The gold markets in Hong Kong, London and New York are regarded as the ‘big three exchanges’ of the world, providing 24 hours non-stop transactions. The gold transactions in Hong Kong, which focus on physical gold, mainly take place within The Chinese Gold and Silver Exchange Society and the over-the-counter London bullion market.

As a gold minting licensee recognised by the Chinese Gold and Silver Exchange Society (CGSE), Cheung’s Gold Traders Limited mints gold bars and silver bars with official seals and serial numbers, guaranteeing quality, fineness and weight. Gold and silver are not only important investment tools, they have a diversified range of industrial and commercial use as well. An important raw material for the jewellery industry, gold is also in high demand by other sectors like medicine, food and beverage, electronics and others, while silver is applied widely in computer manufacturing, dentistry, production of musical instruments, mirrors and optics. Cheung’s Gold Traders Limited is the industry’s trusted partner capable of providing a full range of services plus reliable delivery.

From trading Hong Kong 9999 tael gold, Hong Kong Silver 1 and Loco London gold and silver, to Renminbi Kilobar gold, Cheung’s Gold Traders Limited and Cheung’s Precious Metals Limited offer investors diversified gold and silver trading opportunities, including transactions of gold silver bars minted by Cheung’s Gold Traders Limited and approved by The Chinese Gold and Silver Exchange Society. Investors can also make transactions in Hong Kong dollars, Renminbi, Taiwan dollars or even US dollars, enhancing overall convenience. Taking the full measure of gold’s anti-inflation advantages, value protection, risk management and cash-out liquidity, gold & silver investments are regarded as a key tool for wealth management.

Trading & Settlement Hours ( 9999 HKG、HKS1、LLG、LLS & L KG )

	Summer Time (Hong Kong Time)	Winter Time (Hong Kong Time)
Monday or The Day After Holidays	08:00 am – Next Day 05:00 am	08:00 am – Next Day 06:00 am
Tuesday to Thursday	05:00 am – Next Day 05:00 am	06:00 am – Next Day 06:00 am
Friday	05:00 am – Next Day 03:00 am	06:00 am – Next Day 04:00 am

** System maintenance and settlement processing will be held on 05:00am to 06:00am daily. During the maintenance period, client cannot place any trade or stop / limit order. (Placed order remained valid)

Contract Size

Products	Per Contract
Loco London Gold (LLG)	100 oz
9999 Tael Gold (9999 TG)	100 tael
Renminbi Kilobar Gold (LKG)	1 kilogram
Loco London Silver (LLS)	2,500 oz
HK Silver 1 (HKS1)	15 kilogram

Margin Requirement

Products	Margin Requirement (Per Contract) Initial Margin / Overnight Margin
Loco London Gold (LLG)	US$ 1,000
9999 Tael Gold (9999 TG)	US$ 1,000
Renminbi Kilobar Gold (LKG)	US$ 600
Loco London Silver (LLS)	US$ 1,000
HK Silver 1 (HKS1)	US$ 300

• Any shortfall more than 30% of the initial margin is requested to deposit to the initial margin level.
• Any shortfall more than 80% of the initial margin (Friday or night before holiday, margin requirement must be maintained at 70% or above of the contract value), the Company will have an absolute discretion to force liquidation and square the position without prior notice or client’s consent. Client shall be responsible for all losses aroused if any, including the loss from overnight holding.

Interest

Products	Long Rate	Short Rate
Loco London Gold (LLG)	-2.5	-0.5
9999 Tael Gold (9999 TG)	The HKG's daily interest rate will be subject to the market risk and situation, the interest rate will be announced by the Company.
Renminbi Kilobar Gold (LKG)	To be announced every Wednesday
Loco London Silver (LLS)	-3.25	0.25
HK Silver 1 (HKS1)	To be announced every Wednesday

U.S. Dollar Settlement Price = 7.8000

Calculation of interest rate
Opening price of contract x contract unit x interest rate x number of days x number of lots ÷ 360

Trading Spread

Products	Minimum Trading Spread
Loco London Gold (LLG)	US$ 0.50
9999 Tael Gold (9999 TG)	HK$ 10
Renminbi Kilobar Gold (LKG)	RMB 0.15
Loco London Silver (LLS)	US$ 0.04
HK Silver 1 (HKS1)	HK$ 110

Quotations

Products	Quotations
Loco London Gold (LLG)	Quoted in US$ per troy ounce
9999 Tael Gold (9999 TG)	Quoted in HK$ per tael
Renminbi Kilobar Gold (LKG)	Quoted in RMB per gram
Loco London Silver (LLS)	Quoted in US$ per troy ounce
HK Silver 1 (HKS1)	Quoted in HK$ per kilogram

Commissions

Day Trade / Overnight Trade	Commissions (Per Contract)
Loco London Gold (LLG)	Please liaise with your agents
9999 Tael Gold (9999 TG)
Renminbi Kilobar Gold (LKG)
Loco London Silver (LLS)
HK Silver 1 (HKS1)

(Above listed trading details are for reference only and are subject to changes. For details, please contact your agents.)