The Silver Futures Contract
The benchmark COMEX silver contract, symbol SI, covers 5,000 troy ounces. Prices are quoted in dollars per ounce, and one tick is $0.005 per ounce, worth $25 per contract. That size matters: a one-dollar move in silver is a $5,000 swing on a single contract.
Micro silver futures (SIL) cover 1,000 ounces — one-fifth the size — and are the sensible starting point for most smaller accounts. Both contracts trade nearly around the clock on weekdays, with monthly listings and the nearby active months carrying most of the volume.
Why Silver Demands Respect
Silver is historically more volatile than gold. It trades thinner, and sharp intraday swings are normal, not exceptional. That volatility is what attracts traders, and it is also what damages accounts that are too large for their margin.
Silver is also two markets in one: a monetary metal that follows gold, and an industrial metal used in electronics, solar panels, and more. Prices can whip when those two identities pull in opposite directions.
The practical steps to trading it are the same as any futures market:
- Open and fund a futures account. A broker-assisted account is worth considering if this is your first market.
- Check the margin. Exchange minimums change with volatility; silver margins rise fast in wild markets.
- Choose your size. Standard or micro — match the contract to your account, not your enthusiasm.
- Set your risk. Know your exit before you enter, every time.
Getting Started the Sensible Way
Watch the market first. Free quotes, historical charts, and seasonal charts show you how silver actually behaves before your money is at stake. Futures trading involves substantial risk of loss and is not suitable for all investors. When you are ready, simulated trading — included in CCS's free two-week client trial — lets you practice order placement without real capital.
One thing new silver traders notice quickly is the difference between the day session and overnight trade. Liquidity is deepest during US hours, and overnight moves can jump on light volume. Orders that would fill instantly at midday may slip in the small hours. If you cannot watch the market overnight, keep overnight size smaller than your daytime size — or use the micro contract, where a surprise move costs one-fifth as much per contract.