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XAU/USD & XAG/USD - Gold & Silver Traders Thread

  • #7,281
  • Jun 19, 2011 4:28am Jun 19, 2011 4:28am
"Betting against gold is the same as betting on governments.
He who bets on governments and government money bets against
6,000 years of recorded human history." ~ Charles de Gaulle

made me chuckle....

beeb
  • #7,282
  • Jun 19, 2011 6:19am Jun 19, 2011 6:19am
Quoting brijon
One small step toward Executive Order 6102 part 2, and one giant leap for corruptcongressmankind. [b]"We wanted to make you aware of some upcoming changes to FOREX.com’s product offering. As a result of the Dodd-Frank Act enacted by US Congress, a new regulation prohibiting US residents from trading over the counter precious metals, including gold and silver, will go into effect on Friday, July 15, 2011. In conjunction with this new regulation, FOREX.com must discontinue metals trading for US residents on Friday, July 15, 2011 at the close of trading...

This doesn't surpise me, nor did the analogy of "one small step".

How many of you own the physical stuff? I would suggest it might be a good time to buy in the not to distant future, although obviously not as good as when this secular bull market began in the early 2000's, just after the manipulated dot com paper crash hype. I suspect the same will happen with precious metals and commodities, so one must be mindful to see the signs. I find doing the exact opposite of what the mainstream media is plugging, is often a useful strategy to follow, or at the very least a contrarian warning signal.

Isn't it just "dainty" that it is always the little people that get screwed by all these U.S. regulations, while the big boys continue to reap the rewards and get bailed out (punishment free) by the same struggling taxpayers. These taxpayers get screwed again by much higher real inflation and negative real interest rates to "save" the banking elite. Are these same taxpayers allowed to borrow at 0.5% interest rates and park their money (risk free) in much higher interest yielding treasuries (with leverage)? What do these banksters care if inflation is over 7% when they can (with leverage) yield multiples of this? However, if real inflation is 7% (conservative), the little guy (the taxpayer) sees the cost of his living (food, heating, gas etc.) rise and essentially double within 10 years (70/7) - all things being equal.

Unfortunately, the rest of the world has to suffer too by the actions of a corrupt few. When did America become a fascist state?
(Mussolini's definition not mine)

KR
giving something back to the forex community.
  • #7,283
  • Jun 19, 2011 7:54am Jun 19, 2011 7:54am
Quoting LasVahGoose
Looks like the rumors were true.

Trading Of Over The Counter Gold And Silver To Be Illegal Beginning July 15

http://www.zerohedge.com/article/tra...inning-july-15

.
i'm still waiting answer from instaforex..anyone here trade using insta trader?
  • #7,284
  • Jun 19, 2011 9:15am Jun 19, 2011 9:15am
Quoting XTrade
Various reasons I will discuss tomorrow. Going to catch some zzzzs.

---------------------------------------------------------------------

What is the significance of 1586 any way? I see nothing. It is above the high so cannot be considered resistance until reached.

If price breaks above old high it is likely to take out 1586 in the same move or within the next sessions.

Gold sometimes does move in 5 to 10 USD ($) increments yet, as of now this number seems arbitrary to me. Even the top of the weekly channel first Upper line would...
sorry xtrade my mistake i wrote 1486 into 1586 my mean i was sell at 1538 with the stoploss 1547
Attached Image (click to enlarge)
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Trading by EA
  • #7,285
  • Jun 19, 2011 9:22am Jun 19, 2011 9:22am
any one have any experience from oanda broker i m going to switch my account with oanda spread is nice is they good
Trading by EA
  • #7,286
  • Jun 19, 2011 9:29am Jun 19, 2011 9:29am
Quoting mmudasir
any one have any experience from oanda broker i m going to switch my account with oanda spread is nice is they good
I trade with Oanda, they are ok for swing trading, but for scalping i found their platform a bit to unreliable. No real problems otherwise.

---------------------------------------------------------------------

As for this banning gold trading nonesense (what idiot thought this up?),

what about UK traders using american br0ker?

