But dealers said the prospect of more rate cuts in the
United States supported gold's appeal as an alternative
investment and kept the upward momentum intact. Bullion has
risen as much as 14.4 percent so far this year. From Reuters
Easy-Forex™ enables its clients to perform DAY-TRADING in gold and silver rates against the US dollar.
The gold symbol is XAU, the silver symbol is XAG.
The price of gold refers to its price per ounce in USD. For example, if the price is 612.97, it means that an ounce of gold is traded for USD 612.97. Similarly, the price of silver as well refers to its price per ounce in USD. For example, if the price is 11.853, it means that an ounce of silver is traded for USD 11.853.
There are several weighing methods in the precious metals and stones markets, where the most common is TROY (a TROY ounce equals approximately 31.10 grams; where an AV ounce equals approximately 28.35 grams).
The trading with gold and silver rates is performed as it is done with foreign currencies, by the OTC method (over the counter). That means that the trading is performed directly between the two involved parties, and not via a third party which consolidates the trade (such as an exchange market).
Trading with gold or silver rates, as with foreign currency rates, is non-delivery trading, which does not require the "physical" purchase or sale of the "commodity".
Easy-Forex™ clients and traders, who wish to perform Day-Trading with gold or silver rates, will regard the gold (XAU) and silver (XAG) just as they treat any other foreign currency, however – the trade is done only against the US dollar (USD).
1 comment:
The action of gold lately is unbelievable (silver, too, up to $18). One can only wonder when the interplay of gold, sharp jerks and starts in U.S. real estate continually stimulated by the flippers' dance and ARM resets, and currency hedging between the dollar and Euro will mesh to pay out in some of the biggest speculations on price runups in the history of man.
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