Our Metals contracts offer exposure to changes in the value of precious metals. All our contracts are cash settled and cannot result in the delivery of any metal; we quote you our own bid/offer spread based on the underlying metal price.
We offer two different types of metals contract: Spot and Forwards. The two types work in slightly different ways.
Spot Metals
Spot metals have no expiry date; the position remains open until you choose to close it. Separate daily funding adjustments are made for Spot Metals.
Note: We offer mini versions of all Spot Metals contracts at 10% of the main contract size.
We also offer SGD-denominated CFDs on Gold and Silver, meaning you trade in 1SGD per contract per index point.
Spot Metals Information Table (Standard contracts)
| Contract | Margin requirement (per contract) | |||||
|---|---|---|---|---|---|---|
| One contract means | Value of one contract (per full point) | Normal spread | Ltd risk premium | |||
| Gold | 100 troy oz | USD100 | 0.5 | 0.5 | 3% | |
| Silver | 5000 troy oz | USD50 | 5 | 5 | 5% | |
Spot Metals Information Table (SGD Denominated)
| Contract | Margin requirement (per contract) | |||||
|---|---|---|---|---|---|---|
| One contract means | Value of one contract (Min trade) |
Normal spread | Ltd risk premium | |||
| Gold | 100 troy oz | 1SGD (15 contracts) |
0.5 | 0.5 | 3% | |
| Silver | 5000 troy oz | SGD1 (10) |
5 | 5 | 5% | |
Forward Metals
Our forward contracts expire at specified forward dates. There are no separate funding adjustments: a fair value is priced into our quotation.
Note: We offer mini versions of our Silver and Gold Metals Forward contracts at 20% of the main contract size (33% for Gold).
Forward Metals Information Table
| Contract and dealing hours (local times) | One contract means | Value of one contract (per full point) | Normal spread | Ltd risk premium | Margin requirement (per contract) | Last dealing day (7) |
|---|---|---|---|---|---|---|
| Gold 24 hours except 17.15-18.00 |
100 troy oz | $100 | 0.7 | 0.3 | 3% | Fourth bus. day prior to 1st day of contract month (9) |
| Silver 24 hours except 17.15-18.00 |
5000 troy oz | $50 | 4 | 2 | 5% | Third Fri. or prev bus. day of prev. month |
| Copper (High Grade) 24 hours except 22.15-23.00 |
25,000 lbs | $0.5 | 80 | 30 | 10% | Third Fri. or prev. bus. day of prev. month |
| Platinum 24 hours except 22.15-23.00 |
50 troy oz | $10 | 3 | 1.5 | 7.5% | Third Fri. or prev bus. day of prev. month |
Notes to tables
Our Metals contracts are a special form of CFD and give you exposure to changes in the price of metals.They are cash settled and cannot result in the delivery of the underlying metal.
- Spreads are subject to variation, especially in volatile market conditions. We will not charge any additional commission unless we notify you in writing.
- For Limited Risk transactions, a Limited Risk premium is charged on the opening.
- The minimum transaction size is one contract. Subject to this minimum size, transactions may be in fractions of a contract.
- We quote Spot Metals 24 hours a day, normally from 20.00 (London time) on Sunday until 21.15 (London time) on Friday.
- The normal Margin Percentage for Silver is 5% of the transaction value. The normal Margin Percentage for Gold is 3%. We reserve the right to alter the Margin Percentage at any time.
- For Spot Metal transactions, funding adjustments are calculated and posted to the client's account daily. Funding adjustments are calculated as follows:
A = V x R / 360
Where:
V = the current value of the position in US dollars. This is equal to:
Number of contracts x Contract size x Spot Metal price
R = a percentage rate which is based on the relevant Libor rate
A = the amount of the daily interest credit or debit
A daily funding adjustment is calculated for any position opened before 22.00 that is still open after 22.00 (London time). - Positions in Gold, Silver, High Grade Copper and Platinum Forwards not already closed by the client expire automatically at the closing price of a futures contract of the relevant metal on the New York Mercantile Exchange on our last dealing day.
The futures contract against which a Forward Metal is settled is designated in the name of the Forwards Metal contract (e.g. DEC07).
- For most positions, a client can, at any time before the position has been automatically closed, ask for the position to be rolled over to a later date. Rolling over a position involves closing the old position and opening a new one. We normally attempt to contact a client shortly before a position is due to expire and offer him the opportunity to roll the position over. However, we cannot undertake to do this in every case and it remains the client's responsibility to give instructions, if he so wishes, to roll the position over before it expires.
- Where the Gold (Forwards) settlement date would fall (as predicted by the rule in the table) on a Friday or on the day before a US holiday, the contract will instead settle on the previous day.
- When you trade in a currency other than your base currency your profit or loss will be realised in that currency and will be booked to your account in that currency. As a default, we will automatically, and on a daily basis, convert any positive or negative balance on your account in a currency other than your base currency to your base currency. You may change this default at any time by calling us or via our PureDeal platform.
