Commodity glossary G
- The sensitivity of an option's delta to changes in the price of the underlying instrument
- When a market opens or trades through the specified level of a market order without actually trading at the price of the market order.
- Gold Forward Offered Rate. The gold equivalent to LIBOR. The rates at which dealers will lend gold on swap against US dollars.
- A financing mechanism whereby gold is borrowed from a bullion bank (which has usually borrowed it from a central bank or banks), and sold into the market to raise cash, usually to finance a gold mining operation. The metal is then repaid over an agreed period of time. The interest on the loan is usually paid either in dollars or in gold subject to the agreement between the counter-parties.
- 1.A recognised low point in market prices. This may be a point the market does not expect the price to fall below, the lowest price achieved before the market rises or a level set by a customer as a minimum selling price. A certificate often issued by exchanges indicating ownership of physical metal.
GOOD DELIVERY BARS
- Also referred to as large bars, the ingots that conform to London Good Delivery standard
GOOD DELIVERY STANDARD
- The specification to which a gold bar must conform in order to be acceptable on a certain market or exchange. Good delivery for the London Bullion Market is the internationally accredited good delivery standard.
- The mass of desired metal(s) in a given mass of ore.
- One of the earliest units of weight for gold. 1 grain = 0.0648 grams or 0.002083 troy ounces. 15.43 grains = 1 gram; 480.6 grains = 1 troy ounce; 24 grains = 1 pennyweight.
GTC (GOOD 'TIL CANCELLED)
- Applicable to market orders, it signifies that the order will be open and carried forward indefinitely until it is either filled or cancelled by the client.