I want to trade Gold I think it 's on the move again. However I don't know which contract to trade ideally that would be the October contract because it's a long term trade (1month or more) and August first notice day is coming around the end of July, thus pretty soon and if I am in the August I'll have to rollover possibly with some problems and huge slippage . I don't know exactly when the rollover takes place and how to best rollover the position. I 've seen the front month 's spread widen to 2 dollars soon after first notice day, I am afraid if I don't rollover properly I would just end up losing a lot of money. As for the October contract it's not liquid enough yet, the spread is still 2 bucks. Do you know teh exact date of the fist notice, I can't find it anywhere and when do you rollover?
thanks for asking this question, I have been wondering the same thing. is there anywhere a beginner can learn about the gold contract months and why they work differently from the financial futures?
Mini-sized New York Gold Futures Trading Unit 33.2 fine troy oz. Deliverable Grades Each futures contract shall be for 33.2 fine troy ounces of gold, no less than 0.995 fine contained in no more than one bar. Variations in the quantity of the delivery unit shall not be in excess of 10% of 33.2 fine troy ounces. All gold must be certified as to fineness and weight by an Exchange approved refiner or assayer. Tick Size 10-cent/fine troy oz. (or $3.32 per contract). Price Quote Dollars and cents/fine troy ounce. Contract Months Jan, Feb, Mar, Apr, May, Jun, Jul, Aug, Sep, Oct, Nov, and Dec. Last Trading Day On the business day immediately preceding the last two business days of the contract month. On the last day of trading in an expiring future, the closing time for such future shall be 1:30 pm, Chicago time. Last Delivery Day The last business day of the delivery month. Trading Hours Electronic Trading â 8:15 pm to 4:00 pm, Chicago time, Sunday â Friday. Ticker Symbols Electronic Trading- YG Tick Size - 10 cents per troy oz. Are these the guys who fix Gold in London? So who is interactive brokers and why should we care? Gold, AU. Itâs a pretty metal. Futures Gold - Contract Specifications · Symbol - GC · Name - Gold · Exchange - COMEX · Trading Months - G,J,M,Q,V,Z · Trading Unit - 100 Troy oz. TROY OUNCE A unit weight, equal to about 1.1 avoirdupois ounces. The troy ounce is the traditional unit weight for precious metals, believed to be named after a weight used at the annual fair at Troyes in France in the Middle Ages. 1 ounce troy = 480 grains = 31.04 grams 1,000 grams = 1 kilogram = 32.15 ounces troy 1,000 kilograms = 1 metric ton = 32,150 ounces troy · · Trading Hours - 8:20a.m. to 1:30p.m. (NYMEX ACCESS 3:15p.m. - 8:00a.m. Mon-Thurs, 7:00p.m. - 8:00a.m. Sun) · Tick Size - 10 cents per troy oz. ($10.00 per contract) · Daily Limit - $75 per troy oz. ($7,500 per contract) · Last Trading Day - Third last business day of the maturing delivery month. · Value of one futures unit - $100 · Value of one options unit - $100 The normal Gold indices are XAU, HUI, GOX, JSE Gold, or TSX Gold. I do not know what kind of games your broker is playing with you. Maybe you should fire your broker. Unless your broker is taking the other side of your trades, I do not think there is any index using the standard Gold GC symbol. Maybe they are using Comex Gold contract as their index. That is the nice thing about beginners, they do not know when they are way off course. Who cares what a broker calls things. Ask them if they ever heard of slippage? Gold is a specialized vehicle. The Normal web site for gold and related questions is Kitco What do you know about lease rates? If you are trading metals, you need to understand Lease Rates. Kicking you pick Gold contracts based on how many people are playing in that month. Look at the Open interest. Will there be someone there to sell your contract to when you want to get out? How long do you plan to hold the trade? All of your decisions must stem from how long your personal trading cycle is. One month is not long term in Gold. Open Interest and Volume tell you what months to buy. You can get all that stuff from links at a research house like Moore Research Contract Months Jan, Feb, Mar, Apr, May, Jun, Jul, Aug, Sep, Oct, Nov, and Dec. Last Trading Day On the business day immediately preceding the last two business days of the contract month. On the last day of trading in an expiring future, the closing time for such future shall be 1:30 pm, Chicago time. See my other posts about Gold. These questions have been answered more thoroughly before. You would be better off trading one Comex contract that fooling yourself with minis and electronic trading. They are ways devised by the exchanges to get your money quicker. What makes you think Gold works any differently than any other futures contracts?
senor gold trade and some of the other posters should really stick to YG ( the mini ) or paper trading until they know more about the metals futures etc
Doesn't look like the front month contract even comes close to 1000 contracts a day. How liquid is it really in practice?
I added YG to my IB quotes page, but it always seems to be closed. For example, today, 7/21/03 at 7 PM, the August 2003 contract has a "last price" of C347.30, with no bids or offers. For the July 2003 contract, it says C347.20. I don't see any activity during the day either. Does anyone know why this might be?
do some research at the CBOT website and nymex website know the hours your contract is open for trading know the most active months and when they rollover
Of course I checked the CBOT web site first. It said that YG is supposed to now trade from 8:15 PM CST to 4 PM CST. I do not see that happening in TWS, and that is why I was asking.