Metals Trade in Chicago?

The COMEX and CBOT futures markets share four common metals contracts: gold, silver, mini-gold, and mini-silver. Besides the four gold and silver contracts, the COMEX/NYMEX also offers metals futures contracts for copper, aluminum, platinum, palladium, uranium and steel. In comparing the gold and silver contracts for COMEX and CBOT futures, there are some similarities, as well as differences.

If you are planning on trading open outcry metals Chicago is not the place for you. CBOT futures for metals are only traded electronically while COMEX gold and silver are traded both electronically and in the pit; open outcry hours are from 8:20 to 1:30 ET for gold and 8:25 to 1:25 ET for silver. The electronic hours offered by the CBOT differ from those offered by the COMEX. COMEX first introduced 24-hour metals trading on its GLOBEX platform in December of 2007. COMEX electronic trading starts at 6:00 P.M. ET on Sunday and goes until 5:15 P.M ET on Sunday, with a break in trading from 5:15 P.M. to 6:00 P.M. ET, Monday through Thursday. CBOT futures electronic trading hours for gold and silver are from 6:16 P.M. to 4:00 P.M. CT, Sunday through Friday.

CBOT futures ticker symbols are ZG for gold and ZI for silver. For the COMEX metals, the gold ticker symbol is GC and the silver ticker symbol is SI. The contract months for the gold and silver futures contracts traded on the COMEX and CBOT are the same. Gold futures contract months are the current month, next two months, February, April, August, and October – within a 23-month period – and June, December within a 60-month period. For silver, the contract months are the current month, next two months, January, March, May, and September – within a 23-month period – and July, December within a 60-month period.

The gold and silver contracts offered for COMEX and CBOT futures have the exact same specifications relating to size. The gold contract equals 100 troy ounces and the silver contract equals 5,000 troy ounces. The minimum tick value for the gold contracts is also equivalent. Although the contract size is the same for both silver contracts, the minimum tick values differ. The smallest tick a COMEX silver contract can move is .005 cents/ounce or $25/contract. The minimum tick for the CBOT futures silver contract is .001 cents/ounce or $5/contract. Looking at the contract differences as well as discrepancies in volume, open interest, and volatility between the COMEX and CBOT futures contracts is essential in finding the right market for you.

Trading in futures and options involves a substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results.