CME Group Micro Gold and Silver Products Update – October 2020

  • 12 Oct 2020
  • By CME Group
  • Topics: Metals

Micro Gold (MGC) and Micro Silver futures (SIL) update

  • September saw quieter markets relative to August, although still exhibiting some volatile moves.
  • COMEX Gold (active December contract) failed at the 2000 USD/oz level early in the month, before enduring a selloff down to ~1850 USD/oz, which it held twice before rallying back towards 1900 USD/oz at the end of the month.
  • Silver also posted its monthly high early, printing 29.235 USD/oz on the active December contract, before following Gold lower ‒ albeit in a more amplified fashion. The low on September 24 was 21.81 USD/oz (~25% lower than its first September monthly high).

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

Between September 2 and October 2, the following options showed relatively large builds(+) or decreases(-) in OI

  • Feb’21 2450 calls (+5,401 lots)
  • Apr’21 2350 calls (+3,200 lots)
  • Apr’21 2250 calls (+3,000 lots)
  • Dec’20 2000 calls (-3,195 lots)
  • Feb’21 1950 calls (-6,202 lots)
  • Nov’20 1900 puts (+4,634 lots)
  • Nov’20 1850 puts (+3,866 lots)

Source: QuikStrike Options heatmap tool

Key economic events in October

  • October 6 – US Balance of Trade – 8:30 p.m. SGT / HKT
  • October 6 – Fed Chair Powell speech – 10:40 p.m. SGT / HKT
  • October 8 – FOMC minutes – 2 a.m. SGT / HKT
  • October 13 – US inflation numbers – 8:30 p.m. SGT / HKT
  • October 14 – US PPI – 8:30 p.m. SGT / HKT
  • October 16 – US retail sales – 8:30 p.m. SGT / HKT
  • November 3 – US presidential election

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.