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Gold/Silver Ratio Futures Settlement Procedure

Daily settlements of the Gold/Silver Ratio Futures (GSR) are determined by CME Group staff based on trading and market activity on CME Globex up to 12:25:00 Central Time (CT),

The Gold Futures price will be determined by a volume weighted average price (VWAP) during the 12:24-12:25pm CT period of the reference month. The Silver Futures price will be the settlement price of the reference month.

Gold VWAP

Tier 1:    All months are settled based on VWAP trades in the reference month Gold (GC) futures from 12:24:00-12:25:00 CT. 

Tier 2:   If there is no VWAP in the settlement period then the last trade is used and validated against the low bid/high ask of the settlement period.

Tier 3:   If there are no trades the prior day settle will be used and validated against the low bid/high ask of the settlement period.

Once a reference price is established for Gold, the Gold reference price will be divided by the settlement price of Silver to establish the settlement price of the ratio spread.

Contract Month

  
 

Gold

Silver

February

Feb

Mar

March

Apr

Mar

April

Apr

May

May

June

May

June

June

July

July

Aug

July

August

Aug

Sep

September

Dec

Sep

December

Dec

Dec

If you have any questions, please call the CME Global Command Center at 800.438.8616, in Europe at 44.800.898.013, or in Asia at 65.6532.5010.