Gold Market Symbols
Posted in Jewellery on 12/06/2008 11:50 pm by admin
Online Gold Trading To Wealth
Over the past few years, Smart investors and traders who know where the market trend is moving will get into gold trading. In 2010, the spot gold price has gone pass the historical barrier of $1200 per troy ounce. The extended gold market uptrend is predicted to continue for several years even though you can find several retracements when the gold price reached the $1200 mark.
During the period when the stock market crashes along with the financial meltdown, many investors and traders have lost a lot of money. Smart investors then went on to trade forex as it’s a bigger market and many people believed that they can earn money fast and easy.
When those investors or traders tried fx trading, 90% of them actually lost money and then they come into conclusion that generating money from trading is not painless. So the concern is, is making money from trading that difficult?
The reality is, without the basic understanding of the market, it is indeed most likely be really challenging for individuals who wants to earn some money in trading. On the other hand, the smart and knowledgeable investors are different. They are the ones who know which market will rise during a financial meltdown, so online gold trading is the so called ‘holy grail’ market that they made a ton of money from.
How do you actually trade gold spot over the internet?
Here’s the thing, many traders are unaware that spot gold trading is actually offered on some Metatrader 4(MT4) forex platforms. Some of the forex brokers allow spot gold and silver against the U.S dollar on their trading platform.
In gold spot trading, the symbol is XAUUSD and XAU simply represent one ounce of gold. For example, the quote is 1200 XAUUSD in the spot market, so this means that 1 troy ounce of gold is equivalent to $1,200 USD.
Why are precious metals like gold on a long term uptrend?
Precious metals like gold and silver are highly demanded as they are greatly used in the manufacturing sectors. When the global economy is recovering from the financial crisis, production from industrials will increase and consumers will increase their spending too, this is where the prices of precious metals like gold and silver will rise.
Futhurmore, the value of the U.S dollar has been declining due to the government debts that are trillions in dollars. But what government did was to print trillions of dollars to pay for their debts. When trillions of dollars are printed by the federal government, inflation occurs and then the value of U.S dollar declined.
The smart investors will then rush to buy gold to hedge against inflation, which then push up the gold price. It has been the case throughout the history.
What is the biggest benefit of online gold trading?
Just like forex trading, leverage is also offered to spot gold trading. In forex, one standard lot of contract is $100,000. While for spot gold, one standard lot is worth 100 troy ounces of gold.
For instance, you see that the price of gold is going up so you want to buy a standard lot of spot gold. But as the spot gold trading comes with a leverage feature, let’s say 100:1, instead of buying one standard lot of gold for $120,000, you only need $1200 in your margin account for 1 standard lot!
Now the price of gold went up to $1,205, so the standard lot of gold contract will make you $500 profits ($120,500 – $120,000). But if you are not leveraging on the online trading, can you imagine how much you have to fork out to purchase 100 ounces of gold? It’s $120,000 to purchase 100 ounces of gold excluding the storage fees!
Now you have a chance to be smarter than those savvy investors…invest in online gold trading instead of buying physical gold which will cost you a ton.
About the Author
The author is a successful foreign exchange trader who teaches traders how to trade the forex market for their long term financial freedom.<br /><br />You can now download a free and proven currency trading business plan at http://www.toptradingsutra.com/<br /><br /><br />
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