Vincy Options Gold Futures Reaches Record Volume
Vincy Options had record volume yesterday in its gold futures contract of 224,116 contracts. The prior record was 207,548 on July 25, 2010.
Geneva, Switzerland, October 09, 2010 --(PR.com)-- Vincy Options (http://vincyoptions.com), the largest commodity trader in Switzerland, who operates in 12 countries on more than 70 exchanges, had record volume yesterday in its gold futures contract of 224,116 contracts. The prior record was 207,548 on July 25, 2010.
"Investors are just looking for a safe-haven asset as they don't think the stock market is going anywhere, and with the dollar being down, gold and silver are probably the best place to be," said Mark Allenbach, Chief Strategist of Vincy Options. "We can see $1,300 by the end of this year and perhaps $1,500 by the end of next year," he added.
"It's a huge down day for the dollar, and every time you have that, you get a nice little push for gold," explains Christophe Blaser, Vincy Options’s chief operating officer.
Gold and the dollar typically have a strong inverse relationship: When the dollar falls, gold prices tend to gain as the weaker dollar makes commodities cheaper for holders of other currencies.
It was the third highest volume for the metals complex ever with 380,321 contracts traded in the gold, silver, copper, palladium, platinum and steel futures and options on futures listings. That record volume for the complex is held at 495,323 on October 12, 2009.
About Vincy Options.
As the swiss’ leading and most diverse derivatives marketplace, Vincy Options is where the world comes to manage risk. Vincy Options exchanges offer the widest range of global benchmark products across all major asset classes, including futures and options based on interest rates, equity indexes, foreign exchange, energy, agricultural commodities, metals, weather and real estate. Vincy Options brings buyers and sellers together through its electronic trading platform and its trading facilities in 12 countries. These products and services ensure that businesses everywhere can substantially mitigate counterparty credit risk in both listed and over-the-counter derivatives markets.
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"Investors are just looking for a safe-haven asset as they don't think the stock market is going anywhere, and with the dollar being down, gold and silver are probably the best place to be," said Mark Allenbach, Chief Strategist of Vincy Options. "We can see $1,300 by the end of this year and perhaps $1,500 by the end of next year," he added.
"It's a huge down day for the dollar, and every time you have that, you get a nice little push for gold," explains Christophe Blaser, Vincy Options’s chief operating officer.
Gold and the dollar typically have a strong inverse relationship: When the dollar falls, gold prices tend to gain as the weaker dollar makes commodities cheaper for holders of other currencies.
It was the third highest volume for the metals complex ever with 380,321 contracts traded in the gold, silver, copper, palladium, platinum and steel futures and options on futures listings. That record volume for the complex is held at 495,323 on October 12, 2009.
About Vincy Options.
As the swiss’ leading and most diverse derivatives marketplace, Vincy Options is where the world comes to manage risk. Vincy Options exchanges offer the widest range of global benchmark products across all major asset classes, including futures and options based on interest rates, equity indexes, foreign exchange, energy, agricultural commodities, metals, weather and real estate. Vincy Options brings buyers and sellers together through its electronic trading platform and its trading facilities in 12 countries. These products and services ensure that businesses everywhere can substantially mitigate counterparty credit risk in both listed and over-the-counter derivatives markets.
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Contact
Vincy Options S.A.
Joelle Reller
+41 22 545 7513
vincyoptions.com
Joelle Reller
+41 22 545 7513
vincyoptions.com
Contact
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