Precious Metals Update

  • 18 Oct 2018
  • By CME Group
  • Topics: Metals

Recent Developments

Gold Futures

  • Average Daily Open interest in Gold futures is up by 14% YoY in 2018 year-to-date

    (Source: CME. Data as of 31 Jul 2018)

  • According to the Commitment of Traders Report published by the CFTC, net position in COMEX Gold futures across Money Managers trending down in 2018

    From net long of 176,556 contracts on August 15, 2017 to net short of 83,324 on 14 August 2018.

    (Source: CFTC. Data as of 14 Aug 2018)

  • Gold futures two highest volume quarters all time were Q1 2018 and Q2 2018. Gold Futures year to date average daily volume of 353,276 contracts, up 22% YoY

  • Non US volumes in Gold is driving majority of the growth, an average of 159K contracts of Gold futures are traded outside the US every day, up 54% YoY YTD

    (Source CME. Data as of 31 Jul 2018)

Gold Futures – Screen Liquidity

  • Efficiency on Central Limit Order Book

    During active Europe/US trading hours on average, top of the order book spread is consistently tight - 1 tick (10cent/oz) wide with the average depth being 27 lots (2,700 oz gold).

    (Source CME. Data as of 31 Jul 2018)

E-Micro Gold Futures

  • Average daily volume for E-Micro Gold futures (contract size 10oz) so far this year was 6,210 contracts (62,100 troy oz.), up by 49% YoY.

    (Source CME. Data as of 31 Jul 2018)

Silver Futures

  • Average daily volume for the suite of Silver futures so far this year is 100,281 contracts (about 500 million troy oz.), up by 12% YoY.

    (Source CME. Data as of 31 Jul 2018)

PGM Futures

  • Due to Palladium shortages the Palladium & Platinum Futures spread has traded a premium for the majority of 2018.

    Palladium & Platinum Futures first active month spread went from historically a large discount to a premium for the first time in 16 years in late September of 2017.

    (Source Bloomberg. Data as of 21 Aug 2018)

  • Average daily volume for Platinum & Palladium Futures so far this year is 22,025 up by 21% YoY and 5,680 contracts down 2% respectively.

    (Source CME. Data as of 31 Jul 2018)

Gold Options – Transparent and efficient way to trade

  • Narrow bid-offer on CME Globex

  • Instantly monitor prices, implied volatility and greeks in real-time on CME Direct

  • Explore the world of advanced Gold analytics with value- added QuikStrike tools

  • RFQ functionality on CME Globex allows you to electronically execute multi-leg and hedged options strategies for COMEX Gold

  • Improved liquidity during the London Morning trading session and in Gold weekly options

    So far this year Gold options volumes are up 76% in the London morning trading session and Gold weekly options are up 231% year-over-year. (Source: CME. Data as of 31 July 2018)

Benefit from Margin Offsets

(Source: CME. Data as of 8/31/2018.) Margins are subject to change.

For more up-to-date information, please check CME Group website:

https://www.cmegroup.com/clearing/margins/inters.html#exchange=CMX&sector=METALS
http://www.cmegroup.com/clearing/margins/inters.html#exchange=NYM&sector=METALS

Access the Global Precious Metals market at CME Group

To learn more about Precious Metal futures and options, please visit cmegroup.com or contact metals@cmegroup.com.

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