Metals

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Metals

The metal market is necessary for international payments, industrial and domestic consumption, investment, speculative operations and risk insurance. The main objects of the metal market are gold, silver, platinum, palladium, copper, steel, aluminum, nickel, lead, tin and zinc. In terms of organization, metal markets are divided into exchange or organized and over-the-counter market, operating in the form of consortia of several large banks. The London Metals Exchange (LME) and the specialized exchanges COMEX and NYMEX of the Chicago Mercantile Exchange CME Group Inc. are the largest in terms of volume of trading in futures and options for metals and other derivatives.

Example of a trade transaction in the metal market

Precious metals, especially gold, are traditionally considered as safe-haven assets, high-demanded by investors during periods of increasing uncertainty in the financial markets due to the growing geopolitical tensions in the world or the threat of a global economic crisis, which provokes capital flight from risks. The last global financial crisis of 2008 was not an exception, having acted as one of the main reasons for the most significant growth of gold prices throughout history, which set its price record on September 6, 2011 at a mark over $ 1920 per ounce. In the period from the middle of autumn of 2008 to the beginning of the autumn of 2011 you could earn $ 120,000, having invested initially $ 70,000. Having bought one futures contract (100 troy ounces) for gold at the price of $ 700 / oz t in October 2008 and having sold it in 35 months in September 2011 at a price of $ 1900 / oz t, you could earn 120,000 points of profit, what equals to $ 120,000.

 

Metal Market Features

  • Metals are traded on certain commodity exchanges having their own work schedule, which must be taken into account while making a trading plan (in particular, LME fixes quotes at 10:30 and 15:00 GMT);
  • The metal market is urgent, since the instruments are traded in the form of futures and option contracts that have a strictly defined validity period and expiration (execution) date;
  • In view of its importance for the functioning of the entire world financial and economic system, the metal market, and especially gold, is extremely vulnerable to psychological factors of a fundamental nature;
  • Investing in metals does not provide for the receipt of interest income, unlike investments in most currencies except CHF, JPY and EUR, therefore it is not suitable for the carry trade strategy;
  • Quotations of precious metals, especially gold, have an inverse correlation with the price of the US dollar (if the USD grows, then GOLD falls and vice versa) and, as a rule, have a direct correlation with oil prices.
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