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Thanks to the world’s numerous financial crises and investors’ appetite for safe haven options, gold trading is as popular as ever at eToro and other leading online brokers. The price of gold has been rocketing over the last few months, reaching a new record high of $1,681.65 per ounce during Thursday’s trading sessions, but will the gold bubble burst or can we consider the precious metal a safe commodity to trade for the foreseeable future?
As silver prices almost always mirror the fortunes of gold prices, the price of silver has been on the rise too, climbing by over 25 per cent over the last year. Gold and silver have been bucking the trend recently, with both of their prices significantly increasing, while practically all other commodities and stock markets have been recording negative numbers during the same period.
Once again the price of gold has surpassed record highs, trading as high as $1,609.30 per ounce at eToro during the Tuesday trading sessions. The new record price for gold has come about largely due to weakened dollar and the troubled euro, as commodities and Forex traders sell dollars and euros in favour of the safe haven commodity that is gold.
Even though gold prices have retreated a little since Tuesday, at the time of writing this article gold was being sold for $1,589.53 at eToro, with no sign of a landslide fall in the precious metal’s fortunes anywhere in sight. Gold’s most recent charge is mainly due to economic issues and weak currencies on both sides of the Atlantic.
Forex traders at eToro and other trading platforms around the world saw renewed appetite for the euro today as Greece agreed new austerity measures to avoid defaulting on its debts, something that could spell disaster for the Greek economy. This latest agreement by the Greek Government will go a long way to securing the €28 billion EU/IMF bailout package, which is being voted on tomorrow.
The troubled Greek economy has been the primary reason for the euro’s recent poor performance across the world’s Forex markets, and the riots and protests by the people of Greece over the last 48 hours has done nothing to assist the fortunes of the euro. However, if a bailout package can be secured, the future of both Greece’s economy and the euro will look much brighter.
Over the past week there have been twist and turns across the world’s Forex markets, with many factors ranging from unemployment numbers to economic crises affecting the fortunes of foreign currencies and their exchange rates across the globe. Keep reading to find out what happened to the major currencies over the last seven days.
Last week the world’s most traded currency, the US dollar took a turn southward, reversing the advances made in previous weeks. Worse than expected manufacturing figures, higher unemployment and low consumer confidence left many Forex traders at eToro and other markets believing that the US Federal Reserve continue to keep interest rates low.
Even though the world foreign exchange markets are open 24 hours a day 5 days a week, as are online Forex brokers such as eToro, this doesn’t mean that you should trade Forex all day every day. Some periods of the trading day and week are more profitable than others. So when is the best time to trade Forex? When should we log into our Forex trading accounts and start opening positions?
The big bucks made from Forex trading are done so when the markets are moving. When the markets are stagnant it can be very difficult to beat the spread, so a volatile market is a market full of opportunity and possible profits for the shrewd trader.
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Speculators and investors at eToro and other online commodities brokers witnessed gold prices soar on Wednesday, breaking the ‘golden’ $1,500 mark in the process. And just like previous hikes in the price of gold, the price of other commodities benefitted too. This latest advance by the valuable metal has gone further than many analysts predicted and if you were on the gold wagon as it reached these dizzy heights on Wednesday you should be a happy trader right now.
Last week fear of inflation pushed gold prices up to the dizzy heights of $1,486 and the just the same as today, other precious metals including silver also climbed in value. Today silver traded above the $45.00 mark, climbing by 54 cents and hitting a 31-year high for the heavily traded commodity but what does the future hold for commodities such as silver and gold?
Even though the euro has already benefitted greatly from the predicted interest rate rise tomorrow it still continued to make headway against its US counterpart, while the Japanese yen dropped to new lows. Forex traders at eToro watched the euro soar to a 14-month high against the dollar during today’s European trading sessions, at the same time as the yen fell to a a six-month low against the dollar and an 11-month low against the euro.
Unsurprisingly, the Japanese yen has been under the cosh since the devastating earthquake and tsunami that threw the yen into a chaotic position. However, the Bank of Japan has made numerous efforts to stabilise the yen but this hasn’t stopped the Japanese currency falling further. The EUR/JPY climbed to a high of 121.97 before settling at 121.70, which the USD/JPY was up 0.2 per cent at 85.12.
During yesterday traders at eToro saw gold climb to a near-record high thanks to the turmoil in Libya and the Middle-East. Silver has also benefitted from the unrest in the Arab nations, climbing to its highest level since 1980. Oil too increased in price due to the uncertainty in the region, making it to over $100 per barrel.
In a similar fashion to Forex traders when they buy US dollars and Swiss francs to reduce risk, gold is also considered a safe haven commodity that’s seen a huge rise in demand so far this week. This demand for the sought after precious metal saw it rise in price to $1,435.60 per ounce yesterday as traders shifted investments to avoid the market turbulence caused by the unrest in the Middle-East.
