Silver Futures
Silver futures describes SI contract mechanics, not a forecast or a recommendation.
Educational only, not a recommendation to buy or sell any contract or a solicitation to open an account. Futures and options trading involves substantial risk of loss. You can lose more than your initial deposit.
Contract specifications
| Specification | SI |
|---|---|
| Exchange | COMEX |
| Symbol | SI |
| Contract size | 5,000 troy ounces |
| Tick size / value | $0.005/troy ounce outright = $25 |
| Trading hours | Sunday–Friday 6:00 p.m.–5:00 p.m. ET, with a 60-minute break at 5:00 p.m. ET. |
| Listed months | 26 consecutive months, plus July and December in the nearest 60 months; confirm current listings. |
| Settlement | Deliverable. |
Last verified November 10, 2026.
This is the supplied source-note date, not confirmation of every live field. Dated sources and fields requiring exchange confirmation are identified below.
Facts use the November 10, 2026 stamped silver extracts. A finer settlement or spread increment is not the ordinary outright tick.
Micro, mini, and related smaller contracts
Micro Silver (SIL): 1,000 troy ounces; outright tick $0.005 = $5, deliverable, same hours as SI. SIL lists 3 consecutive months plus January, March, May, July, September, December in the nearest 12 months; confirm listings. Do not use the stale $0.01 / $10 outright tick.
Worked tick and 1% example
Hypothetical arithmetic illustration only — not a current price, projection, trading result, or recommendation.
One outright tick changes one SI contract by $25. Four ticks change it by 4 × $25 = $100, in either direction, before costs.
Assume a made-up quotation of 30 U.S. dollars per troy ounce. A 1% price change is 0.3 in those quote units. Multiplying by 5,000 gives $1,500 for one contract. The same move against a position produces a loss of that amount before costs.
Commissions, fees, bid-ask spreads, and slippage are excluded. Leverage can lead to losses larger than your deposit; a 1% price move is not a 1% account-equity move.
Margin and leverage
Margin is a performance bond, not the purchase price or a limit on loss. Exchange requirements and carrying-firm requirements can change; the firm may require more and may liquidate positions when requirements are not met. No margin dollar amounts are quoted here.
Official exchange product and margin information · Margin and Leverage in Futures
What moves the market
Industrial and investment demand, monetary news, currency changes, and mine supply can move silver.
Reading the Economic Calendar explains scheduled-release timing. Unscheduled news can also move prices; stops do not guarantee an exit price.
Rollover and expiration
SI last trade: 12:25 p.m. CT on the third last business day of the contract month. SIL ends on the third last business day of the contract month; confirm exact dates and notice requirements.
A roll closes one contract month and opens another; spreads, costs, and execution risk remain. Firm deadlines may be earlier than exchange deadlines. See Contract Rollover, First Notice Day, and Last Trading Day.
Frequently asked questions
What is the contract size and tick value?
SI: 5,000 troy ounces; $0.005/troy ounce outright = $25.
Is there a smaller related contract?
Micro Silver (SIL): 1,000 troy ounces; outright tick $0.005 = $5, deliverable, same hours as SI. SIL lists 3 consecutive months plus January, March, May, July, September, December in the nearest 12 months; confirm listings. Do not use the stale $0.01 / $10 outright tick.
How does settlement and expiration work?
Deliverable. SI last trade: 12:25 p.m. CT on the third last business day of the contract month. SIL ends on the third last business day of the contract month; confirm exact dates and notice requirements.
Does a smaller contract or a stop remove risk?
No. Futures remain leveraged; you can lose more than your initial deposit. Smaller contracts change dollar exposure, not market direction. Stops do not guarantee a fill at the stop price.
Talk it through, if that would help
Ask about contract mechanics or practicing with simulated funds. There is no obligation to open an account.
Demo accounts use simulated funds. Demo results do not reflect real trading and are not indicative of future results. Features, terms, and availability can change.
Drew Rathgeber, President
949-996-4611 · drathgeber@profuturestrader.com