I can always use a different br0ker but Oanda was doing fine for the PM's.
  • #7,287
  • Jun 19, 2011 11:42am Jun 19, 2011 11:42am
Quoting highlander2
I trade with Oanda, they are ok for swing trading, but for scalping i found their platform a bit to unreliable. No real problems otherwise.

---------------------------------------------------------------------

As for this banning gold trading nonesense (what idiot thought this up?),

what about UK traders using american br0ker?

I can always use a different br0ker but Oanda was doing fine for the PM's.
is oanda also going to stop gold trading like forex.com us
Trading by EA
  • #7,288
  • Jun 19, 2011 12:39pm Jun 19, 2011 12:39pm
Quoting mmudasir
is oanda also going to stop gold trading like forex.com us
Well i asume that if it is made ilegal to trade spot gold in the US then Oanda will have to comply, but whether or not non US residents can still trade gold and silver with Oanda I have no idea. I read the other day that Oanda gained FSA regulation or whatever. Perhaps this will be a way round it for UK residents??? I am just guessing....
  • #7,289
  • Jun 19, 2011 2:11pm Jun 19, 2011 2:11pm
NAME XTRADE
EMAIL
[email protected] I rarely check this mail. If you would like to email me do it through FF or PM me
COUNTRY
United States
MESSAGE
Are we not going to be able to trade XAU anymore due to Dodd frank? Please tell me there is a way around this. Thank you. XTrade
DEPARTMENT
Customer Service

-------------------------------------------------------
This is DIRECTLY from my broker for gold and silver.

Response: 2 minutes ago:

Dear Sir/Madam,

After July 15, FXDD NY will no long offer transactions to retail customers on retail spot precious metals. Shortly we are going to make this announcement to all of our clients, with additional details as to how the live trading accounts are going to be affected.

Kind regards,
_______________
FXDD
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #7,290
  • Jun 19, 2011 2:18pm Jun 19, 2011 2:18pm
Quoting XTrade
NAME XTRADE
EMAIL
[email protected] I rarely check this mail. If you would like to email me do it through FF or PM me
COUNTRY
United States
MESSAGE
Are we not going to be able to trade XAU anymore due to Dodd frank? Please tell me there is a way around this. Thank you. XTrade
DEPARTMENT
Customer Service

-------------------------------------------------------
This is DIRECTLY from my broker for gold and silver.

Response: 2 minutes ago:

Dear Sir/Madam,

After July 15, FXDD NY will no long offer transactions...
j

It sucks, but verifies everything we have been saying. If you don't own the physical stuff you don't own gold and silver.

Sad. Sad. Sad.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #7,291
  • Jun 19, 2011 2:19pm Jun 19, 2011 2:19pm
Now, I am still going to post here while looking for alternative means.
Looks like it may be time to start trading physical again for a bit....

Here are my suggestions.

1. To high Cap traders. = You will have to open up a futures account.
I believe there are accounts now that trade with lower margins than before.

2. To LOW CAP US TRADERS - Think of who you might know or use to set up residence in another country and switch your account to a UK account.
you will need to provide proof of residence which may be hard but it can be done.

3. Trade physical

4. Low cap US traders - save your money up and open a futures account.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #7,292
  • Jun 19, 2011 2:21pm Jun 19, 2011 2:21pm
So what do you think? Giant sell off in XAU & XAG? I think most retail traders are short timers, so not that many with open positions. Wouldn't be surprised to see PM's take off after July.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #7,293
  • Jun 19, 2011 2:21pm Jun 19, 2011 2:21pm
True, true, true.

I tried to signal some physical buy points in the thread but was scoffed at by some assholes. Who's laughing now.
ie my avatar is some of the new stuff...

There will be a lot more physical discussion going on in here now.

I have several dealers I use as well as other forums to sell on and shops.

You can make money trading physical- it is just NO leverage and a lot longer time frame.

Quoting LasVahGoose
j

It sucks, but verifies everything we have been saying. If you don't own the physical stuff you don't own gold and silver.

