Silver Futures Contracts - legally binding agreements for the potential delivery of physical silver at an agreed-upon price in the future (yet in the vast majority of silver futures contract trades, physical silver is never exchanged between parties, merely fiat currency is used for contract settlement).
This allows for silver futures contacts to be traded without actually having the physical silver to back them up. The amount of contacts being traded in a given day dwarfs the actual physical market.
So this means, in the vast majority of silver futures contract trades, physical silver is never exchanged between parties, and instead, only fiat currency is used for contract settlement. Silver futures contracts can be traded without actually having the physical silver to back them up.
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