Online precious metals trading help

[Lasivian]

Does anyone know of a reputable company where I can put in a limit buy order on gold that has online accounts?

Companies like Monex want me to mail them a check, or do a wire transfer, then handle everything on the phone with them. I find this grossly archaic.

Thanks

 

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[jim4silver]

I am not sure what you are asking? If you are wanting to buy physical metals most places want to lock in prices at the time of the sale, plus they want to be guaranteed they get their money in case the market moves against the buyer and he changes his mind before the deal is through. I cannot blame the dealers for wanting to be protected that way.

I am sure that some of these companies will let you send them money and give you a credit, so you can buy when you want to down the road. I would never do this myself though. Sounds to me like you want to get metals in a similar fashion as buying stocks? You may want to try the ETFs, but that is not really like buying metals.

I am not sure it is possible to buy the way you propose. Instead of a limit order to buy, you will need to watch the price and when it hits your goal price, buy at that time.

Jim

 

[Lasivian]

you will need to watch the price and when it hits your goal price, buy at that time.

That's exactly what i'm trying to avoid. I'm a young technical guy, I want something a tad more automated.

I'm sure as gold falls i'll go off and be thinking of something else when it hits the point I want to buy it at. I don't mind depositing money in a trading account, but I need access to "my" way when I want to cancel or change my options or choices.

In a way I do want an "e-trade" option in precious metals trading. Monex could easily accomplish this by simply putting up an online access option.

Hrrm, a daily email with the price of metals would work too I guess.

 

[jim4silver]

you will need to watch the price and when it hits your goal price, buy at that time.

That's exactly what i'm trying to avoid. I'm a young technical guy, I want something a tad more automated.

I'm sure as gold falls i'll go off and be thinking of something else when it hits the point I want to buy it at. I don't mind depositing money in a trading account, but I need access to "my" way when I want to cancel or change my options or choices.

In a way I do want an "e-trade" option in precious metals trading. Monex could easily accomplish this by simply putting up an online access option.

Hrrm, a daily email with the price of metals would work too I guess.

Then it sounds like you should be a futures trader. Although risky, you can set buy and sell prices that go automatically, and you can demand delivery if you decide you want the physical metal. I stay away from futures, but many seem to like them. I think they have mini contracts that require less margin, etc., and control fewer ounces of metal.

Jim

 

[BBcardsRI]

There is a difference in requesting your order and actually GETTING it as well with that future business. =)

~Dave

 

[jim4silver]

There is a difference in requesting your order and actually GETTING it as well with that future business. =)

~Dave

That is true. Too bad that they don't change the law to require delivery when requested, perhaps that would get rid of naked short selling.

Jim