Gold
Gold has been around for thousands of years, and is mentioned many times in the Old Testament. It has the chemical symbol Au, coming from the Latin ‘Aurum’ which means ‘shining dawn’. It has always been of value to the human race, even before it was used as money, in the form of jewellery.
Today besides being used as a tool for speculation in the world financial markets, it is also technically a currency, and can be borrowed and put on deposit. It is also used in many different industries, not least the electronic industry where it is an ideal conductor in the production of integrated circuits.
Gold is traded globally in US dollars, and the price of Gold represents 1 troy ounce. When you trade with GKFX you are trading on the price of Gold. One lot is equal to trading $1 per 0.1 move of the price. So if you buy one lot of Gold at 1125 and it goes to 1123.5 then you would be losing $15. If the price had moved the other way then you would have made money. So by doing 0.1 lots you are trading a tenth of that size.
Silver
Silver has been around for many thousands of years, like Gold, in different forms. From jewellery and ornaments to money. It has the chemical symbol Ag, coming from the Latin ‘Argentum’ which actually means silver.
Silver was first mined, perversely, during the Bronze Age, and it is widely believed that the earliest known production of Silver was actually in Eastern Turkey, in what was then known as Anatolia. This led to Europe being the focal point for global Silver production for a most of history. Then America was discovered by Columbus and this led to the discovery of Silver mines in Southern America.
Today Silver has many uses besides financial speculation. Like Gold it is used in the electrical industry and in jewellery. It is also used in medicine due to its anti-bacterial properties.
Silver is traded globally in US dollars, and the price of Silver represents 1 troy ounce. When you trade with GKFX you are trading on the price of Silver. One lot is equal to trading $1 per 0.01 of the price. So if you buy one lot of Silver at 17.45 and it goes to 17.70 then you would be making $25. If the price had moved the other way then you would lose. So by doing 0.1 lots you are trading a tenth of that size.
We do not have dealer intervention, ensuring that our clients are given the fastest and most efficient service possible.
If you have any questions then please call the trading desk.
