CME now has a gold E-MICRO 10 oz contract!

BigE

Kind of neat, although I dont understand exactly all the details of taking delivery. Looks like you get a 10 ounce certificate of some sort. ----------BigE

MsMorrisine

e-micro gold

Settlement Type
Physical - The medium of exchange is an "ACE", Accumulated Certificate of Exchange, not a 10 ounce gold bar. Upon delivery of an E-micro Gold Futures contract, the buyer receives/seller delivers an ACE, issued by the CME clearing house. An ACE represents a 10% ownership in a 100-Troy Ounce Gold bar held in the form of a COMEX gold warrant.

Delivery Period
Delivery may take place on any business day beginning on the first business day of the delivery month or any subsequent business day of the delivery month, but not later than the last business day of the current delivery month.

Grade and Quality Specifications
Gold delivered under this contract shall assay to a minimum of 995 fineness

lightcycler

Oh boy!!!!!!!! I'd like to be holding a fist full of those!!!!! Can bury them with the FRN's and see if they grow?

derryb

Maybe you can exchange 10 ACE's for a bar.

BigRick

MGC.

Old news.

BigE

<< <i>Maybe you can exchange 10 ACE's for a bar. >>




I think this is it, but there is a time limit on redemption. They pretty much want you to do a normal cash settlement it seems. Might be nice to only have to put up 1500.00 to control 10 ounces, and be able to jump in or out for 7.95 a trade, very low stress-I think I'll sign up----------------BigE

JCMhouston

So you get a piece of paper saying you own 10% of another piece of paper?

BigE

Only if you take delivery. You can get cash for 10 ounces at the end, or re-up and buy and sell your 10 ounces for another couple of months--------BigE