The number of gold-related investment securities increased further on Tuesday, as CME Group announced plans to launch short-term options contracts for gold beginning July 16.
In a press release, CME stated that “Similar to the E-micro Gold futures contract, which launched in Q4 of 2010, short-term gold options also represent a cost-effective means for professional investors to gain exposure to gold.”
Harriet Hunnable, Managing Director of Metals Products at CME Group, commented that “Recent global macroeconomic events and volatility underscore the need for tools to enable market participants to manage their basis risk every day. Our innovative new short-term gold options contracts will provide customers with much greater flexibility to manage the risk associated with government economic data, world events and other market-moving factors, while enabling them to benefit from the lower cost associated with short-dated options.”
The short-term options contracts are also being launched for crude oil and natural gas, and have daily expiration dates listed up to five days in advance. Short-term gold options will run off the standard strike prices and the cycle month futures contract. Whereas, short-term natural gas and crude oil options will run off standard strike prices and the standard front-month futures contract.
West kirkland makes key hire, launches nevada drilling
West Kirkland Mining (WKM.TSXV) announced the appointment of Kent Samuelson to its technical team as Manager, Nevada & Utah. Mr. Samuelson is a Professional Geologist with more than 25 years of exploration and development experience throughout the western United States. The company also announced the start of drilling on the KB Property in Nevada. Major Drilling America, Inc. has mobilized a reverse circulation rig to the property and is drilling targets generated by soil and rock sampling. Full West Kirkland Mining Press Release.
