Gold climbs as jitters over euro zone debt intensify
Spot gold hit a high of $1,417.80 an ounce, near the record $1,424.10 an ounce it hit earlier this week, and was at $1,413.60 at 1213 GMT versus $1,402.70 late on Wednesday.
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In U.S. Cybercrime Case, Track Record Indicates Russia Willing To Cooperate
While dozens of arrests were made last week by U.S. authorities investigating a multinational, multimillion-dollar fraud ring, not all those named in the case are in the United States. U.S. officials …
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Gold hits record above $1,340/oz as dollar slides
LONDON: Gold climbed 1.8 per cent, its biggest one-day rise since May 11, to record highs on Tuesday as the dollar fell versus the euro and as recent volatility in the currency markets boosted demand for the metal as a safe store of value.
An announcement by the Bank of Japan that it would create a pool of funds to buy assets to tackle strength in the yen also helped gold. Moves by major economies to curb strength in their currencies are giving a major lift to the metal.
Brazil on Monday doubled a tax on foreign investors buying local bonds in an attempt to curb a currency rally that has turned into an issue in the country’s presidential race.
Spot gold hit a high of $1,340.20 an ounce and was bid at $1,337.50 an ounce at 1549 GMT, against $1,315.20 late on Monday. US gold futures for December delivery reached a peak of $1,341.70 and were later up $21.90 at $1,338.70.
“There are a number of supporting factors to the gold price currently, including a stronger euro/dollar and the resumption of the positive correlation between gold and euro/dollar, as well as strong prospects for further quantitative easing in the US,” said BNP Paribas analyst Anne-Laure Tremblay.
“However, we may see a correction on the FX side later this year on deflation risks in the euro zone,” she said. “In addition, the increase in narrow liquidity may translate into stronger risk appetite and… favour other assets besides gold.”
Gold prices appreciated as the dollar tumbled to an 8-1/2 month low against a basket of six major currencies, pressured by broad-based demand for the euro.
Gold is sensitive to moves in the dollar as weakness in the unit tends to lift its appeal as an alternative asset and makes dollar-priced commodities cheaper for other currency holders.
Gold hit all-time highs in six consecutive sessions to Friday, and after building a base above $1,310 an ounce on Monday, rose nearly 2 per cent to a new record late on Tuesday, lifted by concerns over further monetary easing.
Any further moves in the foreign exchange markets or signs of currency intervention are likely to be positive for gold.
FOREX EYED
“In the short term we have got the annual meeting of the World Bank and the IMF coming up this weekend, so there are going to be some more FX-related headlines ahead of that,” said Tom Kendall, an analyst at Credit Suisse.
“There is no easy route out of these kinds of issues, where you have an implicit weak dollar policy now in the US … and emerging markets trying to protect their own exporters by not letting their currencies appreciate too rapidly and trying to head off asset bubbles caused by the strength of capital inflows. Those trends aren’t going away in a hurry.”
Demand for physical gold retreated as prices rose again, however. Buying in main gold consumer India was muted as the weaker rupee added to pressure on local buyers.
“As (jewellery demand) clearly weakens at the high price level, the dependence on investment demand rises, and this is still relatively robust even if the world’s largest gold ETF, SPDR Gold Trust, reported slight outflows again yesterday,” said Commerzbank in a note.
“Net long positions of speculative financial investors recently rose to a 12-month high.”
Holdings of the world’s largest gold-backed exchange-traded fund, New York’s SPDR Gold Trust, declined for a third session, while those of the largest silver ETF, the iShares Silver Trust dipped from record highs.
Silver was at $22.59 an ounce against $21.97, having earlier hit a 30-year high at $22.69 an ounce. Silver continued to outperform gold, with the number of ounces of silver needed to buy an ounce of gold slipping to a one-year low at 59.15.
Platinum, buoyed by strength in gold, hit a 4-1/2 month high at $1,696.50 an ounce and was later at $1,693 against $1,664.85, while palladium was at $574 versus $557.83. – Reuters
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Crisis in Ireland Shakes Europe
Ireland said additional costs of propping up the country’s banks could stretch its government budget deficit to nearly a third of the country’s total economy-a record for any euro-zone member.
