WARRANTS / ACEs / FINANCIAL SETTLEMENT
Physical delivery is an exchange title-and-depository process, not doorstep bullion
GC can settle through warrants covering exchange-eligible gold in approved depositories. MGC uses ACEs representing fractional interests in that warrant system. 1OZ is financially settled. In every case, the contract, clearing member, broker agreement and deadline determine what happens; the words physical delivery do not promise that an ordinary customer receives a chosen retail bar.
THREE OUTCOMES
Settlement depends on the exact contract code
CHAIN OF CONTROL
Delivery requires more than holding a long contract
Confirm whether the account may remain open into delivery.
Meet intent, notice, payment and assignment deadlines.
Receive a warrant, ACE or cash settlement under the contract.
Account for storage, handling and other exchange-service charges.
Separate title transfer from physical removal and insured transport.
DELIVERY AUDIT
Get written answers before the broker's close-out deadline
01Does the account permit delivery for this exact contract?
02What is the first notice, last trade and broker liquidation date?
03How much contract value and variation margin must be funded?
04Which warrant or ACE documents will be credited?
05Which storage, delivery, assay, insurance and load-out fees apply?
06What legal entity owns the instrument after settlement?
07How would the metal leave the approved depository, if desired?
If any answer is missing, offsetting before the broker deadline may be operationally safer than discovering the rules during the delivery period. That is a process observation, not trading advice.
PRIMARY SOURCES & REVIEW BOUNDARY
Contract rules come before marketing summaries
- COMEX Rulebook Chapter 113 for the 100-troy-ounce GC trading unit, $0.10-per-ounce minimum tick, deliverable bar standards and last trading day.
- COMEX Rulebook Chapter 120 for the 10-troy-ounce MGC unit, $0.10-per-ounce minimum tick and Accumulated Certificate of Exchange delivery structure.
- CME 1-Ounce Gold futures FAQ for the 1OZ contract size, $0.25 tick, financial settlement, listed months, current access channel and current trading-hours notice.
- Current COMEX Rulebook index for later amendments, delivery chapters, position limits and related notices.
- CFTC Futures Market Basics, CFTC explanation of how futures work and the CFTC glossary for margin, daily mark-to-market, offsetting, clearing and retail risk.
Sources were reviewed August 2, 2026. GoldObserve does not reproduce licensed futures quotes, margin schedules, fee tables or exchange calendars. Verify the current rulebook, exchange notices and your futures commission merchant before using any contract.
GOLD FUTURES RESEARCH PATH
Continue with the next distinct decision
FREQUENTLY ASKED QUESTIONS
Gold futures delivery questions
Are COMEX gold futures physically delivered?
GC and MGC have physical-delivery mechanisms under Chapters 113 and 120. Most futures positions are offset before delivery, and 1OZ is financially settled.
What gold is deliverable against GC?
Chapter 113 specifies 100-ounce or three one-kilogram bar forms, minimum 995 fineness, approved brands and defined assay, carrier, warrant and depository requirements.
How does Micro Gold delivery work?
MGC uses ACEs. One ACE represents a 10% interest in a 100-ounce warranted bar, and ten ACEs can be redeemed for a warrant under the exchange process.
Can I ask my broker to ship the bar to my home?
Do not assume so. Clearing eligibility, warrants, load-out, approved depository procedures, fees, transport, insurance, tax and the broker agreement must all be resolved.