September 30 2008

Gold falls on rising dollar, hope for rescue plan

NEW YORK (MarketWatch) — Gold futures fell for the first time in three sessions Tuesday, as a surging dollar pressured prices and hopes that the $700 billion rescue plan may be soon passed reduced safe-haven buying.
Gold for December delivery ended down $13.60, or 1.5%, at $880.80 an ounce on the Comex division of the New York Mercantile Exchange. The precious metal ended the month up 5.5% but it finish the quarter down 6.1%. Gold has gained 1.7% this year.
Gold surged more than $25 overnight, reaching $920.20, as “the bailout rejection triggered a run” in gold prices and “safe-haven demand continued to flow into the market,” said James Moore, analyst at TheBullionDesk.com.
After voting down the proposed legislation on Monday, leaders in the House of Representatives are expected to regroup, with a second vote on the plan potentially in the works for later this week.
In a speech Tuesday morning, President Bush again urged lawmakers to approve the rescue plan, repeating that the U.S. economy is at a “critical moment.”
In foreign-exchange trading, the dollar moved sharply higher against the euro, continuing the previous session’s rally. The dollar index (DXY:

US Dollar Index Future - Spot Price
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Last: 79.36+1.89+2.44%
5:09pm 09/30/2008
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DXY 79.36, +1.89, +2.4%) , which measures the U.S. unit against a basket of major currencies, stood at 79.447, up from 77.720 in late Monday trading. See Currencies.

A stronger dollar tends to pressure gold prices as it reduces the metal’s appeal as an alternative investment.
Over the short term, gold’s “likely to remain vulnerable to bouts of long liquidation and month and quarter-end book squaring,” Moore noted.
Crude oil rebounded after big losses in the previous session, and U.S. stocks climbed in a partial recovery from the prior session’s record loss. See Futures Movers. See Market Snapshot.
“Given the volatility in the equities market and the likely downgrading of U.S. financial assets by the bailout deal, we again expect investors to diversify their portfolios and look favorably upon gold,” said Moore.
Also in metals futures, platinum for October delivery lost 5.6% to $1,015.10 an ounce, while December palladium tumbled 7.7% to $202.70 an ounce. December silver fell 5.8% to $12.28 an ounce, and December copper skidded 1% to $2.88 a pound.
In spot trading, the London gold-fixing price, used as a benchmark for gold for immediate delivery, stood at $884.50 an ounce Tuesday afternoon, down $20.50 from Monday afternoon.
On the equities side, the Amex Gold Bugs Index (HUI:

amex gold bugs index equal-$ weight
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Last: 314.24-6.86-2.14%
5:06pm 09/30/2008
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HUI 314.24, -6.86, -2.1%) lost 2.1% to close at 314.24 points.

The SPDR Gold Trust (GLD:

spdr gold trust gold shs
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Last: 85.15-4.42-4.93%
3:59pm 09/30/2008
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GLD 85.15, -4.42, -4.9%) lost 5% to finish at $85.10, the iShares Gold Trust (IAU:

iShares COMEX Gold Trust
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Last: 85.22-4.22-4.72%
3:59pm 09/30/2008
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IAU 85.22, -4.22, -4.7%) dropped 4.4% to close at $85.47 and the iShares Silver Trust ETF (SLV:

ishares silver trust ishares
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Last: 11.85-1.10-8.49%
4:00pm 09/30/2008
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SLV 11.85, -1.10, -8.5%) lost 8.5% to close at $11.85.

The Market Vectors-Gold Miners ETF (GDX:

market vectors etf tr gold miner etf
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Last: 34.29+0.29+0.85%
3:59pm 09
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GDX 34.29, +0.29, +0.9%) tacked on 0.6% to close at $34.19. End of Story

BY : Moming Zhou

Filed Under (Dollar, Forex, Gold, Market, Report) by David
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August 12 2008

FX Solutions Introduces Web-based GTS Foreign Exchange Trading Platform

Saddle River, New Jersey, January X, 2008 - FX Solutions (www.fxsolutions.com), a technology-driven online foreign exchange broker today introduced GTS Web (LINK), a web-based forex trading platform that gives customers anytime access to their Global Trading System account from a web-enabled computer. Unlike many FX trading platforms, GTS Web requires no software download or installation.

“With GTS Web we have been able to provide the same fast performance and core functionality as our downloaded GTS Pro package using a web-based interface. Now our customers can trade from one platform on multiple interfaces when and where they need to,” said Steve Cortright of FX Solutions. GTS Web shares the same 99.46%a automated execution of orders as GTS Pro since it uses the same platform engine.

GTS Web compliments the firm’s software-based GTS Pro trading platform and offers the trader:

  • No Downloads - Browser-based Web 2.0 technology doesn’t require a download or install
  • Anytime, Anywhere Access - Trade from Windows, Mac and Linux workstations
  • Streaming Rates - Real-time update of rates. No browser refresh required.
  • Fixed Spreads - In all market conditions, even fast-moving marketsb
  • Leverage from 50:1 to 400:1 - Six different leverage ratios to choose fromc
  • Forex Calculator - A single tool for margin, pip and premium calculations
  • Market News - Same international news feed used by institutional FX traders
  • Integrated Charting - Embedded charting with support for multiple time periods and indicators

“Technology is a key reason that FX Solutions has been the only Forex broker to make the Inc. 500 list for the last 3 years in a rowd,” said Robert Cortright, Co-CEO of FX Solutions. "With GTS Web, we know we can retain the speed, reliability and consistently excellent platform performance our customers demand, but in a more convenient anytime, anywhere package.”

In April 2007, FX Solutions received an investment in excess of $100 million from Francisco Partners of Menlo Park, California, a leading technology investment group.

About FX Solutions

FX Solutions, LLC was founded in 2001 by two foreign exchange veterans with over 50 years combined experience. The Company is a leading online foreign exchange (forex) broker, operating as a market-maker to retail and institutional clients. With its focus on advanced trading technology solutions, the firm serves retail clients, white label partners, institutional trading partners, introducing brokers, fund managers and their clients. Leveraging its proprietary interbank market price feed and custom-built Global Trading System (GTS), FX Solutions sets high standards for execution speed, price transparency and efficient client management.

a) Automated execution: 99.46% for the time period October 1, 2007 through November 30, 207.

b) Fixed Spreads: While we strive to display fixed price spreads at all times, there may be occasions, however rare, where a significant market or world event may force us to widen spreads without prior notice to our clients.

c) Leverage: FX Solutions asks that you consider the risks associated with increasing your leverage. A relatively small market movement will have a proportionally large impact on the funds you have deposited or will have to deposit; this may work against you as well as for you. You may sustain a total loss of initial margin and you me be required to deposit additional funds to cover a short margin position. Flexible leverage is available is available for self-traded accounts only (does not apply to managed accounts).

d) According to Inc. magazine September 2007 Inc. 500 “America’s Fastest Growing Private Companies” issue.

Filed Under (Broker, Forex, News) by David
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