Precious Metals Trading Particulars
Provided by Taifook Bullion Limited, our bullion trading service includes Loco-London Gold and Loco-London Silver. Moreover, investors can profit from price volatility and interest differentials through trading, arbitraging and hedging with the use of our bullion price quotation at www.taifook.com
Loco-London Gold and Silver Trading Service
Our professional consultants operate 24 hours a day to serve enquiry purposes in terms of bullion market enquiries and real-time price quotation. Our knowledge and expertise enable sophisticated analysis on latest market movements and assist to take position whence market opportunity appears.
|Particulars in Bullion Trading
- The size of transaction for gold is at the multiple of 100 ounces.
- The size of transaction for silver is at the multiple of 5,000 ounces.
- An initial margin deposit for precious metals contract is required.
- If equity of the account is below 80% of the initial margin, variation margin will be called.
Generally, investors holding short positions will receive interest, while those who hold long positions will have to pay interest. Interest rates are subject to change.
During New York Summer Time: Monday 08:00 – Saturday 01:30 (HK Time)
During New York Winter Time: Monday 08:00 – Saturday 02:30 (HK Time)
During New York Summer Time: Daily at 02:30 - 03:30 (HK Time)
During New York Winter Time: Daily at 03:30 – 04:30 (HK Time)
Please contact 24-hour Investment Centre for price quoting and placing orders during the settlement time
Order Placing Method
Place order through Power Bullion during trading hours; or
Place order through Online Bullion Trading system during trading hours; or
Call your Account Executive during trading hours
||Client can choose 2 different types of mode, which have different validity period to suit one's investment need.(Actual validity period varies in accordance with bullion market holiday)
Valid from the time it is accepted to the closing time on the current trade day. Unless specified at time of placing, all orders will be treated as day order.
- GTF (Good Till Friday)
Valid from the time it is accepted to New York market closes on Friday. To place GTF order, client must specify the order is GTF at time of placing
Various order types
||Order with a specified price which will only be filled at that price or better
||Order type whereby an open position is automatically liquidated at market price if the currency (bid/ask price) hits a specific price level. Often used to minimize exposure to losses if the market moves against an investor's position
|OCO (One cancel other order)
||A designation for two orders whereby one part of the two orders is executed the other is automatically cancelled
||If…Then order is that the second order(s) will be sent out after the first order is executed
Bullion Contract Settlement
|Closed bullion contract is settled on the next second trading day after the contract closing day (T+2).
||The profit and lost of each bullion contract will be firstly calculated in USD on settlement day, and will be settled in the account
Taifook Bullion Limited will specify the Initial margin requirement of the bullion contract from time to time. Client is required to have sufficient initial margin prior to opening position in bullion contract, whereas maintenance margin for an outstanding position in bullion contract must be at 80% or above the contract value or such other level as Taifook Bullion Limited may specify from time to time. For margin deficiency, client is required to top up to the initial margin level regardless notification is received or not. In the case when a client's maintenance margin falls to or below 80% of the contract value, Taifook Bullion Limited, will at its discretion, force liquidate any or all client's outstanding contract(s) without giving any prior notice to client or obtaining client's consent. Client shall be responsible for any deficiency if the proceeds of liquidation is insufficient to cover all outstanding balances owing by the client to the Taifook Bullion Limited. Taifook Bullion Limited reserves its rights to amend the Margin Requirement from time to time.
Settlement Currency & trade confirmation
US dollars will be used as settlement currency. Transaction with profit and loss details will be printed on Account Statement for client's record.
||Daily account statement will be delivered to client on the next business day after the account has trading activities, fund deposit, withdrawal, credit and debit interest and outstanding position
||Summary of account activities of the month will also be delivered at month beginning
The risk of loss in bullion trading can be substantial. You agree that you may sustain losses in excess of your initial Margin. Placing contingent orders, such as stop order or limit order, by you will not necessarily limit losses to the intended amounts. Market conditions may make it impossible to execute such orders. You agree that you may be called upon at short notice to deposit additional Margin. If the required funds are not provided within the prescribed time, your position may be liquidated without further notice. You will remain liable for any resulting deficit in your account. You should therefore carefully consider whether such trading is suitable in light of your own financial position and investment objectives