{"slug":"micro-gold-futures-vs-gld","qid":"gld_monthly_close","label":"GLD's trailing year, and the gold notional inside one MGC","post_title":"Micro Gold Futures vs GLD: Size, Tax, Cost","post_url":"/blog/micro-gold-futures-vs-gld#q-gld_monthly_close","columns":["month","calendar_label","gld_month_end_close","gld_month_high","gld_month_low","implied_gold_label","mgc_notional_label"],"rows":[{"month":"2025-10-01","calendar_label":"Oct 2025","gld_month_end_close":368.12,"gld_month_high":403.3,"gld_month_low":351.4,"implied_gold_label":"$4,010","mgc_notional_label":"$40,100"},{"month":"2025-11-01","calendar_label":"Nov 2025","gld_month_end_close":387.88,"gld_month_high":388.18,"gld_month_low":361.39,"implied_gold_label":"$4,225","mgc_notional_label":"$42,253"},{"month":"2025-12-01","calendar_label":"Dec 2025","gld_month_end_close":396.31,"gld_month_high":418.45,"gld_month_low":382.91,"implied_gold_label":"$4,317","mgc_notional_label":"$43,171"},{"month":"2026-01-01","calendar_label":"Jan 2026","gld_month_end_close":444.95,"gld_month_high":509.7,"gld_month_low":396.25,"implied_gold_label":"$4,847","mgc_notional_label":"$48,469"},{"month":"2026-02-01","calendar_label":"Feb 2026","gld_month_end_close":483.75,"gld_month_high":483.9,"gld_month_low":422.55,"implied_gold_label":"$5,270","mgc_notional_label":"$52,696"},{"month":"2026-03-01","calendar_label":"Mar 2026","gld_month_end_close":430.29,"gld_month_high":492.15,"gld_month_low":399.2,"implied_gold_label":"$4,687","mgc_notional_label":"$46,873"},{"month":"2026-04-01","calendar_label":"Apr 2026","gld_month_end_close":423.66,"gld_month_high":448.7,"gld_month_low":414.16,"implied_gold_label":"$4,615","mgc_notional_label":"$46,150"},{"month":"2026-05-01","calendar_label":"May 2026","gld_month_end_close":417.12,"gld_month_high":437.42,"gld_month_low":404.3,"implied_gold_label":"$4,544","mgc_notional_label":"$45,438"},{"month":"2026-06-01","calendar_label":"Jun 2026","gld_month_end_close":368.38,"gld_month_high":414.4,"gld_month_low":363.32,"implied_gold_label":"$4,013","mgc_notional_label":"$40,129"},{"month":"2026-07-01","calendar_label":"Jul 2026","gld_month_end_close":371.54,"gld_month_high":383.6,"gld_month_low":363.6,"implied_gold_label":"$4,047","mgc_notional_label":"$40,473"},{"month":"2026-08-01","calendar_label":"Aug 2026","gld_month_end_close":408.42,"gld_month_high":429.42,"gld_month_low":368.64,"implied_gold_label":"$4,449","mgc_notional_label":"$44,490"},{"month":"2026-09-01","calendar_label":"Sep 2026","gld_month_end_close":380.84,"gld_month_high":413.54,"gld_month_low":376.88,"implied_gold_label":"$4,149","mgc_notional_label":"$41,486"},{"month":"2026-10-01","calendar_label":"Oct 2026","gld_month_end_close":380.14,"gld_month_high":385.22,"gld_month_low":378.11,"implied_gold_label":"$4,141","mgc_notional_label":"$41,410"}],"shape":"series","sql":"SELECT\n    month,\n    calendar_label,\n    round(month_end_close, 2) AS gld_month_end_close,\n    round(month_high, 2)      AS gld_month_high,\n    round(month_low, 2)       AS gld_month_low,\n    concat('$', substring(gold_digits, 1, 1), ',', substring(gold_digits, 2, 3)) AS implied_gold_label,\n    concat('$', substring(mgc_digits, 1, 2), ',', substring(mgc_digits, 3, 3))   AS mgc_notional_label\nFROM\n(\n    WITH 0.0918 AS ounces_per_gld_share\n    SELECT\n        toString(toStartOfMonth(date))     AS month,\n        formatDateTime(min(date), '%b %Y') AS calendar_label,\n        toFloat64(argMax(close, date))     AS month_end_close,\n        toFloat64(max(high))               AS month_high,\n        toFloat64(min(low))                AS month_low,\n        toString(toUInt32(round(month_end_close / ounces_per_gld_share)))      AS gold_digits,\n        toString(toUInt32(round(month_end_close * 10 / ounces_per_gld_share))) AS mgc_digits\n    FROM global_markets.stocks_daily_aggs\n    WHERE ticker = 'GLD'\n      AND date >= addMonths(toStartOfMonth(today()), -12)\n    GROUP BY month\n)\nORDER BY month","computed_at":"2026-10-04T15:21:19.687513+00:00","elapsed":0.08706755}