SILVER v USD

[ananda77]

...do not know whether the Forex forum is the right place to discuss 'Silver v USD'

...as a matter of fact, going long on 'XAGUSD' with 1000 units at 12.23 was my first ever array into what I thought was the Forex Market

...the reason for this decision:

-annual growth of silver production: 3.4%
-annual growth of silver demand: 3.8%
-increasing industrial demand (present ~70% of silver production)
-recycling and diminishing available stockpiles have balanced primary deficit

...ANY guidance/help in this market welcomed

Kind Regards

[slam]

Hi ananda77

Sorry, don't follow the Metals/Commodities.
arco may be able to shed some light on it when he is back on board.

Just thought I’d reply cause no one else had

gt

Slam

[peat]

yeh I read your post ananda but neither do I follow metals. But I did see you're attending the CMC seminar 8th and 9th so I'll see you there!

[ananda77]

...after the first day in the Forex Market ended this morning in a small profit, I will now try to get a better grip on how this market works...it's volatile alright...

...the new December contract is out and the range is 1227-1231

...there is a heavy resistance at 1225 and support at 1200, therefor no point holding on until there is clear technical evidence that 1225 is taken out

...from my fundamental point of view, the rarest metal on earth SILVER IS GOLD and consequently will start accumulating silver in dips

Thanks for your response slam and peat...

Kind Regards

[arco]

Hi Ananda

Welcome to the wild side.................

I trade Gold and Silver.....and I like silver - alot!

IMO its quite suited to swing trading, but it can be a roller coaster ride. If you are using say Oanda to trade it you need to be cautious with entries because the spread is quite wide.

When I get back to normal I will try to post a chart will more comments.

Regards - arco

[ananda77]

arco:

Thanks arco...

...are you trading the actual silver price or the futures market??

if the actual price, could you recommend a platform to trade with??? I tried Oanda, but could not find a silver/usd instrument???

CMC Markets provide XAGUSD trading silver futures in USD.

Kind Regards

[arco]

Hello Ananda

I was origimally trading silver futures through Tricom, but currently I prefer the flexibilty I can obtain using Oanda.

FYI. To see XAG and XAU on your Oanda platform go to tools/user preferences/quotes/ - you can then add these commodites from the right hand side panel.

Trust that helps and look forward to hearing from you regarding your trades.

regards - arco

[ananda77]

XAGUSD:

...it had to happen...

Kind Regards

[arco]

Ananda77

Curious - What had to happen?

and how are your trades going?

regards - arco

[ananda77]

quote:Originally posted by arco

Ananda77

Curious - What had to happen?

and how are your trades going?

regards - arco

Sorry arco, should have taken time to explain, but came back last Monday morning, checked positions and had to go out the door again for another couple of days.

What I meant was, that for the second time I went long in spot silver at 1311 (offer) after the dollar dived. Sell-stopped out over last weekend at 1343 -rather unfortunately really, but never mind.

Kind Regards

Looking forward to December silver volatility to take a position again.