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Hi,
You can try UOB Silver Savings Account. Well, at least you can trust UOB and, this mode is not exactly as paper trading. U can msg me for further enquiries.
PS. I am not from any banks.
Cheers
june_snowy ( Date: 29-Oct-2010 11:55) Posted:
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Hi all,
I am very keen to invest in silver but do not wish to buy the physical bullion coins & bars.
But on the other hand, other told me paper trading is very risky as they do not have any allocation.
Any advise will be greatly appreciated.
Thanks.
Overnight News in Brief
At 5:00 PM(CT) the APMEX precious metals spot prices were:
- Gold price - $1,345.50; +$21.90
- Silver price - $24.05; +$0.62
- Platinum price - $1,695.80; +$18.70
- Palladium price - $632.00; +$10.90
COMMENTARY: The Gold markets responded positively all day due to the falling Dollar caused by increasing trader sentiment that the U.S. Federal Reserve Bank will substantially inject cash into the U.S. economy next week. Silver pressed to even higher gains on the day. Gold was up 1.6% on the day with Silver up 2.6%.
The U.S. Treasury sold $29 billion in 7 year notes today, while yesterday, the Treasury sold $35 billion in 5 year notes, all of which--$64 billion--represented new debt. The Treasury reported that the two new issues of 5 year and 7 year debt were purchased 39% and 50%, respectively, by “indirect bidders” which includes foreign and international monetary authorities.
The World Gold Council announced today that Gold Prices could rise to $1,400 by the end of the year and published their “Gold Investment Digest Q3 2010” report today.
Gold going to $2,000 but silver a better buy says Jim Rogers
Jim Rogers is the legendary investor who got commodities right before anybody else in 1998. Now he says gold is going to $2,000, but silver is 60 per cent under its all-time high and so a better buy than gold.
Rogers sees the dangers of money printing and has been proven right many times before. His timing seems a bit out with this prediction as gold has just come off its recent all-time highs and might show some weakness in a wider financial market sell-off. But longer term this view is very solid.
Hi, need education.
Is trading of spot gold (not Gold ETF) a zero sum game like forex trading ? Any comments ?
Thanks,
Gold recovered from a bout of profit taking yesterday as the US dollar hit a fresh two year low against the euro, with players saying the metal might dip further before mounting its assault on the 700 usd mark.
"Everyone's looking for a pullback ... because we've gained so much recently, but overall the trend is still up. The belief is that the dollar has a long way to go yet so that's only going to support gold," said a trader.
At 10.22 am, spot gold was at 689.90 usd an ounce, up from 687.40 usd in late New York trades yesterday. The metal hit an 11 month high of 691.60 usd on Monday but retreated yesterday despite a weak US dollar, as players cashed in on the metal's near 2 pct gains in just under a week.
"The weaker US dollar is clearly underpinning the gold price. We continue to look for a move towards 700-715 usd in the next 1-3 months," said JP Morgan analyst Michael Jansen.
A weaker dollar boosts gold's appeal as an alternative asset to the US currency. Also, as gold is traded in dollars, a weak dollar makes the metal cheaper for holders of other currencies.
Elsewhere, platinum edged up to 1,277 usd an ounce against 1,276 usd in late New York trades yesterday, while palladium was up at 370 usd an ounce against 373 usd yesterday.
Both metals are still benefiting from news a Swiss bank is planning to launch exchange traded funds in the two metals, even though key platinum producer Angloplat has said it won't supply physical metal to the platinum ETF.
ETFs trade commodity futures and back up every ounce of stock bought on paper with actual physical stock. As a result, the launch of an ETF often squeezes the market as it eats up the amount of physical stock available.
Silver was up at 13.97 usd an ounce against 13.91 usd in late New York trades.
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Gold prices slipped. The dollar neared all-time lows versus the euro, and dropped to a 15-year low against the British pound. The dollar's weakness has been raising concerns about U.S. assets losing their allure to investors abroad.
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Gold steady near 680 supported by steady oil prices, tight supply
LONDON - Gold held near the 680 usd level supported by steady oil prices and strong supply/demand fundamentals.
Expectations the dollar will remain weak also lent support to the precious metal, as the US currency was trading near two-year lows against the euro hit yesterday.
Bullion often moves in line with oil prices as investors hedge against inflationary pressures, but in the opposite direction to the dollar as gold is seen as an alternative asset.
At 10.44 am, spot gold was trading at 678.65 usd, up from the 676.50 usd seen in late New York trades yesterday. In intra-day trading yesterday, gold struck a high of 681.25 usd, its highest level since Feb 27.
"The dollar, which is not far from its lows, is definitely influencing gold, it's lending support," said Gerry Schubert, precious metals director at Fortis Bank.
He added prices were also underpinned by a tight supply side which has "nothing new to offer," and continued investor interest in the yellow metal. Output in mining countries is also falling, making the "gap between supply and demand bigger," noted Schubert.
Gold has gained almost 2 pct since last week, edging closer towards the 700 usd most milestone analysts are predicting the metal will reach for before the end of this year.
Elsewhere, the Osaka Securities Exchange in Japan may list a gold exchange-traded fund (ETF) as early as next month, according to Kotaro Yamazawa, an executive at the exchange. This would be the first such ETF in Japan.
Exchange-traded funds buy shares in companies that make up an index. In commodity-backed ETFs, investors gain exposure to commodities without having to trade futures and commit themselves to physical delivery.
