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Home / Education / Markets / Metals Futures Overview / Silver Futures

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

Additional Info

Recent Posts on Silver

  • Three Easy Ways to Buy Gold and Silver (2/1/2022) - Most New Year’s resolutions are doomed from the start. You create too lofty a goal that must be accomplished in 365 days and usually commit too intensely in the first 30 and fall too easily back into bad habits by day 100.
  • Understanding Expiration And Futures Contracts Months (10/19/2021) - A futures contract is a legally binding, perishable security. Accordingly, each has a distinct expiration date on which the contract’s terms are settled. When the contract expires, it ceases to be tradable on the open market. The concept of expiration makes futures contracts finite instruments. If you’re trading shares or currencies, then there are no… Read more.
  • Top Tips for Building a Powerful Silver Futures Price Chart (8/17/2021) - CME silver futures (SI) give active traders a vast array of strategic options. No matter whether your horizon is intraday, day, or swing, buying and selling SI contracts can be lucrative. If you’re a metals trader, then the CME’s full-sized, E-mini, and E-micro silver contracts are certainly worth a look. For those with a technical… Read more.

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The StoneX Group Inc. group of companies provides financial services worldwide through its subsidiaries, including physical commodities, securities, exchange-traded and over-the-counter derivatives, risk management, global payments and foreign exchange products in accordance with applicable law in the jurisdictions where services are provided. References to over-the-counter (“OTC”) products or swaps are made on behalf of StoneX Markets LLC (“SXM”), a member of the National Futures Association (“NFA”) and provisionally registered with the U.S. Commodity Futures Trading Commission (“CFTC”) as a swap dealer. SXM’s products are designed only for individuals or firms who qualify under CFTC rules as an ‘Eligible Contract Participant’ (“ECP”) and who have been accepted as customers of SXM. StoneX Financial Inc. (“SFI”) is a member of FINRA/NFA/SIPC and registered with the MSRB. SFI does business as Daniels Trading/Top Third/Futures Online. SFI is registered with the U.S. Securities and Exchange Commission (“SEC”) as a Broker-Dealer and with the CFTC as a Futures Commission Merchant and Commodity Trading Adviser. References to securities trading are made on behalf of the BD Division of SFI and are intended only for an audience of institutional clients as defined by FINRA Rule 4512(c). References to exchange-traded futures and options are made on behalf of the FCM Division of SFI.

Trading swaps and over-the-counter derivatives, exchange-traded derivatives and options and securities involves substantial risk and is not suitable for all investors. The information herein is not a recommendation to trade nor investment research or an offer to buy or sell any derivative or security. It does not take into account your particular investment objectives, financial situation or needs and does not create a binding obligation on any of the StoneX group of companies to enter into any transaction with you. You are advised to perform an independent investigation of any transaction to determine whether any transaction is suitable for you. No part of this material may be copied, photocopied or duplicated in any form by any means or redistributed without the prior written consent of StoneX Group Inc.

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