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Interactive Brokers offers trading on various COMEX precious metal futures and eligible clients can take physical delivery of COMEX silver or gold futures. Physical delivery is in the form of a registered warrant or automated certificate of exchange (ACE) for each full size or E-micro futures contract.
To be delivered against a futures contract, a precious metal must be deposited in one of the exchange's designated depositories. A depository provides secure storage of metal and provides inventory management to the exchange and its members.
The standard gold futures contract is for the delivery of 100 troy ounces of gold. Gold futures have a range of contract dates including monthly for the next two months and up to six years in the future.
The value of a futures contract is derived from the cash value of the underlying asset. While a futures contract may have a very high value, a trader can buy or sell the contract with a much smaller amount, which is known as the initial margin.
A gold futures contract is for the purchase or sale of 100 troy ounces of . 995 minimum percent fine gold. A silver futures contract is for the purchase or sale of 5000 troy ounces of . 999 percent minimum fine silver.