If you hold an open COMEX Future contract like “SI” Silver or “GC” Gold, you need to have enough cash in the account to submit an Intent to Receive or an Intent to Deliver a Warrant for the Physical Metal. Future Contracts and Warrants on the Physical Metal are not marginable as a Future contract and the Physical Metal Warrants have no loan value. In addition, there is no margin offset between a Long Warrant on a Physical Metal and a short Future like SI or GC as the CME/COMEX does not accept Warrants on Physical Metals such as Gold or Silver as collateral for open positions.
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