CME Group Micro Gold and Silver Products Update – September 2020

  • 8 Sep 2020
  • By CME Group
  • Topics: Metals

Micro Gold Futures (MGC) update

  • August was characterized by high levels of volatility in both Gold and Silver, with the markets fluctuating wildly during the first half of the month before becoming relatively calmer in the second half.
  • The COMEX Gold (GC) market traded to fresh all-time highs during August 2020.
  • The active December GC contract traded to a high of 2089.2 USD/oz on Friday, August 7.
  • The COMEX Silver (SI) active contract traded up to a high of 29.915 on Friday, August 7, a level not seen since February 2013.

Source: CME Group

* APAC hour represents 8 a.m.-8 p.m. SGT/HKT

Source: CME Group

MGC and SIL price movement and daily range (expressed in terms of 1 lot notional)

Source: CME Group

* Intraday price movement is expressed as the difference between the daily high price and the daily low price, multiplied by the contract notional size in troy ounce.

Source: CME Group

Options heatmap

From the period of July 28-August 28, the following options showed relatively large builds (+) or decreases (-) in OI:

  • Mar ’21 2400 calls (+9,973 lots)
  • Mar ’21 2700 calls (+20,002 lots)
  • Mar ’21 3000 calls (+10,540 lots)
  • Oct ’20 1900 puts (+4,427 lots)
  • Dec ’20 2000 calls (-11,108 lots)
  • Jan ’21 2000 calls (-7,018 lots)

Source: QuikStrike Options heatmap tool

Key economic events in September

  • September 1 – US ISM Manufacturing PMI – 10 p.m. SGT/HKT
  • September 3 – US Balance of Trade – 830 p.m. SGT/HKT
  • September 3 – US initial Jobless claims – 830 p.m. SGT/HKT
  • September 4 – US Non-Farm Payrolls – 830 p.m. SGT/HKT
  • September 10 – US PPI – 830 p.m. SGT/HKT
  • September 11 – US Inflation numbers – 830 p.m. SGT/HKT
  • September 16 – US retail Sales – 830 p.m. SGT/HKT
  • September 17 – Fed Interest Rate Decision – 2 a.m. SGT/HKT

Useful resources

The data and output from this tool does not constitute investment advice and is not a personal recommendation from CME Group.  Nothing contained herein constitutes the solicitation of the purchase or sale of any futures or options.  Any investment activities undertaken using this tool will be at the sole risk of the relevant investor.  CME Group expressly disclaims all liability for the use or interpretation (whether by visitor or by others) of information contained herein. Decisions based on this information are the sole responsibility of the relevant investor.  Any visitor to this page agrees to hold the CME Group and its affiliates and licensors harmless against any claims for damages arising from any decisions that the visitor makes based on such information.