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United Futures Trading Company, Inc. Suite Chicago, IL Gold was first found and used by prehistoric man as a tool. The1st known use of gold was in parts of central and eastern Europe, in BC.
Highly worldly gold art commodities and jewelry dating back to around BC have been discovered by archaeologists in the Sumerian Royal Tombs at Ur, in what is now The southern part of Iraq. The Egyptians used gold to embellish their kings in life and death and, by BC, gold had become a standard medium of intercontinental trade. Similarly, goldsmiths of the Chavin civilization in South America were making ornaments by hammering and embossing gold by BC.
About BC, the Greeks began to use gold coins and minted their own money in order to conduct trade between states. The rarity and metallic properties of gold made it the ideal choice in the development of currency.
Currency has remained one of gold's first and foremost uses. It is considered so valuable that we measure all other values by it. Gold will always be considered to be a safe form of financial security, many preferring to hold. Trading Unit troy ounces. Trading Months for Gold Trading is conducted for delivery during the current calendar month; the next 2 calendar months; any Feb, Apr, Aug, and Oct, falling within a month period; and any Jun and Dec falling within a sixty-month period beginning with the current month.
Last Trading Day Trading terminates at the close of business on the third to last business day of the maturing delivery month. Position Accountability Levels and Limits Any 1 mo. Six thousand net futures equivalent, but not to exceed three thousand in the spot month. Delivery Gold delivered against the futures contract must bear a serial number and identifying stamp of a refiner approved and listed by the Exchange.
Delivery must be made from a depository licensed by the Exchange. Two minutes after either of the two most active months trades at the limit, trades in all months of futures and options will cease for a fifteen-minute period.
Trading will also cease if either of the two active months is bid at the upper limit or offered at the lower limit for two minutes without trading. Trading will not cease if the limit is reached during the final twenty minutes of a day's trading.
If the limit is reached during the final half hour of trading, trading will resume no later than ten minutes before the normal closing time. When trading resumes after a cessation of trading, the price limits will be expanded by increments of one hundred percent.
Delivery Period The 1st delivery day is the 1st business day of the delivery month; the last delivery day is the last business day of the delivery month. Exchange of Futures for Physicals EFP The buyer or seller may exchange a futures position for a physical position of equal quantity.
EFPs may be used to either initiate or liquidate a futures position. A list of approved refiners and assayers is available from the Exchange upon request.
Margin Requirements Margins are required for open futures positions. Silver has been known by mankind since Prehistoric times, and its discovery is estimated to have happened shortly after the discovery of copper and gold.
The oldest record associating the element appears in the book of Genesis. The Egyptians considered gold to be a perfect metal, and gave it the symbol of a circle. Since silver was the closest to gold in perfection, it was given the symbol of a half circle. Later this semi-circle led to a growing lunar symbol, probably due to the likeness between the shining metal and the moon glow.
The Romans called silver argentum, keeping this as the intercontinental name of the element, from where its chemical symbol derives. Just as gold , silver was considered by the Ancients as an almost sacred metal, of extremely restricted use. Its assent made it ideal for ornamental purposes. It was also used for paying debts, and religious places decoration and as utensils of the wealthiest houses. Trading Unit 5, troy ounces.
Trading Months Trading is conducted for delivery during the current calendar month; the next two calendar months; any Jan, March, May, and Sept falling within a month period; and any Jul and Dec falling within a month period beginning with the current month.
After-hours electronic trading begins at 2: On Sundays, the session begins at 7: Minimum Price Fluctuation Price changes for outright transactions, including EFPs, are in multiples of one-half cent 0. For straddle or spread transactions, as well as the determination of settlement prices, the price changes are registered in multiples of one-tenth of a cent 0. Two minutes after either of the two most active months trades at the limit, trades in all months of futures and options will cease for a minute period.
Trading will not cease if the limit is reached during the final 20 minutes of a day's trading. If the limit is reached during the final half hour of trading, trading will resume no later than 10 minutes before the normal closing time. Last Trading Day Trading terminates at the close of business on the 3rd to last business day of the maturing delivery month. Delivery Silver delivered against the futures contract must bear a serial number and identifying stamp of a refiner's officially listed brand.
Delivery must be must be made from a warehouse or vault licensed or designated by the Exchange specifically for the storage of silver. Delivery Period The first delivery day is the 1st business day of the delivery month; the last delivery day is the last business day of the delivery month.
Exchange of Futures for Physicals EFP The buyer or seller may exchange a futures position for a physical position of equal quantity by submitting a notice to the Exchange.
Past performance is not indicative of future results. Past performance is not necessarily indicative of future results and the risk of loss does exist in futures trading. All trading rates quoted per side. Applicable exchange, regulatory, and brokerage fees apply to rates shown.
Please email webmaster unitedfutures. Open An Account Now Online! Gold and Silver Futures.