Precious metals intelligence

Gold Futures Explained

COMEX gold futures are the dominant price-discovery venue for global gold. Understanding the contract mechanics is useful even for spot-price followers.

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Contract size

The standard COMEX gold futures contract represents 100 troy ounces. The E-mini gold contract covers 50 ounces; the micro gold contract covers 10 ounces.

Margin and leverage

Initial margin runs a small fraction of contract value, creating significant leverage. Maintenance margin and exchange variation margin determine liquidation thresholds.

Delivery

Most gold futures contracts close before delivery. Physical delivery requires meeting COMEX-approved bar specifications and depository requirements. Delivery rates are low but the option backstops the spot-futures relationship.

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Disclosure

APMEX

Broad bullion catalog

Coins, bars, and market references.

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JM Bullion

Retail bullion pricing

Useful for comparing product premiums.

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SD Bullion

Dealer quote check

Good for bid, ask, and spread discipline.

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Money Metals

Bullion and storage context

Useful for physical-market terms.

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Data and financial disclosure

MetalBrief publishes market information, tools, indicators, and educational context, not account-specific investment, legal, tax, or financial advice. FX conversions, macro proxies, headlines, RSI, support, resistance, and opportunity scores are derived unless labeled as market data.