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Gold/Mining/Energy : HAWKEYE GOLD INTERNATIONAL INC.
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To: long-gone who wrote (11)4/14/2001 11:29:15 AM
From: long-gone   of 24
 
S to Z
SCREEN TRADING Method of trading via computer screens and telephones in which there is no direct contact between dealers. Contrast open outcry.

SDR Special Drawing Right; the ‘currency’ or credit unit created by the IMF.

SELL SIGNAL A technical term indicating a reversal of downward price trends and that the price could well have reached the top in which case it would be prudent to sell gold. Contrast buy signal.

SETTLEMENT DATE The pre-agreed date on which any gold transaction must be settled.

SHORT To be short of a commodity or associated futures or options contract is to have been a seller. Contrast long.

SLAG Waste product from the smelting and refining processes.

SOUK Market associated primarily with the Middle East in which physical gold of very high purity is actively traded mainly in the form of jewellery, coins and small bars.

SPOT DEFERRED Hybrid forward contact offering floating interest rates and no fixed delivery. More flexible than a conventional forward but without the cost of an option.

SPOT MARKET The immediate market where delivery obligations usually occur no more that 2 days after the transaction.

STOP-LOSS A client’s order left with a dealer to liquidate a potentially loss making position should the price break through a specified level. Executed to prevent further financial losses.

STABILISED CONTANGO Forward contract offered by the South African Reserve Bank to the country’s mines.

STRIKE PRICE The agreed price at which the option can be exercised which will be equal to, higher or lower than the current price of the underlying.

SWAP A spot sale with a simultaneous equal forward purchase of equal tonnage. This is the definition of a gold or bullion swap which may differ from the term used by the foreign exchange markets.

SWITCH Trading procedure during which a futures contract is liquidated while simultaneously establishing the same position for a more distant contract month.


TAILINGS Waste material after the economically viable mineralisation has been removed from mined ore.

TECHNICAL ANALYSIS (charting) the method of price forecasting based of the mapping of past price trends. Patterns identified within the charts are used to predict future price movements.

THETA Measure of change in an option exposure that results from the passage of time.

TIME VALUE Option value associated with the time left to maturity since during the life an option can move in and out of the money.

TOLL REFINING An agreement through which the refiner is paid an agreed fee for the process but with no change in the ownership of the metal under treatment.


UNALLOCATED (gold or account) metal held for a client but no specific bar or bar number. This metal can be considered part of the general pool of metal held by the Bank and so lent out without the owners knowledge or consent. Contrast allocated.

UNDERLYING Shortened term for the underlying commodity upon which futures and options are traded.

UP-AND-IN CALLS A barrier option where the call is paid for up front but is not received until the predetermined knock-in barrier is reached. Differs from down-an-in calls in that the price of the underlying is initially below the barrier.

UP-AND-IN PUTS A barrier option where the put is paid for up front but is not received until the predetermined knock-in barrier is reached. Differs from down-an-in puts in that the price of the underlying is initially below the barrier.

UP-AND-OUT CALLS A barrier option where the standard calls are paid for and exist until such time as the price of the underlying rises above a predetermined barrier after which the options cease to exist.

UP-AND-OUT PUTS A barrier option where the standard options are paid for and exist until such time as the price of the underlying rises above the predetermined barrier after which the options cease to exist.

UPGRADING Re-refining in order to improve the purity normally of a gold bar from 995 to 999.9.


VEGA Measure of change in volatility in the gold price and its implications for an existing option exposure.

VOLATILITY The rate of change in the price of the underlying commodity.

VOLUME The daily turnover or number of contacts traded on an Exchange.


WRITING OPTIONS Selling someone else the right to buy or sell gold at a particular price.


ZERO COST COLLAR see range forward options.
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