What does it cost to trade gold and silver in the US? | Metals Mine

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What does it cost to trade gold and silver in the US?

  • #1
  • First Post: Jul 15, 2013 2:18pm Jul 15, 2013 2:18pm
I'm too lazy to call my broker lol. I want to start trading gold/silver but they only allow 1:1 in US now... So does that me I'm paying the "spot price" when I click buy or sell or does 1 contract cost more than spot price? I'm using MT4 through Oanda.

1 full contract of gold for example should be around $1282 USD right (the spot price)?
or am I going to be adding some zeros?
Before Forex I was tall, and clean shaven. Now I am an Ewok.
  • #2
  • Jul 17, 2013 12:28pm Jul 17, 2013 12:28pm
Quoting england33
I'm too lazy to call my broker lol. I want to start trading gold/silver but they only allow 1:1 in US now... So does that me I'm paying the "spot price" when I click buy or sell or does 1 contract cost more than spot price? I'm using MT4 through Oanda. 1 full contract of gold for example should be around $1282 USD right (the spot price)? or am I going to be adding some zeros?
not sure what you mean by "1 full contract of gold"...?
why not trade futures? It's about $0.10 per/oz. 1 contract is 100oz, so 10bucks a tick. ($10 p/contract)

I may have misunderstood what you meant. If so, just ignore me.
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  • #3
  • Jul 21, 2013 2:20pm Jul 21, 2013 2:20pm
I believe Oanda allows 50 to ratio for leverage. So to open one full contract would be around 1300 in your account in margin to open the trade plus spread of course.
  • #4
  • Jul 21, 2013 5:45pm Jul 21, 2013 5:45pm
http://fxtrade.oanda.com/trade-forex/fxtrade/gold
to trade and code, keep both simple... no call to impress....h
  • #5
  • Jul 21, 2013 6:00pm Jul 21, 2013 6:00pm
wow. I didn't realize that. They really looking to destroy gold trading.
  • #6
  • Jul 22, 2013 3:16am Jul 22, 2013 3:16am
50 is fine. Many broker charge like that.
  • #7
  • Jul 23, 2013 11:14pm Jul 23, 2013 11:14pm
Quoting england33
I'm too lazy to call my broker lol. I want to start trading gold/silver but they only allow 1:1 in US now... So does that me I'm paying the "spot price" when I click buy or sell or does 1 contract cost more than spot price? I'm using MT4 through Oanda. 1 full contract of gold for example should be around $1282 USD right (the spot price)? or am I going to be adding some zeros?

Thats correct. 1 contract for gold with Oanda is one ounce with no leverage. It will cost whatever the spot price is per ounce to trade gold on Oanda.
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  • #8
  • Jul 24, 2013 3:00am Jul 24, 2013 3:00am
Quoting Becel
wow. I didn't realize that. They really looking to destroy gold trading.
I believe this was more due to the lack of any sort of physical backing towards the commodity itself being GOLD OR SILVER,

as well as some possible pressure from the commodities market or NYMEX > COMEX division which is located in the US,
Secondly, the ETFs like GLD (although I don't believe their vault holdings) are actually holding Gold in vaults here in NY.

Thus, Trading gold via FX broker with leverage is essentially spread betting, which is illegal in the USA.
So they reduced the market to a leverage of 1:1 which is HORRIBLE! Yet some brokers do still offer Gold and Silver in the US.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #9
  • Jul 24, 2013 3:06am Jul 24, 2013 3:06am
Quoting fsiltd
{quote} not sure what you mean by "1 full contract of gold"...? why not trade futures? It's about $0.10 per/oz. 1 contract is 100oz, so 10bucks a tick. ($10 p/contract) I may have misunderstood what you meant. If so, just ignore me.

Agreed, it is at this point more cost affective to trade gold using futures than an FX broker IF u are in the USA.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #10
  • Jul 24, 2013 4:24am Jul 24, 2013 4:24am
Quoting england33
I'm too lazy to call my broker lol.
Maybe you're a lazy Pom, whatever, but I'm not gonna call your broker for you... however, you do need to call your broker because it appears different brokers have different costs.

If you are stupid enough to trust what you may be told on a public forum, God help you as a trader.
In the days of old when sailors were bold, and seldom if ever contented.
  • #11
  • Last Post: Jul 24, 2013 6:03pm Jul 24, 2013 6:03pm
It is pretty ridiculous. Oanda may as well not offer the product at all as it makes very little sense to trade.
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