CME To Launch New 1,000-Ounce Silver Futures Contract In June

[pmbug]

...
The new contract is slated to start trading in June. This contract will be listed with, and subject to, the rules and regulations of Comex. The CME Group operates the Comex exchange.
...
The new 1,000-ounce silver contract will be fully fungible with the full-sized silver futures contract, which is 5,000 ounces. Market participants who accumulate five warehouse depository receipts of the 1,000-ounce contract can convert them into one 5,000-ounce silver futures contract, the exchange said.

This contract will be available on the CME Globex electronic trading platform, for over-the-counter clearing through CME ClearPort and open outcry on the trading floor in New York, beginning with the September 2013 contract month, the exchange said.

http://www.kitco.com/reports/KitcoNews20130418ADeC.html

 

[swissaustrian]

Sucking the smaller pockets into the circus...


There's no point in offering 1000oz contracts for hedgers, it only makes sense for small speculators.

 

[ancona]

Really?!?!?

A thousand ounces? What a crock of shit. And that's my official position.

This must be a late April fools joke or something, because anyone who actually believes they can take delivery of physical through the most byzantine system ever conceived must be a fool. :rotflmbo:

 

[pmbug]

Maybe this is a set up that allows them to make partial delivery of physical to owners of 5K contracts (by breaking up the contract and delivering 1K metal and 4K in contracts). :shrug: