gold futures. Futures contracts on precious metals
Futures contracts on precious metals (gold futures, silver, platinum and palladium) - this is a unique financial instruments, which provide opportunities for all wishing persons access to the market of precious metals. In fact this is the best way to trade precious metals on the world prices, affordable and comfortable alternative to traditional investments, such as ingots, coins, shares of extractive industries and depersonalized metal accounts. The calculations are made in cash, on the basis of the values of London fixings. For determining the settlement price of the futures contracts for gold, platinum, palladium is used the value of the morning fixing, and for determining the settlement price of the futures contract on silver is used the value of the day fixing.
The History Of Fixing:
The value of the prices of precious metals in the markets of gold futures and silver set on London fixing of five market-makers (Bank of Nova Scotia-ScotiaMocatta, Barclays Bank Plc, Deutsche Bank AG, HSBC Bank USA, N.A. and Societe Generale) twice a day on weekdays. The time of its establishment varies from several minutes to several hours depending on the current market conditions. In the gold market the first fixing starts at 10.30, the second at 15.00 GMT (13.30 and 18.00 Moscow time). Price for silver only happens once a day at 12.00 GMT (15.00 Moscow time). Procedure of fixing is based on the issuing of orders of clients, and the extent of their satisfaction is established by the average value of these quotes. The first price for silver was installed in 1897году, in gold in 1919. For a unit of measure was chosen Troy ounce ( 1 toz = 31,1G.), as the unit of calculation is set in us dollars.
In the markets of platinum and palladium the London fixing is carried out at the site of the London Platinum&Palladium Market twice a day at 9:45 and 14:00 GMT on weekdays. The participants of the fixing, in particular, are Barclays Capital, Credit Suisse, Deutsche Bank AG, Engelhard Metals Limited, Goldman Sachs International, HSBC Bank USA, London Branch, Johnson Matthey PLC, JP Morgan Chase Bank, Mitsui & Co. Precious Metals Inc. (London Branch), Standard Bank PLC, UBS AG. The first fixing of the modern form of the platinum and palladium was held in 1989 the unit of measurement is also 1 Troy ounce ( 1 toz = 31,1G.), as the unit of calculation is set in us dollars, euros and British pounds.
