For example, a Silver (SI) futures contract holds 5,000 troy ounces of silver, a Gold futures contract (GC) holds 100 troy ounces of 24 carat gold; and a Crude Oil (CL) futures contract holds 1000 barrels of crude oil of a certain quality that is standardized and specified in the futures contract itself. (cannontrading.com)
If you check out the COMEX you have billions of ounces of silver traded every week, yet we only product 850 million ounces per year.. (financialsamurai.com)