Metale Pretioase

Aurul este elementul cunoscut din cele mai vechi timpuri. Fiind rspndit n stare nativ n natur, el se putea obine uor n cantiti mici. Este unul din cele mai dense metale. Aurul a fost folosit ca moneda de schimb de-a lungul istoriei datorita avantajelor pe care le ofera acest tip de schimb. Un alt metal pretios care a fost folosit in mod similar este argintul. Acesta avea, totusi o valoare mai mica decat cea a aurului. In prezent, metalele pretioase nu se mai folosesc ca moneda de schimb, ci sunt mai degraba privite ca pe o investitie. Se pastreaza in monede sau in lingouri si ofera posesorilor o asigurare impotriva inflatiei sau altor probleme economice. Codul aurul este XAU. Aurul folosit in mod normal in burse are 24k, existand insa si exceptii: American Gold Eagle si British Gold Sovereign folosesc aur de 22k, conform traditiei lor istorice. Monezile emise de Canadian Gold Maple Leaf au cea mai mare puritate a aurului, de 99,999%. Aceste valori sunt posibile pentru ca in prezent nu mai este necesara amestecarea cu alte metale, acest lucru servind de-a lungul istoriei la creterea rezistentei fizice a monedelor. Contractele futures pentru aur si argint sunt vazute ca o metoda de headging, dar de asemenea ofera oportunitati pentru diversificarea portofoliului. Exista cateva contracte pentru aur tranzactionate la bursele din SUA: unul la COMEX si doua la eCBOT. Exista un contract de 100 de uncii si un mini contract de 33.2 uncii, care se tranzactioneaza doar la eCBOT. In SUA se afla si Nymex (New York Mercantile Exchange)in care se realizeaza tranzactii numerose cu metale pretioase incepand din anul 1994 atunci cand a fost achizitionata COMEX care inseamna Bursa de Marfuri (Commodity Exchange) . O alta bursa importanta unde se tranzactioneaza metale pretioase este in Singapore. Suma minima ce se poate tranzactiona (tick size) este de 10 centi pentru aur si 0.001$ pentru argint. Cele mai active luni de tranzactionare sunt Februarie, Aprilie, Iunie, August, Octombrie si Decembrie.

Factori care influenteaza pretul metalelor pretioase

Indicatorii economici cu impact asupra inflatiei cum ar fi Consumer price index- CPI, Producer price index- PPI, modificarea ratelor de dobanda, masurile trezoreriei, au un rol major in determinarea ratei inflatiei si drept urmare au un impact puternic asupra pretului aurului. Indicatori macroeconomici cum ar fi rata somajului sau produsul intern brut, dau de asemenea o imagine buna asupra sanatatii economiei si pot determina investitorii sa investeasca sau nu in aur. Chiar daca in contextul economic actual observam o slabire a corelatiei negative dintre pretul metalelor si dolarul american trebuie sa ne asteptam ca aceasta corelatie poate reveni oricand.

Evenimentele politice pot avea de asemenea un impact puternic asupra pretului aurului. O situatie de incertitudine aparuta ca urmare a unui eventual conflict in Orientul Mijlociu poate induce o stare de nesiguranta pentru investitiile in bondurile sau moneda tarii respective si poate aparea dorinta investitorilor de a-si lichida anumite portofolii si de a ramane pe cash sau de a investi in aur. Pretul petrolului sau al altor marfuri ar putea fi de asemenea afectat de aceste evenimente iar corelatiile dintre preturile materiilor prime pot influenta si aurul, miscand pretul acestuia in aceeasi directie cu cel al petrolului.

