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CBOT Precious Metals Roll - Standard Months versus Serial Months

The following is provided for clarification regarding “Standard” versus “Serial” months in CBOT® Gold and Silver contracts.

The Standard trading months for CBOT 100 oz. and mini-sized Gold futures are February, April, June, August, October and December. The other months are considered Serial months. The bulk of the open interest normally will roll from one Standard month to the next Standard month. For example, the bulk of the December Gold contract roll normally will go to the February contract.

The Standard trading months for CBOT 5,000 oz. and mini-sized Silver are March, May, July, September and December. The other months are considered Serial months. The bulk of the open interest normally will roll from one Standard month to the next Standard month. For example, the bulk of the December Silver contract roll normally will go into the March contract.

Standard option contract months exercise into the underlying Standard futures month. For example, December Gold options exercise into December Gold futures. Serial option contracts exercise into the nearest standard futures contract. For example, the January Silver Serial option contract exercises into the March Silver futures contract.

Questions in this regard may be directed to Jeff Campbell, Business Development, at 312-341-7264.

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