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FINANCIAL MARKET COURSES

Commodities - Precious Metals

A precious metal is a rare metallic chemical element of high, durable economic value. These metals are very malleable, highly resistant to corrosion, excellent reflectors of light and conductors of heat and electricity. They were historically important as currency, but are now primarily regarded as investment and industrial commodities. This course looks at the fundamentals of trading in the various precious metals markets: gold, silver, platinum, and palladium.

  • OBJECTIVES

    On completion of this course, you will be able to:

    Describe the key features of precious metals and the participants in the precious metals market

    Explain the fundamentals of precious metals pricing, and identify the various elements that affect prices

    Describe the process of hedging and trading in the precious metals market

  • COURSE OUTLINE

    Topic 1: Precious Metals Pricing Fundamentals

    Spot Prices

    Forward/Future Prices

    Basis

    Forward Price Considerations

    Convenience Yield

    Topic 2: Overview of the Precious Metals Market

    Types of Precious Metal

    Gold

    Gold Prices

    o Flight to Quality

    o Portfolio Diversification

    o Trading

    o Gold Lease Market

    Types of Exposure

    Other Precious Metals – Silver

    Other Precious Metals- Platinum & Palladium

    Market Participates

    o Producers

    o Consumers

    o Precious Metal Processors

    o Traders

    o Financial Institutions / Dealers

    o Investors

    Topic 3: Trading & Hedging in the Precious Metals Market

    Precious Metals Market

    o Spot (Physical) Market

    • Spot Market Fixing

    o London Platinum & Palladium Markey (LPPM)

    o Lease Market

    • Gold Swaps- Example

    o Derivatives Market (OTC)

    • Forwards – Advantages

    • Forwards – Disadvantages

    • Derivatives Market (OTC) – Other Instruments

    o Derivatives Market (Exchange - Traded)

    • CME Group

    Hedging

    o Futures

    • Futures - Hedging

    o Options

    • Example of an Options Hedge

    Trading

    o Position Trading (Speculating)

    o Calendar

  • PREREQUISITE KNOWLEDGE

  • ESTIMATED COMPLETED TIME

    90 Minutes

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