Sad. Sad. Sad.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #7,294
  • Jun 19, 2011 2:23pm Jun 19, 2011 2:23pm
Nahh, the retail traders segment of market share in spot gold and silver is SO small in the scheme of things. Maybe, Maybe it =s 1 percent.

Same with FX. Even if the accounts are NDD/STP the retail sector of FX traders makes up for again about 1 percent.

Quoting LasVahGoose
So what do you think? Giant sell off in XAU & XAG? I think most retail traders are short timers, so not that many with open positions. Wouldn't be surprised to see PM's take off after July.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #7,295
  • Jun 19, 2011 2:23pm Jun 19, 2011 2:23pm
Quoting XTrade
NAME XTRADE
EMAIL
[email protected] I rarely check this mail. If you would like to email me do it through FF or PM me
COUNTRY
United States
MESSAGE
Are we not going to be able to trade XAU anymore due to Dodd frank? Please tell me there is a way around this. Thank you. XTrade
DEPARTMENT
Customer Service

-------------------------------------------------------
This is DIRECTLY from my broker for gold and silver.

Response: 2 minutes ago:

Dear Sir/Madam,

After July 15, FXDD NY will no long offer transactions...

is it only in US?
  • #7,296
  • Jun 19, 2011 2:29pm Jun 19, 2011 2:29pm
Quoting XTrade
Nahh, the retail traders segment of market share in spot gold and silver is SO small in the scheme of things. Maybe, Maybe it =s 1 percent.

Same with FX. Even if the accounts are NDD/STP the retail sector of FX traders makes up for again about 1 percent.

Try to remember that the US retail investor is an almost negligible part of the global gold market. London is the physical centre and trades far more spot gold than comex does. Large Far Eastern buyers as well as Central Banks do their business there. Also the opening of new exchanges in the Far East will continue to move trading away from the US.

beeb
  • #7,297
  • Jun 19, 2011 3:02pm Jun 19, 2011 3:02pm
Quoting beeb
Try to remember that the US retail investor is an almost negligible part of the global gold market. London is the physical centre and trades far more spot gold than comex does. Large Far Eastern buyers as well as Central Banks do their business there. Also the opening of new exchanges in the Far East will continue to move trading away from the US.

beeb
It wont have a big effect on the market, but it will have a big effect on people who want to trade it in america Pretty sad since gold is a great market, for me at least.... thankfully im in the UK, but i will need to see what Oanda plan to do for non us residents, may have to make arangements else where.

----------------------------------------------------------------------

What about NADEX, dont they offer contracts on gold futures or is it just options??
  • #7,298
  • Jun 19, 2011 3:03pm Jun 19, 2011 3:03pm
Quoting highlander2
It wont have a big effect on the market, but it will have a big effect on people who want to trade it in america Pretty sad since gold is a great market, for me at least.... thankfully im in the UK, but i will need to see what Oanda plan to do for non us residents, may have to make arangements else where.

----------------------------------------------------------------------

What about NADEX, dont they offer contracts on gold futures or is it just options??

Should be some great deals available as the European houses hoover up the new business....

beeb
  • #7,299
  • Jun 19, 2011 3:29pm Jun 19, 2011 3:29pm
As far as I know, yes. They look at it as "CFD" trading which is illegal in the US.


Quoting Raghu_C
is it only in US?
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #7,300
  • Jun 19, 2011 3:32pm Jun 19, 2011 3:32pm
Agreed. It is sad though... The more rules and regulations they make the more it hurts the indy traders and the brokers.

Not exactly great for "recovery." Jobs will certainly be lost at some of these brokers due to this. Hopefully they can find a loophole. Doesn't look good for those in the US right now though...

Like you said, just taking MORE money out of the US and pushing it overseas. Even though retail FX is small it is still a billion dollar industry.
The first step was the institution of no "hedging", FIFO, etc. Now this? Why would anyone want to trade with a US broker?

Quoting beeb
Try to remember that the US retail investor is an almost negligible part of the global gold market. London is the physical centre and trades far more spot gold than comex does. Large Far Eastern buyers as well as Central Banks do their business there. Also the opening of new exchanges in the Far East will continue to move trading away from the US.

beeb
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
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