Other precious metals rose, following gold's lead. Silver rose to 13.92 usd against 13.86 usd in late New York trade yesterday. Platinum was unchanged near the four and a half month highs struck yesterday at 1,260 usd, while palladium edged up to 361 usd from 358 usd.
Gold prices could exceed last year?s 26 year high of $730 an ounce within the next 12 months due to a weaker dollar, rising geopolitical tensions and an investment led rally, according to the annual survey by GFMS, the metals consultancy.
Gold rises on dollar weakness, trade tensions
Gold for June delivery rose $6.70, or 1%, at $683.60 an ounce on the New York Mercantile Exchange.
Shipments from the mine via the port of Esperance were suspended in mid-March after thousands of birds in the region died from lead poisoning and some people were affected.
At 1.31 pm, LME lead for three-month delivery rose to 1,960 usd a tonne against 6,860 usd at the close yesterday. It had struck 1,975 usd earlier in the session.
Edward Meir, an analyst at Man Financial, said that, in light of higher prices, two consecutive closes above 1,950 usd were needed to justify yet another move higher.
Other base metals were also firm, with copper near its intra-day high of 7,188 usd. LME copper for three-month delivery rose to 7,150 usd a tonne against 6,980 usd at the close yesterday.
Prices were up amid falling stocks stored in LME certified warehouses. The LME reported inventories fell 1,225 tonnes at 179,850 tonnes on the day since yesterday.
Cancelled warrants, which represent metal booked and due to leave LME warehouses, also increased by 1,700 tonnes.
In other metals, tin was up at 13,975 usd against 13,740 usd, zinc rose to 3,190 usd from 3,179 usd, nickel rose to 47,650 usd from 45,600 usd at yesterday's close. Aluminium was also up at 2,807 usd from 2,757 usd.
Gold steady on tensions with Iran, strong oil prices
LONDON - Gold held steady near 663 usd, supported by continued tensions between Iran and the West and strong oil prices. The precious metal was also underpinned by increased buying from India in preparation for the wedding season.
At 11.55 am, spot gold was quoted at 662.90 usd an ounce, from the 665.60 usd level seen in late New York trades yesterday.
With high levels of volatility recently some traders have taken to the sidelines which has impeded the journey towards the 700 usd the market had called for by the end of this year.
"Overall, we believe that a number of players that have the ability to push the market through the 665 to 670 usd region are on the sidelines currently looking for some spark in the market to encourage them to join," said metals analysts at JP Morgan.
Further, some analysts are predicting a sharp downward correction in the short-term. TheBullionDesk.Com analyst James Moore said that while there appears to be technical support around the 656 usd level, the extent of long trades means that there is a risk of a deeper correction over the short-term.
While oil is lending some support to bullion, analysts were surprised the metal had not pushed higher with crude prices hovering near six-month highs.
Looking ahead, market players might push the market either way before the Easter holidays. "Holidays tend to move markets. If they (traders) are long they might square trades ahead of the holiday. It could go either way."
In other metals, silver was at 13.26 usd an ounce against 13,30 usd, platinum was at 1,239 usd against 1,236 usd, while palladium was up at 351 usd against 348 usd.
Gold rises amid strong crude, political tensions, steady dollar
LONDON - Gold rebounded amid strong oil prices, escalating geopolitical tensions over Iran and a flat dollar.
The precious metal was steadier this morning, having lost nearly 1 pct yesterday, after strong US data lifted the dollar -- and pressured gold prices lower. A stronger dollar makes gold more expensive for buyers with other currencies, so weakened demand.
This morning's lift was "largely due to firmer oil prices," noted TheBullionDesk.Com analyst, James Moore.
At 11.01 am, gold was at 663 usd per ounce, up from 661.70 usd in late New York trades yesterday.
Among other metals, silver edged up to 13.30 usd an ounce against 13.27 usd in late New York trade yesterday. Platinum was up at 1,241 usd against 1,259 usd while palladium was up at 352 usd from 350 usd.
Copper leads metals higher on positive US GDP data; nickel bucks trend
LONDON - Copper was higher, leading across-the-board gains in the base metals, as better-than-expected fourth-quarter US GDP data yesterday allayed fears of an economic slowdown in the world's largest economy.
Ongoing gains in crude prices, which rose to a six-year closing high yesterday on continued tensions in the Middle East, and reports of rising demand from China also underpinned gains, analysts said.
Nickel was the only metal to buck the trend, paring some of the steep gains it recorded this week.
At 12.36 pm, copper was up 104 usd to 6,870 usd per tonne, boosted by US data that showed fourth-quarter GDP in the world's second largest consumer of the metal rose 2.5 pct, against initial estimates of a 2.2 pct increase.
Unemployment claims in the US fell further than anticipated, to 308,000.
Nickel was the only faller amongst the base metals, posting losses of 325 usd per tonne to 43,750 usd.
The metal gained strongly this week, with concerns over low inventory levels continuing to boost prices even though supplies are picking up.
Tin, recovering from losses sustained over the last few days on profit-taking after recent strong gains, was 340 usd higher at 13,600 usd.
Aluminium was 15 usd per tonne higher at 2,795.50 usd, while lead put on 14 usd per tonne to 1,935 usd, approaching its all-time high. Zinc added 35 usd per tonne to 3,285 usd.