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novillero
Penny Sorter Member
USA
86 Posts |
 Posted - 08/24/2010 : 08:32:02
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Does anyone have $ in a pool account? I was looking at the kitco pool accounts; which seem to have very low fees. My idea was to play the silver markets volitility without having to pay heavy transaction fees.
I don't know enough about the pool accounts to know if this can be done to make it worthwhile. Kitco's website does not have enough info (and its forum is often a tad hostile to those who don't buy physical PMs long term (not all posters, but enough that I am posting here first before I get beat up over there).
Okay, let's say the current strategy is 17.50 to buy into the pool and sell off at 18.50; then repeat. I don't see associated fees for doing this at kitco (am I missing something?). Next, will kitco (or some other pool) hold onto the cash while I wait for the market to drop again?
Any other concerns out there, let me know.
I am just looking for another vehicle to invest. The silver pool idea intrigues me. I would do this with a modest amount of money - not too small and not an amount that would harm me in anyway. I figure if fees don't kill me, the pool $ can always be converted into cash or PMs, plus I can't see losing much money if I stick to a game plan of when to sell and when to buy - the biggest regret would be lost opportunities. (I have read that Kitco has a 3rd party auditor to verify that it has PMs to cover its pool account, so I am not worried about their unaollocated pool - plus if silver every skyrocketed and their would be a concern about not having the PMs to cover, I would most likely be out under my current game plan of selling at $xx.00).
Okay, that was more than I expected to write... Thoughts?
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Edited by - novillero on 08/25/2010 13:36:08 |
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beauanderos
1000+ Penny Miser Member
USA
2408 Posts |
Posted - 08/24/2010 : 11:12:47
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| Go to yahoo.com finances and look at the past year of AGQ. Double the action of silver. If you want to make repeated trades, you want volatility. AGQ will certainly hand it to you. You can still trade your $17.50 - $18.50 range, but the dollar amount per share will differ. You'll need to set up an online trading account to do this, and you can probably start for as little as $1000, though double that would be preferable. |
Hoard now and hold on!
http://coppermillions.blogspot.com/
http://wherewillyoubein2012.blogspot.com/ |
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Copper Member
Penny Sorter Member
USA
88 Posts |
Posted - 08/25/2010 : 15:41:42
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| I have a pool acct with them and that is exactly my strategy. I buy at the 17.50 mark and sell at 18.50. If you have 1000 oz allocated, you can make some money. This trend has been occuring for sometime and it doesn't seem to be stopping. Of course if you buy at 17.50 and it corrects...well you know. |
Copper Member |
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jonflyfish
Penny Hoarding Member
USA
693 Posts |
Posted - 08/25/2010 : 16:06:56
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you might also consider other individual accounts at places like Oanda that will also give you access to trading the dollar and other fx crosses. Silver has a typical .02 bid/ask spread and is transparent.
Also, while I would never recommend or suggest it, Oanda will allow you to trade up to 50x leverage. |
The first panacea for a mismanaged nation is inflation of the currency; second is war. Both bring a temporary (and false) prosperity; both bring a permanent ruin. But both are the refuge of political and economic opportunities. |
Edited by - jonflyfish on 08/25/2010 16:09:22 |
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beauanderos
1000+ Penny Miser Member
USA
2408 Posts |
Posted - 08/25/2010 : 17:40:49
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quote:
Originally posted by jonflyfish
you might also consider other individual accounts at places like Oanda that will also give you access to trading the dollar and other fx crosses. Silver has a typical .02 bid/ask spread and is transparent.
Also, while I would never recommend or suggest it, Oanda will allow you to trade up to 50x leverage.
Ouch! That could hurt if you're on the wrong side of the trade.  |
Hoard now and hold on!
http://coppermillions.blogspot.com/
http://wherewillyoubein2012.blogspot.com/ |
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pool accounts to profit from market volatility
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