Norway is a large Scandinavian country with a stable economy based on natural resource exports and internal trade. It exhibits features of both a capitalist and socialist society in extremely targeted ways, and this has largely prevented unemployment growth, economic issues, and other problems that many countries are prone to suffer from.
In terms of silver, this makes investing in miners and mining companies a great, low-cost, way to hold and build wealth due to the stability and lack of government demand driving up its price.
The Economy of Norway
The Norwegian economy is one of Europe's strongest. It shows consistent growth every year, and its citizens almost exclusively live comfortable lives in a financial sense.
This is due to the country's two-pronged approach to building and maintaining the economy, along with its in-demand natural resources.
Norway's economy is split into two sectors: State and private business. The private business sector allows Norway's citizens to enjoy the benefits of a free market, but its large state presence ensures that at-risk industries are kept in check and properly regulated. This is all supplemented with a large social safety net that protects citizens against poverty and ensures economic growth.
The resources exported by Norway include natural gas, petroleum, fish, and hydroelectric power. In fact, Norway is one of the leading petroleum producers in the world, and that's the driving force behind its economy.
This economic stability ensures that the precious metal prices in the nation, including silver, won't sporadically dip to ridiculous lows, and it makes silver investments safer than what they are in most countries.
The Currency of Norway
Norway has used the Norwegian Krone, or NOK, since 1875. It's similar to other major fiat currencies in many ways, and it's extremely strong on the global market. It's even openly traded on an international scale, and it's commonly used to hold wealth when one's currency is volatile.
Unlike the currency of most other EU members, the Krone is not pegged to the Euro, and Norway is unlikely to adopt the Euro any time soon. This is because, while technically part of the European Union, Norway is not a full member. It may continue to use kroner until it decides to fully join the EU.
The Krone's stability is a good reason many Norwegians don't stockpile silver, and this helps silver maintain its value and ease of trade within the country.
Buying Silver in NOK
The silver market in Norway is an odd one. Like all countries, Norway does have silver mines, the central bank does stockpile it to back the Krone, and it is frequently traded. However, there are no major economical demands for it, and the Krone is strong enough to prevent most citizens from actively collecting it.
This makes investing in one of Norway's silver mining companies a great alternative to coins and bars. While it's more of a stock, investing in a silver company provides larger potential returns that can be traded for fiat at any time.