合约细节: 金属交易
我们的金属合约让您参与贵金属市场的价值波动。所有的合约在未来特定的日期到期并以现金结算不交付任何实物金属；我们依据相关金属市场价位给出我们的买入/卖出报价。
我们提供两种不同类型的金属合约：现货和远期合约。这两种合约在交易中略有不同。
现货金属
现货金属没有到期日，仓位保持开启直到您关闭为止。每日现货金属仓位会进行利息调整。
注意：我们提供的微型现货金属合约大小为标准合约的10%。
我们同时推出以新元结算的CFDs交易，适用于黄金和白银市场，最小可从 1SGD/每指数点开始交易。
现货金属信息表（标准合约）
| 合约 | 合约 大小 |
合约价值 (每点) |
交易差价 | 有限 风险溢价 |
每份合约 保证金(%) |
|---|---|---|---|---|---|
| 黄金 | 100 troy oz | USD100 | 0.5 | 0.5 | 3% |
| 白银 | 5000 troy oz | USD50 | 5 | 5 | 5% |
远期合约
我们的远期合约在特定的远期日到期。远期合约仓为没有利息调整：合理价值包含在了我们的报价中。
注意：我们提供的所有微型金属远期合约大小以及保证金要求是标准合约的20%（黄金为33%）。
金属远期合约信息表
| 合约和 交易时间 (当地时间) |
合约 大小 |
合约价值 (每点) |
交易 差价 |
有限 风险溢价 |
每份合约 保证金(%) |
最后交易 日期(7) |
|---|---|---|---|---|---|---|
| 黄金 24小时 除 17.15-18.00 |
100 troy oz | USD100 | 0.7 | 0.3 | 3% | 到期当月 第1天之前 第4个工作日 |
| 白银 24小时 除 17.15-18.00 |
5000 troy oz | USD50 | 4 | 2 | 5% | 前一个月第3个 星期五或之前 1个工作日 |
| 高级铜 24小时 除 22.15-23.00 |
25,000 lbs | $0.5 | 80 | 30 | 10% | 前一个月第3个 星期五或之前 1个工作日 |
| 铂 24小时 除 22.15-23.00 |
50 troy oz | $10 | 3 | 1.5 | 7.5% | 前一个月第3个 星期五或之前 1个工作日 |
表格注解
我们的金属合约是一种特殊形式的差价合约（CFD），让您参与贵金属商品市场的价值波动。所有的合约都以现金结算，因此不会有任何相关实物金属的交付。
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交易点差都可能发生变化，特别是在一个市场极其波动的情况下。您在交易时无需支付任何佣金除非我们对您有特别的书面通知。
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对于有限风险交易，有限风险溢价（有限风险额外点差）在开仓交易时被收取。
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最低的交易数量为1个合约。我们也可能接受小于1个合约的交易订单。
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现货金属进行24小时报价交易，通常从（伦敦时间）周日20:00到下一周（伦敦时间）周五21:15。
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通常白银交易的保证金比率为仓位价值的5%，黄金为3%。我们保留更改保证金比率的权力。
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对于现货金属交易，每日计算利息调整并记入客户户口中。利息调整计算方法如下：
A = V x R / 360
其中：
V = 现有仓位的价值（以美元为单位）。等于：
合约个数x 合约大小x 现货金属价位
R = 以美元利率为基础的（年）百分比利率
A= 仓位每日收取或支付的利息
每日利息调整的仓位为：任何在伦敦时间22:00之前开启并在伦敦时间22:00之后仍然开启的仓位。 -
黄金﹑白银﹑高级铜和铂的远期合约到期时如果客户仍然没有平仓，仓位会在我们的最后一个交易日按照当天纽约商品期货交易所（NYMEX）相关金属期货合约收盘价自动关闭。
我们的期金属合约结算时所参照的期货合约是按照远期金属合约的名称来选定的（例如07年12到期）。
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对于大多数仓位而言，客户可以在仓位自动平仓之前任何时间要求该仓位展期到下一个到期时期。展期涉及到关闭旧的仓位并开启一个新的仓位。我们通常会在一个仓位接近到期时期前联系客户并提供客户一个展期的机会。但是，我们不承诺每次都可以做到这一点，如果客户希望仓位在到期前被展期，客户仍然有责任给予我们展期的指示。
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当黄金远期合约的结算日期（按照表格中的规则）是星期五或美国公共假日的前一天，合约将在前一天结算。
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当客户在交易中使用的货币是户口基准货币之外的其它货币，客户的盈亏将以此交易货币计算并且加入客户户口的该货币中。作为默认设置，我们每天都会自动将客户户口基准货币之外其它货币兑换成客户户口的基准货币。客户可以在任何时间电话联系我们或者通过我们的PureDeal平台更改此设置。