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Gold Futures (GC) main discussion

  #51 (permalink)
 tr8er 
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walksonair View Post
Thanks SMCJB for your great responses. I think I will be moving my positions out quite further as well.

As a side note I called TD and they confirmed they will switch to Feb as active contract after the close today.

Gold rolls each 2 month (except Oct contract, I could never find out why nobody or less traders trade the Oct contract, but the Aug contract rolls to Dec instead to Oct) between there some other contracts (I guess for commercials, but not for retail traders, so for retail-trader the following month are available: 2, 4, 6, 8, 12

You should always trade the contract with the most volume, further information about volume and other questions you can always find on the CME homepage: https://www.cmegroup.com/trading/metals/precious/gold_quotes_globex.html

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  #52 (permalink)
 
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 SMCJB 
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Being an energy trader where they list every month I've always found the listed/active months strange in some commodities. Silver is different again. HKNUZ.

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  #53 (permalink)
 myrrdin 
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SMCJB View Post
Being an energy trader where they list every month I've always found the listed/active months strange in some commodities. Silver is different again. HKNUZ.

There are other nice examples:

Feeder Cattle F H J K Q U V X
Live Cattle G J M Q V Z

Corn, Wheat H K N U Z
Rice F H K N U X F

I am sure there are good reasons, which have to do with the annual cycle of the animals or the grains, respectively. But I have no idea.

Best regards, Myrrdin

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  #54 (permalink)
 
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 SMCJB 
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Financials (HMUZ) I get. No need for more granularity than that.

Grains I understand that its obviously seasonal and lines up with production. Need grain in June well its just May plus Storage. In fact I believe the grains contracts actually have storage rates built into them.

But what about Meats? Slaughter houses are operational 24 hrs a day, 365 days a year. How do you hedge months that don't have listed contracts?

Gold and Silver (and Currencies), while only listing some months on a forward basis, do list contracts for the first three months. So while Z and G have been listed for a long time F has only been listed for a few months, and when Z expires they will add H. Then we will have FGHJ and all the standard months. This adds the granularity you need if your in the wholesale market and need to hedge off cycle months. (Eurodollars is similar, 10 years of HMUZ plus prompt 4 months. Crude used to be like this as well. 7 years of M and Z only and then 3 years of every month but a couple of years ago they went to 10 years of every single month!)

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  #55 (permalink)
 myrrdin 
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SMCJB View Post

But what about Meats? Slaughter houses are operational 24 hrs a day, 365 days a year. How do you hedge months that don't have listed contracts?


The only way to hedge meats for months without listed future contracts is via options.

Best regards, Myrrdin

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  #56 (permalink)
 
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 SMCJB 
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CME Gold Margins going up 10% effective Feb 2nd from $11k to $12.1k. Non-member margins probably 110% of this.

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  #57 (permalink)
 UC Trading   is a Vendor
 
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Hi everybody,

let's have a look at the gold market again.. The analysis is based on the the weekly market profile.

The week before last week, the gold market’s initial balance (1) was left to the downside via a strong short move. The market created a single print area which, simultaneously, represents are low interest area (2). Last week, the broke the low interest area (2) and tried to find acceptance above the former single print area. However, the market profile indicates rejection of higher prices (3) resulting in a short move below the low interest area (2) while maintaining the low interest area the current week as well (2) and creating a new weekly low (4).

14022021 1


Interesting price levels for the coming week are the low interest area (2) and the weekly low (4). Considering a buyer perspective, the market could test the weekly low moving into a long move from there with a first target at the low interest area (2). Should the market illustrate buyer pressure immediately, it could also try to overcome the low interest area (2) continuing to move further long with a first target at the last week’s VPOC level. Considering a seller perspective, the market might test the low interest area (2) and gets rejected from there with a first target at a weekly low (4). Should the market illustrate seller pressure immediately, it could also try to overcome the weekly low continuing to move further short with a first target at the week before last week’s low. Should there be no initiative buyers or sellers, the market can be expected to move in a range. Due to the rejection at the last week's high (3) preferred trades are on the short side.

