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Silver Futures

Silver Futures 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
Product Symbol SI
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 Type Physical
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.
Source: CME

Silver Facts

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.

Source: Barchart

Last updated May 2013

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