What one SI contract is worth
The Silver trades on COMEX in increments of 0.005. Because its point multiplier is $5,000.00, one tick is worth $25.00 and a full point is worth $5,000.00 — per contract, in both directions. Multiply by your contract count for the position.
The number that catches people out is notional value: price × $5,000.00, which is the exposure one contract actually carries, not the margin you posted to open it. Change the price above to see it for the level you're trading.
What an SI round turn costs
We publish exchange, clearing and NFA rates only where we've verified them against a real broker cash ledger, and SI isn't one of them yet — so the calculator says so rather than showing $0.00. That distinction matters: treating an unverified rate as zero is exactly how a futures account can look profitable on paper and shrink in reality. ExpectancyIQ can derive your own rates from your broker's Cash History export at import time.
Who trades SI and when
Follows a similar contract-month structure to gold but trades noticeably lighter overall volume, and tends to move with higher beta than gold on the same macro catalysts — bigger percentage swings on the same headline, in both directions.
Sizing an SI position
Contract value is only half the question. How many SI contracts you should trade depends on your account size and stop distance — the position size calculator works that out, and the expectancy calculator tells you whether the resulting trades pay over time.