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Learn why traders use futures, how to trade futures, and what steps you should take to get started.
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Learn why traders use futures, how to trade futures, and what steps you should take to get started.
COMEX Gold futures (ticker symbol GC) represent the world’s leading benchmark futures contract for gold prices. The contract offers superior liquidity, trading the equivalent of nearly 27 million ounces daily.
GC futures have many uses: to diversify a portfolio, to invest in what is widely viewed as a safe haven asset in times of uncertainty, to hedge inflation, and even as a currency.
GC futures make it easy to take part in today’s gold markets, which can be very responsive to world events -- delivering opportunities in nearly all market conditions.
| Contract Size | 100 troy ounces |
| Minimum Tick | $0.10 per troy ounce |
| Dollar Value of One Tick | $10 U.S. Dollars |
| Product Symbol | GC |
| Trading Hours | Sunday - Friday 5:00 p.m. – 4:00 p.m. CT with a 60-minute break each day at 4:00 p.m. CT |
| Contract Months | Monthly:
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| Trading Venue | CME Globex offers electronic trading almost 24 hours/6 days a week |
| Options Available | Monthly and Weekly |
| Product | Last | Change | Chart | Globex Vol |
|---|
Leading Liquidity
At end of June 2017, GC traded 259,000 lots per day on average and reached 461,000 lots in open interest
Flexible trade execution
Access liquidity via the central limit order book (CLOB), block trades or EFRPs
≥ 80% margin offsets
Trade your metals portfolio all in one marketplace to reduce overall margin requirements
Physical settlement
Because contracts remain closely tied to the cash market, your slippage costs are reduced
Nearly 24-hour electronic access
Manage positions as global news and events that impact prices unfold
Futures leverage
Control a larger notional value for a relatively small amount of money
Safety and security
Central clearing mitigates third-party credit risk in a CFTC-regulated market
60/40 U.S. tax treatment
Get certainty of blended 60% long-term, 40% short-term capital gains treatment
- Trades equivalent of 27 million ounces/day - 30x SPDR Gold ETF at 0.8 million ounces/day
- With GC futures, pay no management fees vs. an ETF that charges a fee on your position every day it’s held
- Nearly 24-hour access enables you to act, not wait, as major events (Brexit, U.S. elections) unfold
- GC futures have standardized physical delivery terms; redeeming ETF holdings for physical gold can be complex and restricted to certain investors
- Gold ETF investments are treated as a collectible subject to large capital gains tax, vs blended 60 long-term/40 short-term capital gains treatment for GC futures
- If looking to trade on margin, initial margin can be as low as 3% of contract value, versus 50%+ margin for ETF, plus any broker financing fees
- Exchange-traded futures’ standardized terms make Buying and selling positions easier
- All market participants see the same transparent prices, not just the other counterparty
- Futures offer substantially mitigated counterparty credit risk, with payment backed by the exchange
- You can easily offset your futures position in a centralized, electronic market -- unlike non-transferrable positions of forwards
- Futures are regulated by CFTC oversight; trade settlement of forwards is dependent on counterparty
Any world events
Financial crises and elections create financial uncertainty and in turn, impact demand for and the price of gold
Non-Farm Payroll
1st Friday of month by Bureau of Labor Statistics; indicates how many jobs U.S. economy has added /lost in last month, key driver of Fed policy and indicator of economic growth
Quarterly Gross Domestic Product Estimates
Monetary value of all finished goods and services produced within a country; broadly measures overall economic activity
CPI (Consumer Price Index)
Mid-month by BLS; measures inflation or cost-of-living changes, tracking the average price of a basket of goods and services. Is a key driver of Fed policy
FOMC (Federal Open Markets Committee)
Meets 8 times a year to set U.S. monetary policy and key interest rate changes; gold markets rise with rate cuts and vice versa
U.S. Dollar Index
Measures the value of U.S. dollar relative to a basket of currencies for the U.S.’s most significant trading partners
Central Bank monetary policy announcements
Affect size/growth rate of a nation’s money supply, and in turn, interest rates; can include key interest rate changes, buying/selling government bonds, reserve requirements changes
PPI (Producer Price Index)
2nd or 3rd week of the month by BLS; a weighted index of prices measured at the wholesale, or producer level; shows trends within the wholesale markets, manufacturing industries & commodities markets
Ready to take the next step? Find the resources you need –introductory courses, trading tools and simulators, research, market commentary and more - at the CME Institute:
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CME Group is the world's leading and most diverse derivatives marketplace. The company is comprised of four Designated Contract Markets (DCMs). Further information on each exchange's rules and product listings can be found by clicking on the links to CME, CBOT, NYMEX and COMEX.
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