• Margin Requirement for Gold is $1,500 USD per lot.
• Margin Requirement for Silver is $3,000 USD per lot.

• Contract size for Gold is 100 oz.
• Contract size for Silver is 5000 oz.

Gold and Silver Trading Hours:

• Daylight Saving OFF:
  

  Beijing/ Hong Kong Time	United States East Coast
  Monday 07:00 - Saturday 04:00	Sunday 19:00 - Friday 16:00

• Daylight Saving ON:
  

  Beijing/ Hong Kong Time	United States East Coast
  Monday 07:00 - Saturday 05:00	Sunday 18:00 - Friday 16:00

Instrument	Spread	Margin Requirement	Contract Size
Gold	USD $0.50	$1,500 USD	100 troy oz.
Silver	USD $0.04	$3,000 USD	5000 troy oz.

• Bacera Bullion Limited reserves the right to change the spread without notice.

All open Precious Metal positions are rolled to the next trading day. Depending on whether you are long (buy) or short (sell), you will either be debited or credited rollover interest on a daily basis. Rollover rates will be displayed as a Swap Fee on the Bacera Bullion ProTrader; any Swap Fees debited or credited will be updated daily. Please note that all open positions at the close of market on Wednesday incur a three-day rollover debit/credit, and bank holidays will affect the number of days that a position is rolled forward.

SYMBOL	LONG	SHORT
GOLD	-2.25%	-0.75%
SILVER	-2.00%	-1.00%

*Swap Chart is for reference only, actual swap is determine by dealing department

The formula for calculating the Precious Metals Swap is :
Number of Lots X Contract Size X Swap Rate / 360 Days

Example : To Calculate the Swap for 10 lots of Long Spot Gold held overnight is :
10 Lots X (100z x $1200 USD) X (-1%) / 360 Days = -$33.33 USD

Long and short positions of the same size that are open on the same product can reduce the risk for the client in the adverse action market. This involves opening a position in the opposite direction of the same size as the open position. The margin is ¼ of the initial margin. Bacera Bullion's trading platform will automatically place a liquidation order for a Client's open position(s) when their Total Equity balance falls below 20% of the Initial Margin required for all open positions.

*Derivative Markets can be very volatile, and Clients should be aware that prices on CFDs instruments may fluctuate rapidly over wide ranges. Prices depend on number of factors, including interest rates, supply and demand, and government actions. Clients should keep in mind that during such volatile market conditions Stop-Loss orders may not be honored at the price requested by the Client. It is possible that the market may "skip" the Stop-Loss order price due to a significant market event. Due to market volatility after a weekend or holiday, Bacera Bullion does not guarantee that a stop-loss order will be executed at the same price as requested. Bacera Bullion will execute a stop-loss order if the prevailing market price different is 20 pips or above.

• Example: Pending order for gold at 1700, market gapping from 1701 to 1699, trading platform will open trade at 1699, or vice versa..
  
• Example: Pending order for gold at 1700, profit at 1720, market gapping from 1719-1723, platform will close trade at 1723, or vice versa.
  

  Buy Limit:	an order to execute a transaction at a specified price (the limit) or lower
  Sell Limit:	an order to execute a transaction only at a specified price (the limit) or higher
  Buy Stop:	an order to execute in anticipation of the CFD price, having reached a certain level, will keep on increasing
  Sell Stop	an order to execute in anticipation of the CFD price, having increase to a certain level, will fall.

To ensure quality service, when the Client's local internet, personal computer, or electronic trading platform fail to perform normal trading , telephone translations are available. Client account numbers and passwords need to be provided.
(Telephone transactions are for trading purposes only. No consultations.) Daily and monthly statements may be printed for reference. It is very important to check all the contents of the reports in detail and notify Bacera Bullion within 2 business days if there are any errors and/or discrepancies on the reports. After 2 business days, any corrections and/or adjustments to any errors or discrepancies will be made solely at the discretion of Bacera Bullion.
Bacera Bullion Limited reserves the right to make any changes in the trading rules. Changes in Margin Requirements will be announced in the Notices Section of Bacera Bullion's website and will take effect immediately.