Physical silver is actual metal (bars, coins like American Silver Eagles) bought from dealers for delivery or storage. Spot price: ~$110.47 bid / $110.72 ask per ounce (Kitco, Jan 26, 2026 ~21:24 NY time). Physical prices include premiums ($8–15+ above spot for coins due to minting/demand).
Paper silver includes futures, options, ETFs—financial contracts without owning metal. High volume/leverage drives volatility. COMEX front-month futures (March 2026 contract): last ~$110.37 per ounce (CME Group, delayed; intraday swings from ~$101–118 noted in reports).
New York refers to COMEX (CME Group), the main global hub for silver futures/paper trading and benchmark spot prices. Regional markets (e.g., Shanghai) show differences due to local demand/currency/premiums—Shanghai often higher (e.g., equivalent to ~$112+ USD/oz based on recent conversions from CNY quotes).
In summary:
◇ Physical = tangible metal ownership (with premiums).
◇ Paper = derivatives (speculation/hedging influence pricing).
◇ New York (COMEX) = primary exchange for paper silver.
Markets interact but differ; regional gaps are common, not proof of manipulation. Check live data at CME Group or Kitco.
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