Futures
Contango and Backwardation in Gold and Silver Markets
What contango and backwardation mean, why gold futures normally trade above spot, and what it signals when near-term metal becomes more expensive.
All articles
Futures
Futures Margin and Leverage in Gold and Silver Trading
Initial and maintenance margin, margin calls, leverage and the clearing house: how margin works in precious metals futures and why exchanges change it.
Futures
Gold and Silver Futures Contracts: How the Specifications Work
Contract size, delivery months, price quotation, tick value and settlement: a guide to the standard COMEX gold and silver futures contracts.
Futures
COMEX, Paper Gold and Physical Metal: How the Markets Fit Together
How COMEX futures, the London OTC market and ETFs relate to physical gold and silver, and why paper trading volumes dwarf the metal in vaults.
COT data
Reading the Commitments of Traders Report for Gold and Silver
A practical guide to the CFTC's weekly COT report: trader categories, legacy versus disaggregated formats, how analysts read it and its limits.