CME Group Micro Gold and Silver Products Update – May 2021

  • 6 May 2021
  • By CME Group
  • Topics: Metals

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

  • Gold reversed three straight monthly declines to start the year in Q1 2021, by posting a gain of 3% in April.
  • The market came close to breaking the $1800 USD/oz barrier for the first time since late February, a level which looks important both technically and psychologically.
  • The silver market also enjoyed a 5.5% rebound in prices over the month, spurred by an overall bid to metals with industrial usage.
  • Volumes in Micro Gold and Micro Silver were subdued as investor positioning (as per the COT report) still looks very light compared to historical levels. The market may still be looking for the next clear catalyst in either direction.

Source: CME Group

*  APAC hours represent 8 a.m. – 8 p.m. SGT/HKT

Source: CME Group

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

Key economic events in May

  • May 7 – US non-farm payrolls – 8:30 p.m. SGT / HKT
  • May 12 – US inflation numbers – 8:30 p.m. SGT / HKT
  • May 14 – US retail sales – 8:30 p.m. SGT / HKT
  • May 20 – FOMC minutes – 2:00 a.m. SGT / HKT
  • May 27 – US GDP numbers – 8:30 p.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.