Exemple de contracte futures pentru aur si argint

Gold Futures1 Product Symbol Venue Hours (All Times are New York Time/ET) GC CME Globex, CME ClearPort, Open Outcry (New York) CME Globex: Sunday Friday 6:00 p.m. 5:15 p.m. (5:00 p.m. 4:15 p.m. Chicago Time/CT) with a 45-minute break each day beginning at 5:15 p.m. (4:15 p.m. CT)

CME ClearPort: Sunday Friday 6:00 p.m. 5:15 p.m. (5:00 p.m. 4:15 p.m. Chicago Time/CT) with a 45-minute break each day beginning at 5:15 p.m. (4:15 p.m. CT) Open Outcry: Monday Friday 8:20 a.m. - 1:30 p.m. (7:20 a.m. - 12:30 p.m. CT)

Contract Size Price Quotation Minimum Fluctuation Termination of Trading Listed Contracts

100 troy ounces U.S. Dollars and Cents per troy ounce $0.10 per troy ounce Trading terminates on the third last business day of the delivery month. Trading is conducted for delivery during the current calendar month; the next two calendar months; any February, April, August, and October falling within a 23-month period; and any June and December falling within a 72-month period beginning with the current month. Physical

Settlement Type

CME Group, Cmegroup.com

Gold Futures1 Settlement Procedure Daily Gold Settlement Procedure (PDF) Final Gold Settlement Procedure (PDF)

Delivery Period

Delivery may take place on any business day beginning on the first business day of the delivery month or any subsequent business day of the delivery month, but not later than the last business day of the current delivery month.

Trading at Trading at Settlement is allowed in the active contract month. The active contract months will Settlement (TAS) be February, April, June, August and December. On any given date, TAS transactions will be allowed only in a single contract month. TAS transactions may be executed at the current days settlement price or at any valid price increment ten ticks higher or lower than the settlement price. Grade and Quality Specifications Position Limits Rulebook Chapter Exchange Rule Gold delivered under this contract shall assay to a minimum of 995 fineness.

NYMEX Position Limits 113 These contracts are listed with, and subject to, the rules and regulations of COMEX.

Silver Futures Product Symbol Venue Hours (All Times are New York Time/ET) SI CME Globex, CME ClearPort, Open Outcry (New York) CME Globex: Sunday Friday 6:00 p.m. 5:15 p.m. (5:00 p.m. 4:15 p.m. Chicago Time/CT) with a 45-minute break each day beginning at 5:15 p.m. (4:15 p.m. CT)

CME ClearPort: Sunday Friday 6:00 p.m. 5:15 p.m. (5:00 p.m. 4:15 p.m. Chicago Time/CT) with a 45-minute break each day beginning at 5:15 p.m. (4:15 p.m. CT) Open Outcry: Contract Size Price Quotation Monday Friday 8:25 AM to 1:25 PM (7:25 AM to 12:25 PM CT)

5,000 troy ounces U.S. Cents per troy ounce Please note: Prices are disseminated in U.S. Dollars and Cents

Silver Futures Minimum Fluctuation Termination of Trading Listed Contracts Outright transactions including EFP: $0.005 per troy ounce. Straddle or spread transactions and settlement prices: $0.001 per troy ounce. Trading terminates on the third last business day of the delivery month. Trading is conducted for delivery during the current calendar month; the next two calendar months; any January, March, May, and September falling within a 23-month period; and any July and December falling within a 60-month period beginning with the current month. Physical Daily Silver Settlement Procedure (PDF) Final Silver Settlement Procedure (PDF) Delivery may take place on any business day beginning on the first business day of the delivery month or any subsequent business day of the delivery month, but not later than the last business day of the current delivery month. Trading at Settlement is allowed in the active contract month. The active contract months will be March, May, July, September and December. On any given date, TAS transactions will be allowed only in a single contract month. TAS transactions may be executed at the current days settlement price or at any valid price increment ten ticks higher or lower than the settlement price. Silver delivered under this contract shall assay to a minimum of 999 fineness. NYMEX Position Limits 112 These contracts are listed with, and subject to, the rules and regulations of COMEX.

Settlement Type Settlement Procedure Delivery Period

Trading at Settlement (TAS)

Grade and Quality Specifications Position Limits Rulebook Chapter Exchange Rule

Evolutia pretului pentru aur

Evolutia pretului pentru argint