FX Solutions is launching Spot Gold and Silver trading effective Sunday May 17, 2009 at 5pm ET
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DiggKey Information:
Customers can trade Spot Gold and Silver in their existing GTS accounts. There is no need to open a new account or deposit additional funds.
Trade Spot Gold and Silver on the familiar GTS Platform in the same way as currencies.
The US Dollar is the underlying currency.
Advantages versus competition
Flexible Leverage up to 200:1
Small minimum trade sizes:
- Gold 1 oz.
- Silver 100 oz.
GTS practice accounts will include Spot Silver and Gold starting May 17.
Frequently Asked Questions:
What is the trade size for Gold and Silver?
Gold is tradable in 1 oz. increments with a minimum trade size of 1 oz.. Silver is tradable in 100 oz. increments with a minimum trade size of 100 oz.
If I have 400:1 leverage on my account, will I have to lower it to 200:1 to trade Gold and Silver?
No. If leverage is set on your account at greater then 200:1, only Gold and Silver will calculate margin using 200:1. Forex transactions will still be calculated at the leverage you have selected. If leverage on the account is less then 200:1 the entire account including Gold and Silver will be leveraged at the selected leverage.
What are the trading hours?
Trading hours are 24 hours daily starting Sunday at 18:00 ET to Friday at 16:30 ET, except for 17:15 ET to 18:00 ET from Monday through Friday when trading is closed.
How does the end of day process work?
It works like forex; you either receive or pay financing charges (premiums). If you are long you will be debited a financing charge of LIBOR +3%, if you are short you will be credited a financing charge of LIBOR -3%.
How is P/L calculated?
Gold is quoted in 1 cent increments. If you buy 1 oz. of gold at $915.23 and later close your position at $916.23, you would have a profit of $1.00. You may refer to the calculator in the platform to calculate your P/L in real time.
Can I take delivery on Gold and Silver?
No. This is a spot product that is continuously rolled over unless you close the position.
Do I have to open a new account?
No. You can trade Gold and Silver in your existing FX Solutions account.
Do I have to add margin to may FX Solutions account to trade Gold and Silver?
No. You do not need to add margin.
For more information, read our latest forex news.
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