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Some Definitions

  • Precious Metals Precious metals are a group of highly resistant to corrosion. Precious metals include gold, silver, platinum, palladium.

  • Contract size: The actual amount of a commodity that represented in the contract.

  • Petrodollars: Petrodollars are dollars deposited by oil producing countries. OPEC members deposit dollars in European countries is an example.

  • Commodity:linked bond: A bond in which payment to the investor at maturity is dependent to a certain extent on the price level of a commodity.

  • Commodity currencies: The currencies that are closely tied to the value of commodities. Australian Dollar, Canadian Dollar, New Zealand Dollar and Swiss Franc are examples.

  • COMEX: COMEX is a division of the New York Mercantile Exchange (NYMEX). (NYMEX is the world’s largest physical commodity futures exchange.

  • Gold - Silver Ratio: The number of ounces of silver required to purchase one ounce of gold at current spot prices.

  • Gold Fixing (Gold Fix): The setting of the gold price at 10:30 AM and 03:00 PM in London by representatives of the London Gold Market. (Fixing at 10:30 AM is said First Fixing and at 03:00 PM it is said second fixing)

  • Next Day or Day Ahead: A spot contract that provides for delivery of a commodity on the next calendar day or the next business day.

  • Nearbys: The nearest delivery months of a commodity futures market.

  • Troy Ounce (oz): One troy ounce is equal to 31.10 grams.

  • Brent Crude: Brent Crude is a premium grade of Crude oil and forms a benchmark for oil production from Europe, Africa and Middle East.

  • Ferrous Metals: Ferrous metals are those containing iron. Nickel, Steel and iron are the examples.

  • Long The Basis: An individual or a firm that buys the spot commodity and hedged with a sell of futures is said to be long the basis.

  • Base Metals: Base Metals are a group of metals that have a low resistance to corrosion. Copper, Lead, Nickel, Zinc are such examples.

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