overall industrial demand. Jewelry markets can also have a dramatic impact on prices.
If you are looking to acquire as many total ounces of silver as possible, you may want to stock with bullion bars, rounds and coins. Silver bars and rounds, in particular, may provide a per-ounce cost savings compared to bullion or collectible coins.