For thousands of years, our ancestors have recognized and taken advantaged of the beauty and versatility of silver. Countless civilizations, from ancient Greece to the United States, have relied on silver bullion to stabilize their currencies. Second in popularity, after gold, in the futures markets, silver is looked upon as a good investment because of its versatility and many industry uses. Silver futures can be used as a hedging tool for both producers and consumers of silver alike. Silver futures also offer advantages like central clearing, a liquid market, and transparency of price among traders.
|Silver Contract Specifications|
|Venue||CME Globex, CME ClearPort, Open Outcry (New York)|
|Trading Hours||CME Globex: Sun–Fri 5:00pm–4:15pm CT with a 45-minute break each day beginning at 4:15pm|
|CME ClearPort: Sun–Fri 5:00pm–4:15pm CT with a 45-minute break each day beginning at 4:15pm|
|Open Outcry: Mon–Fri 7:25am-12:25pm CT|
|Contract Size||5,000 troy ounces|
|Price Quotation||U.S. Cents per troy ounce
Please note: Prices are disseminated in U.S. Dollars and Cents
|Minimum Fluctuation||Outright transactions including EFP: $0.005 per troy ounce.
Straddle or spread transactions and settlement prices: $0.001 per troy ounce.
|Termination of Trading||Trading terminates on the third last business day of the delivery month.|
|Listed Contracts||Trading is conducted for delivery during the current calendar month; the next two calendar months; any January, March, May, and September falling within a 23-month period; and any July and December falling within a 60-month period beginning with the current month.|
|Settlement Procedure||Daily Silver Settlement Procedure
Final Silver Settlement Procedure (PDF)
|Delivery Period||Delivery may take place on any business day beginning on the first business day of the delivery month or any subsequent business day of the delivery month, but not later than the last business day of the current delivery month.|
|Trading at Settlement (TAS)||Trading at Settlement is allowed in the active contract month. The active contract months will be March, May, July, September and December. On any given date, TAS transactions will be allowed only in a single contract month. TAS transactions may be executed at the current day’s settlement price or at any valid price increment ten ticks higher or lower than the settlement price.|
|Grade and Quality Specifications||Silver delivered under this contract shall assay to a minimum of 999 fineness.|
|Exchange Rules||These contracts are listed with, and subject to, the rules and regulations of COMEX.|
Silver has been mined for thousands of years, originating in Asia Minor. Silver has played a major role in the history of global currency. The Ancient Greeks were the first to use silver coins. In 1792, the United States decided to base its monetary system on the silver dollar. U.S. usage of silver in currency was discontinued in 1965, and Mexico is the only country that uses silver in their coins.
Silver is used for a variety of products including jewelry, glass, and common household appliances. It is also used for electrical applieances. Due to its lustrous metallic element, silver can also conduct heat and electricity far better than other precious metals. Global leaders in world silver production include Mexico, Peru, and China. In the U.S., silver is produced in states such as Nevada, Alaska, Arizona, and Idaho.
Last updated May 2013
Silver News Articles
- Gold futures hover near five-month lows (12/4/2013) - The U.S.' strengthening economy dragged down gold futures on Wednesday as the yellowish metal slumped to its lowest level in nearly five months, according to Bloomberg.
- Gold futures continue downward drive (11/21/2013) - Confidence about the U.S. Federal Reserve preparing to taper economy-spurring monetary stimulus measures pulled down gold futures on Thursday as silver futures tracked bullion's slump, according to Bloomberg.
- Gold futures ease as Syrian compliance cuts tension (9/10/2013) - Reduced demand for protection of wealth tugged down gold futures on Tuesday as Syria appeared inclined to relinquish its chemical weapon arsenal to international jurisdiction, according to Bloomberg.
- Gold futures surge higher after data notes Chinese demand climbed (8/12/2013) - Increased Chinese demand pushed gold futures to their top price in about 21 days on Monday as the yellowish metal took silver futures along for the upward ride, Bloomberg reports.
- Gold futures benefit from strong Chinese data (8/9/2013) - Indications about Chinese interest growing prompted gold futures to climb on Friday as the yellowish metal marked a third-straight trading session of gains, according to Bloomberg.
- Gold futures advance past $1.4k (6/5/2013) - The U.S. dollar's strengthening halted on Wednesday, providing an aperture for gold futures to push past the threshold price of $1,400 per troy ounce, according to Bloomberg.
- Bernanke testimony prospects tug down gold futures (5/21/2013) - Gold futures were slipping on Tuesday, ahead of the congressional testimony of the chairman of the U.S. Federal Reserve, which emboldened the U.S. dollar, according to Reuters.
- Gold futures edge down as euro zone leaders aim to control fiscal issues (5/7/2013) - Gold futures on Tuesday were slumping amid indications that leaders in the debt-hobbled euro zone are set to implement efforts to control the fiscal crisis, according to Bloomberg. Dutch Finance Minister Jeroen Dijsselbloem outlined goals of the banking union project, instilling a measure of confidence that was one factor to draw down demand for the... Read More.
- Gold futures advance amid rising demand (4/18/2013) - Speculation about increasing demand prompted gold futures to spurt higher in value on Thursday, according to Bloomberg. China, the host of the globe's second-largest economy and one of the world's two top consumers of the precious metal, saw sales of the haven asset triple this past Monday and Tuesday, according to data released by the... Read More.
