What Are 1,000-Ounce Silver Futures? SIL Explained
Learn what SIL 1,000-ounce Silver futures are: 1,000-ounce contracts at one-fifth SI size, their $5.00 outright tick, and ACE certificate delivery.
Direct answer
1,000-ounce Silver futures, commonly identified as SIL, are COMEX contracts for 1,000 troy ounces, exactly one-fifth the standard 5,000-ounce SI contract. On CME Globex, an ordinary outright minimum movement of 0.005 USD per ounce equals $5.00 per contract. Delivery occurs through Accumulated Certificates of Exchange, five of which redeem into one SI warrant, in multiples of five contracts except on the last intent day.
SIL names a dated fifth-size silver agreement, not a spot ounce quote
SIL is the product root for COMEX 1,000-ounce Silver futures. A complete agreement also has a contract month and year, so a value displayed beside SIL is not automatically a current spot quote for an ounce or a fractional bullion holding. It is a labelled observation of a futures contract at one-fifth SI scale, and the label determines which rules and delivery process apply.
How to read 1,000-ounce Silver futures quotes shows which fields make an observation usable. 1,000-ounce Silver futures expiration and delivery explains why the named month matters when a contract approaches its ACE delivery process.
The 1,000-ounce SIL unit is one-fifth the SI contract by design
Chapter 121 sets one standard SIL contract at 1,000 troy ounces meeting SI-grade Chapter 112 specifications. Because quotation is dollars per ounce, a $1.00 move per ounce equals $1,000 per contract, versus $5,000 for SI. The unit describes the standardized fraction; it is not a claim about an account balance, margin, or appropriate order size.
What Silver futures are covers the full-size contract for direct comparison. Futures position sizing treats that contract unit, the number of contracts, and an account's own limits as three separate inputs.
SIL ticks, listings, and ACE math all scale from SI
For an ordinary SIL outright trade on CME Globex, the minimum fluctuation is 0.005 USD per ounce, or $5.00 per contract, matching the SI tick in per-ounce terms while shrinking the dollars fivefold. Listings run the current month, the next two months, plus January, March, May, July, September, and December inside twelve months. Each ACE evidences 20 percent of a 5,000-ounce SI warrant, so five ACEs redeem into one SI warrant and storage accrues to the ACE holder.
Record the product before calculating: an SIL tick and an SI tick share decimals but not dollars. A 5-to-1 SIL-to-SI relationship links mixed-size books.
ACE delivery converts fifth-size positions into standard warrants
SIL delivery does not move bars directly. Longs receive ACEs, shorts convert an SI warrant into five ACEs through the clearing house, and deliveries proceed in multiples of five contracts except on the last intent day. Chapter 121 points to Chapters 7A, 7B, and 112 for the broader framework, and depository plus clearing arrangements matter for an actual open position.
Cash-settled versus physically delivered futures draws the general settlement-design line, and SIL sits on the certificate-deliverable side. What are Micro Gold futures covers the tenth-size gold analogue for readers comparing fractional metals contracts.
A workable SIL record separates quotation facts from account facts
Before relying on an SIL number, preserve the root, month-year, dollars-per-ounce convention, trade or quote type, price field, source, timestamp, session, and data status. Futures contract month codes helps turn a compact SIL symbol into the agreement whose delivery calendar applies.
Margin is collateral, not a substitute for the 1,000-ounce contract unit or a recommendation to open a position. Futures margin versus leverage explains that distinction without inferring an account-specific requirement.
This guide explains standard 1,000-ounce Silver futures mechanics. It does not provide a live silver price, a metals forecast, margin requirement, trade recommendation, or broker delivery instruction. Current COMEX rules, data terms, clearing procedures, and account documents govern a particular contract.
Common questions
What does SIL mean in futures?
SIL is the COMEX product root for 1,000-ounce Silver futures. Add a contract month and year to identify the particular standardized agreement.
How many ounces does one SIL contract represent?
One standard SIL contract represents 1,000 troy ounces meeting SI-grade specifications, exactly one-fifth of the 5,000-ounce SI contract.
What is the ordinary SIL tick value?
The ordinary CME Globex outright minimum movement is 0.005 U.S. dollar per ounce, equal to $5.00 per standard SIL contract.
How does SIL delivery work?
Longs receive ACEs evidencing fifth-warrant ownership and shorts convert SI warrants into ACEs. Five ACEs redeem into one SI warrant, with multiples-of-five delivery except the last intent day, and a 5-to-1 relationship links mixed books.
Are 1,000-ounce Silver futures cash settled?
No. Standard SIL futures are certificate-deliverable under Chapter 121 and the applicable delivery procedures. Current clearing and depository documents determine the handling of a particular open position.