CME Group Micro Gold and Silver Products Update – November 2020

  • 11 Nov 2020
  • By CME Group
  • Topics: Metals

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

  • Gold and Silver traded a tighter range in October compared with the higher levels of volatility seen in Q3. Volumes in CME Micro contracts were subsequently lighter during October.
  • A selloff heading into the early election results has been met with a bid in the market, with Gold reclaiming 1950 USD/oz by the end of election week.

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

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

Options heatmap – Election week

In what was a quiet period in the options market pre-election results, between October 30 to November 7, the following options showed relatively large builds (+):  

  • Feb’21 2000 calls (+3,854 lots)
  • May’21 2250 calls (+3,990 lots)

Key economic events in November

  • November 12 – US inflation numbers – 9:30 p.m. SGT / HKT
  • November 13 – US PPI – 9:30 p.m. SGT / HKT
  • November 17 – US retail sales – 9:30 p.m. SGT / HKT
  • November 25 – US GDP – 9:30 p.m. SGT / HKT

Useful resources

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