I'm Unable to Buy Gold (Feb 09 contract, GCG9)

Discussion in 'Commodity Futures' started by Arjun1, Jan 28, 2009.

  1. Arjun1


    IB says I can only short the feb contract. I cannot buy.

    He said there are not enough sellers to buy the contract so I can only short the Feb contract and if I want to go long then I'd have to go long the March contract.

    This doesn't make sense, if there is an offer - why can't I hit it?
  2. OI has moved into April COMEX Gold.

    Volume is about 50% of Feb but that shall change slowly going forward.

    Trade April.

    March is a serial month only locals trade.
  3. Thats BullShit, Feb gold still has better volume than april gold as of TODAY
  4. Arjun1


    What does OI mean?

    And why do only locals trade the march contract?
  5. TraDaToR


    Same problem for me.
  6. katesdp


    Check first notice.
    When you're long you risk delivery when you're short you dont.
  7. 1. OI = Open Interest

    2. Because nobody else trades the March contract.
  8. Probably since we are in the delivery period. IB will not take physical delivery of gold (and other products). Thus, you need to trade another month (if you want to get long gold).
  9. 2 more days till delivery period starts.

    IB is probably just taking extra precaution, they are anally retentive, after all.

    OI is on April, but Volume is still on Feb and may stay higher there even into delivery period.
  10. Shagi


    Tomorrow is 1st Notice Day for Feb Gold, long positions must be offset(rolled over) to avoid delivery notification - Check please on NYMEX/CME sites key dates for the product you trading
    #10     Jan 29, 2009