14022021 2


Please note an analysis is always a view of the current situation and needs to be adapted in the course of a trading day.

Wish you all good trades!

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  #58 (permalink)
 UC Trading   is a Vendor
 
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UC Trading View Post
Hi everybody,

let's have a look at the gold market again.. The analysis is based on the the weekly market profile.

The week before last week, the gold market’s initial balance (1) was left to the downside via a strong short move. The market created a single print area which, simultaneously, represents are low interest area (2). Last week, the broke the low interest area (2) and tried to find acceptance above the former single print area. However, the market profile indicates rejection of higher prices (3) resulting in a short move below the low interest area (2) while maintaining the low interest area the current week as well (2) and creating a new weekly low (4).

14022021 1


Interesting price levels for the coming week are the low interest area (2) and the weekly low (4). Considering a buyer perspective, the market could test the weekly low moving into a long move from there with a first target at the low interest area (2). Should the market illustrate buyer pressure immediately, it could also try to overcome the low interest area (2) continuing to move further long with a first target at the last week’s VPOC level. Considering a seller perspective, the market might test the low interest area (2) and gets rejected from there with a first target at a weekly low (4). Should the market illustrate seller pressure immediately, it could also try to overcome the weekly low continuing to move further short with a first target at the week before last week’s low. Should there be no initiative buyers or sellers, the market can be expected to move in a range. Due to the rejection at the last week's high (3) preferred trades are on the short side.

14022021 2


Please note an analysis is always a view of the current situation and needs to be adapted in the course of a trading day.

Wish you all good trades!


Follow Up

As suggested in the previous analysis, the market remained undecided on Monday due to Presidents’ day in the US and, consequently, lower volume and less initiative buying / selling. Tuesday, the market gained power and followed the preferred short direction while reaching a previous high interest level (1).

17022021

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  #59 (permalink)
 
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 SMCJB 
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I'm guessing with the sucess of CME's Micro Gold & Silver the liquidity in these contracts has dried up (I don't trade them but did get the ICE notification) but here's the official announcement they will be delisted completely after Dec'22 (not'21) expiry.

10 December 2021
ICE Notice

Delist of Several Monthly Metal Futures and Options Contract Months


As of the close of business today, ICE Futures has delisted all contract months after the December 2022 expiries of the following futures contracts:

100 Oz. Gold futures (contract symbol ZG)
Mini Gold futures (contract symbol YG)
1000 Oz Silver futures (contract symbol ZI)
Mini Silver futures (contract symbol YI)

All currently listed futures contract months through and including the December 2022 contract month in each of these contracts will continue to be listed for trading until their regular last trading day.

Also as of the close of business today, the Exchange has delisted all options contract months in each of these four contracts (same contract symbols as shown above for the related futures contract).

No new futures or options contract months for these contracts will be listed for trading going forward.

This announcement does not impact the Daily Gold and Daily Silver futures contracts (contract symbols AUD and HIO respectively), which will continue to be listed for trading.

https://www.ice.com/publicdocs/futures_us/exchange_notices/ICE_Futures_US_MetalsDelist20211210.pdf

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  #60 (permalink)
 
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 SMCJB 
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CME (or COMEX) email....

Effective immediately, Commodity Exchange, Inc. (“COMEX”) has suspended the approved status for warranting and delivery of the following brands of gold and silver until further notice.
• JSC Krastsvetmet (gold and silver) 
• JSC Novosibirsk Refinery (gold and silver) 
• JSC Uralelectromed (gold and silver) 
• Moscow Special Alloys Processing Plant (gold)  
• Prioksky Plant of Non-Ferrous Metals (gold and silver) 
• Shyolkovsky Factory of Secondary Precious Metals, SOE (gold and silver) 


Obviously not surprising given the current Ukraine/Russia situation but I wonder how this effects supply and whether some people are now finding themselves short, or at least long gold (or silver) nobody will accept.

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Last Updated on March 24, 2024


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