E-micro Gold: A more affordable way to throw your money away on COMEX

[JohnQPublic]

10 ozt. gold e-micro contracts!

http://www.cmegroup.com/trading/metals/goldfutures/product-suite.html

Physical gets you a certificate (paper).

[Ragnarok]

Under "Settlement"... paper gold on top of paper gold:

"Physical - The medium of exchange is an "ACE", Accumulated Certificate of Exchange, not a 10 ounce gold bar. Upon delivery of an E-micro Gold Futures contract, the buyer receives/seller delivers an ACE, issued by the CME clearing house. An ACE represents a 10% ownership in a 100-Troy Ounce Gold bar held in the form of a COMEX gold warrant."

Let me see if I understand this right.
Delivery is now defined as you getting a piece of paper saying you have a 10% interest in another piece of paper that only represents a physical chunk of gold.

What a joke - on the investor!
R.

[DMac]

The micro contracts have always kept the buyer from taking delivery (ie. strictly cash settlement). This applies to both gold and silver micro contracts.

[Neuro]

The micro contracts have always kept the buyer from taking delivery (ie. strictly cash settlement). This applies to both gold and silver micro contracts.
I think they were/are called mini contracts, and for gold they were 33 1/3 ounce and for silver 1000 ounces. And you couldn't take delivery on these...