Silver (SI)

What SI tracks

SI is the COMEX Silver futures contract. One contract covers 5,000 troy ounces, and prices are quoted in dollars and cents per ounce. Delivery is made with refined silver bars of roughly 1,000 ounces each.

Silver is both a precious metal and an industrial metal. It is used in electronics and solar panels as well as jewelry and investment products. That mix means silver often follows gold but can also react to the industrial economy, and it tends to swing more than gold in percentage terms.

SI contract specifications

Specifications come from CME Group: COMEX Rulebook Chapter 112, CME Silver futures fact card, CME Metals product guide. CME can change trading hours, listed months and other terms, and holiday schedules differ, so confirm the details on CME Group's site before you trade.

What moves SI

Several forces tend to drive SI prices. None of them predicts direction on its own, and they often pull in different ways at the same time.

• Gold. Silver often moves in the same direction as gold, driven by many of the same forces such as real interest rates and the dollar.
• Industrial demand. Factory activity and demand from electronics and solar manufacturing affect silver more than gold.
• The US dollar. A stronger dollar tends to weigh on dollar-priced metals.
• Investment flows. Buying and selling by funds and individual investors can cause sharp moves because the silver market is smaller than gold.

Example P&L math

Say SI rises by $0.50 per ounce while you hold one long contract. That is 100 ticks of $25:

• 100 ticks × $25 = $2,500 per contract.
• A short position would lose the same $2,500. Losses and gains are symmetric before costs.
• On Micro Silver (SIL), which covers 1,000 troy ounces, the same move is worth $500.

These figures exclude commissions, exchange fees and slippage. Those costs shrink a winning trade and add to a losing one.

To run your own numbers, use the tick value calculator and the position size calculator on our tools page.

Margin

CME Group sets minimum performance bonds (margins) for every contract, and each broker then sets its own requirement, which can be higher. Many brokers also offer lower day-trading margins for positions closed before the session ends. These figures change often, especially when markets get volatile, so we do not quote a number here. Check your broker's current margin page before you trade, and compare brokers on our futures brokers page. Remember that margin is not the most you can lose. Losses on a futures position can exceed the margin you deposit.

SI vs SIL

CME lists a smaller Micro Silver contract, SIL, at one-fifth the size of SI. CME notes that SIL daily settlement prices match those of the standard Silver contract. We do not have a separate guide for SIL yet, so check its CME spec page for full details.

When the smaller contract fits: smaller accounts, learning, and strategies that need to scale in small steps. Micro contracts can trade less actively than the full-size contract, so check the bid-ask spread before you rely on one. When SI fits: larger accounts and traders who need the most active market, accepting that each tick is worth $25.

Position sizing

A common approach is to decide how many dollars you are willing to lose on a trade, then work out how many contracts fit. For example, with $200 of planned risk and a $0.05 stop on SI, each contract risks $250, so even one contract exceeds that limit. You would need a tighter stop, a larger risk budget or a smaller contract.

This example ignores commissions, fees and slippage, which make real losses larger. Stops can also fill worse than planned in fast markets.

Expiry and rolling

SI is physically delivered. If you hold a position after the last trading day, you can end up making or taking delivery, which retail and prop firm accounts are not set up for. Brokers usually require you to close or roll before a cutoff they set, which can be earlier than the exchange's last trading day. Check the CME calendar for exact dates each month.

Related contracts

• Gold (GC)
• Micro Gold (MGC)
• Copper (HG)
• Crude Oil (CL)

See every contract we cover on the futures contracts page.

Frequently asked questions

What is the tick value of SI?

One minimum tick on SI is $0.005 per troy ounce, worth $25 per contract. The point value is $5,000 per $1.00 move ($50 per one cent).

What are the trading hours for SI?

Sunday to Friday, 6:00 p.m. to 5:00 p.m. ET, with a 60-minute break starting at 5:00 p.m. ET (5:00 p.m. to 4:00 p.m. CT). Holiday hours differ, so check CME Group's holiday calendar.

Is SI cash-settled or physically delivered?

SI is physically delivered. The last trading day rule: third last business day of the delivery month.

How much margin do I need to trade SI?

Margins are set by CME and then by each broker, and they change with market conditions. Check your broker's current margin page, and see our futures brokers comparison.

Why does silver move more than gold?

The silver market is smaller than the gold market, and silver has a large industrial component. Both make it prone to bigger percentage swings. With $25 per tick, SI dollar moves can add up fast.