Gold vs Silver
Different markets, compared on cost per move, margin, hours and settlement.
Margins as of Specs checked as of How we source this
| GC | SI | |
|---|---|---|
| Exchange | Commodity Exchange Inc. | Commodity Exchange Inc. |
| Contract unit | 100 troy ounces | 5,000 troy ounces |
| Tick size | 0.1 | 0.005 |
| Tick value | $10 | $25 |
| One point | $100 | $5,000 |
| Initial margin | $22,211.20 | $23,910.70 |
| Maintenance margin | $20,192 | $21,737 |
| Settlement | Physical delivery | Physical delivery |
| Contract months | Feb (G), Apr (J), Jun (M), Aug (Q), Oct (V), Dec (Z) | Jan (F), Mar (H), May (K), Jul (N), Sep (U), Dec (Z) |
| Front contract | GCZ26, roll by 25 Nov 2026 | SIZ26, roll by 25 Nov 2026 |
| Trading hours | CME Globex. Sunday open 17:00 CT, Friday close 16:00 CT, 60-minute daily maintenance break. | CME Globex. Sunday open 17:00 CT, Friday close 16:00 CT, 60-minute daily maintenance break. |
How they compare
Gold (GC) and Silver (SI) are different markets, so there is no exact equivalence between a position in one and a position in the other. What can be compared directly is what a move costs and what the exchange requires you to deposit. One point is worth $100 on GC and $5,000 on SI; ticks are worth $10 and $25.
Exchange initial margin is $22,211.20 for GC and $23,910.70 for SI, a ratio of 0.9 to 1. Both trade the same hours (CME Globex. Sunday open 17:00 CT, Friday close 16:00 CT, 60-minute daily maintenance break). GC is physically delivered and SI is physically delivered.
Because a point means something different in each market, risk is best compared in money rather than in points: decide the loss you would accept at your stop, convert it to ticks on each contract, and compare the resulting position sizes with the position-size calculator. The two markets also move by different amounts on a typical day, so the same number of contracts carries different risk.
Size a position on either with the GC calculators or the SI calculators.
Questions
- What is the difference between GC and SI?
- They are different markets. One point is worth $100 on GC and $5,000 on SI.
- Which needs more margin, GC or SI?
- Exchange initial margin is $22,211.20 for GC and $23,910.70 for SI (as of 27 Oct 2026).
- Do GC and SI trade the same hours?
- Yes.