Just over four months after the launch of its gold and
silver futures, Chicago Board of Trade (CBoT) was yet to make a
major dent in the precious metals market share held by New York
Mercantile Exchange (Nymex).
While the anticipated battle between electronic versus pit
traded metals has not evolved, CBoT officials insisted that
they are pleased with the progress its full-sized gold and
silver futures have made so far, while market participants
remained optimistic about the products' chances.
In a one-day snapshot last Tuesday, CBoT traded 1,111 gold
futures with an open interest of 3,201. Full-sized silver
futures traded 170 contracts with open interest of 800. Nymex,
which still trades gold and silver in the Comex pits, traded
almost 50,000 gold futures last Tuesday, with open interest of
262,589. Silver futures tallied almost 35,000 contracts with
open interest of 96,899 contracts. Combined precious metals
volume at CBoT has settled into a 30-day average of between
1,000 and 1,500 so far this year (see graph).
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