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Gold – Another Record Week….
This week the Gold market covered a range of $42.10 while making new all-time highs ($1284.40). The lack of confidence in Global Regulators as well as a lack of confidence in the fiat currencies continues to lead investors into “safer haven” tangible assets.
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Best Forex System Trading-Avoid Scams And Choose The Right One
The internet is filled with forex trading systems, making it even more difficult to choose the best forex system trading. What makes it even more difficult is that every product claims to be the best. They all come with big statements assuring that you will become a millionaire in the shortest possible time. They also tell you that their system is easy to use and does not require much capital to start with.
Now people who fall for these advertising gimmicks sooner or later find out that they made the wrong choice and that particular system does not serve them correctly.
Here are a few tips that will help you choose the best that the forex trading system has to offer.
Track Record
It may be a bit daft; however there are long playing traders who sometimes buy off products without checking their track record. Probably this is one reason why they don’t do well in forex trading. Products claim to have a “100% success rate”, “make you millions in 2 years”. What you need to look for instead is for real time records. If there are testimonials, then contact those people to get a first hand experience from them.
Look for Drawdowns
Any strategy will have a drawdown’s either big or small and it is only a matter of time that you will come to know. You will need to look for any drop in value, usually in floating losses although the trade is still open. We should therefore look at a trading system that has the lowest drawdown’s possibly around 5% to 8%. The drawdowns could be in days, weeks or months. You therefore have to be comfortable with it.
Trading Timeframe
You need to be comfortable with the trading timeframes and this is important. If you’re trading system requires you to check it at all times, when you possibly cannot, then it’s not for you. The best forex system trading will let you trade when you wish to, without having to monitor it all times.
There are certain tips that you need to follow to select the Best Forex System Trading. For more information, visit http://www.bestonlineforexsystemtrading.com. Article Source:http://www.articlesbase.com/currency-trading-articles/best-forex-system-tradingavoid-scams-and-choose-the-right-one-1354051.html
Automated Forex Trading Systems – If You Want to Win You Need
Automated trading systems, there all over the Net promising huge gains but very few deliver and probably 95% + will wipe your equity out and this is despite them having profitable track records why is this? Lets find out…
Get Best Forex Trading Robots to help you to make profit!
Forex trading robots appeal to trader’s greed and these traders never question the track record which normally has the disclaimer below written on it – read it carefully and you can see why most fail:
“CFTC RULE 4.41 – Hypothetical or simulated performance results have certain limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not been executed, the results may have under-or-over compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profit or losses similar to those shown”.
The track record is not real it’s a paper exercise, constructing a track record that looks good using the past data.
Does a track record like the above indicate future profitability for the trading system?
Of course not – it’s easy to trade knowing what happened but that’s not the real world.
Get Best Forex Trading Robots to help you to make profit!
Common sense tells you this.
You have track records presented that many senior FX managers I know would be proud of and they earn seven figure salaries and as yet, I have not seen any of them sacked in favour of an automated forex trading system that costs a few hundred bucks!
If you have understood the above, you will know why. Let’s be clear:
You can make a lot of money trading forex – but you need to get the right forex education and do it on your own. Forget the short cut routes that look to good to be true they are and work hard at the basics of currency trading.
You need a simple method, confidence in it and the discipline to apply it.
The reason forex trading is so lucrative is because most people wont do the basics and accept they have a learning curve to go through to win.
If you accept this and learn currency trading the right way, you have huge profit potential and the chance to enjoy currency trading success.
Leave the “sure fire” automated forex trading systems with there simulated track records alone and get the right forex education and win.
Get Best Forex Trading Robots to help you to make profit!
Best Forex Automatic Robot Program and other Related Resources: Article Source:http://www.articlesbase.com/currency-trading-articles/automated-forex-trading-systems-if-you-want-to-win-you-need-1347542.html
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