- Gold futures enter bear market (4/12/2013) - Investors' preference for the U.S. dollar pulled down gold futures on Friday as the precious metal dipped beneath the threshold price of $1,500 per troy ounce, according to Bloomberg. The U.S. dollar gained approximately 0.5 percent against the shared currency of the European Union, which also benefited the yellowish metal as it and the monetary... Read More.
Silver Blog Posts
- The Gold & Silver Speculator (11 Apr 2013) (4/11/2013) - This is a sample entry from Kurt Pfafflin’s newsletter, The Gold & Silver Speculator, published on April 10, 2013. SELL GOLD, SELL GOLD! GOLDMAN SACHS SEES DOWNTURN IN GOLD CYCLE ACCELERATING, SLASHES PRICE ESTIMATES & RECOMMENDS INITIATING NEW SHORT COMEX POSITION. MEANWHILE, BANK OF JAPAN OPENS THE QE MONETARY FLOODGATES SETTING THE COURSE FOR UNPRECEDENTED... Read More.
- The Gold & Silver Speculator (22 Mar 2013) (3/22/2013) - CATASTROPHE IN CYPRUS: DESPERATE TIMES CALL FOR DESPERATE MEASURES. EURO TROIKA (IMF/EU/ECB) AIMS BAZOOKA SQUARELY AT BANK DEPOSITORS & FIRES: OUTRIGHT THEFT AND CONFISCATION OF PRIVATE PROPERTY…DISASTER JUST AHEAD? Greetings! Despite the strange, absurd sense of normalcy that has somehow prevailed this week, the world is witnessing a horrifying, slow-motion bank robbery in progress. With... Read More.
- The Gold & Silver Speculator (15 Mar 2013) (3/18/2013) - This is a sample entry from Kurt Pfafflin’s weekly market commentary newsletter, The Gold & Silver Speculator, published on March 15, 2013. CONSPIRACIES ABOUND? BEWARE THE IDES OF MARCH! On this day over 2050 years ago, the great Roman Emperor Julius Caesar was brutally assassinated – viciously stabbed to death by a conspiratorial group of... Read More.
- The Gold & Silver Speculator (08 Mar 2013) (3/8/2013) - This is a sample entry from Kurt Pfafflin’s weekly market commentary newsletter, The Gold & Silver Speculator, published on March 08, 2013. GOLD FOR SALE! SPIKE LOWER ON NFP SURPRISE UNCOVERS VALUE BUYERS LOOKING FOR BARGAIN PRICES. CAVEAT VENDITOR. The Gold & Silver Bears got everything they wanted and more this morning – a positive... Read More.
- The Gold & Silver Speculator (27 Feb 2013) (2/27/2013) - This is a sample entry from Kurt Pfafflin’s weekly market commentary newsletter, The Gold & Silver Speculator, published on February 27, 2013. REALITY BITES: BERNANKE TESTIFIES – FOMC WILL CONTINUE ASSET PURCHASES UNTIL FED OBSERVES A SUBSTANTIAL IMPROVEMENT IN THE OUTLOOK FOR THE LABOR MARKET IN A CONTEXT OF PRICE STABILITY. BENEFITS OUTWEIGH RISKS… The... Read More.
- The Gold & Silver Speculator (14 Feb 2013) (2/14/2013) - This is a sample entry from Kurt Pfafflin’s weekly market commentary newsletter, The Gold & Silver Speculator, published on February 14, 2013. WHERE IS THE LOVE? GOLD & SILVER BULLS SPILL BLOOD AS BEARS INFLICT FRESH DAMAGE AHEAD OF G20 WEEKEND MEETING IN MOSCOW. IS THE RECENT CONSOLIDATION PHASE GIVING WAY TO BIGGER BREAKDOWN? OR... Read More.
- The Gold & Silver Speculator (05 Feb 2013) (2/6/2013) - This is a sample entry from Kurt Pfafflin’s weekly market commentary newsletter, The Gold & Silver Speculator, published on February 05, 2013. CHINA’S HISTORIC, STUNNING, INSATIABLE APPETITE FOR GOLD FLIES IN FACE OF RECENT EXTREMELY BEARISH GOLDMAN SACHS/CREDIT SUISSE ANALYST CALLS & CURRENT MARKET PESSIMISM OR SENTIMENT. If the Great Gold Bull Market, arguably one... Read More.
- Beyond the “Spotlight” (2/4/2013) - The Trade Spotlight advisory service applies the GBE trading methodology (buying or selling commodity contracts based on breakouts of chart formations and technical indicators) to identify one to two trade setups per week.
- The Gold & Silver Speculator (25 Jan 2013) (1/28/2013) - This is a sample entry from Kurt Pfafflin’s weekly market commentary newsletter, The Gold & Silver Speculator, published on January 25, 2013. JANUARY RALLIES IN GOLD & SILVER CUT DOWN AT CRITICAL RESISTANCE LEVELS JUST AS BULLS PREPARED FOR UPSIDE BREAKOUTS. BEARS REJOICE AS THEY INFLICT DAMAGE UPON FRESH, NEW LONGS AND HAPPILY SEPARATE THEM... Read More.
- Why You Shouldn’t Have Been Blindsided by Gold and Wheat Makes Its Move (12/20/2012) - This originally appeared as a blog post in Scott Hoffman’s Futures Insight Blog on Thursday, December 20, 2012. Gold bugs and other “true believers” in the precious metals futures tend to be about as stubborn (and masochistic) a group of traders as there is. They go long and are able to withstand an extreme amount... Read More.