Amid the ongoing coronavirus crisis, only one asset has had full immunity. While tech stocks and delivery services have been pretty good earners in recent months, they were all still affected by the initial bear market and have certainly had their ups and downs since. Gold, on the other hand, has been a consistent winner right from the moment the pandemic downturn struck. That's right: the quintessential safe harbor has unsurprisingly done exceptionally well during the pandemic. Many investors who went for the textbook hedge back in March have been rewarded handsomely for their faith in gold.
In early March, the precious metal was trading at around $1570 per Troy ounce, but over the ensuing months, it has risen nearly 30%, even recording new all-time highs just this week. An impressive rally over the previous fortnight has seen gold rise from $1810.00 to an unprecedented $1959.00 today (30/07/2020). And with no end to the crisis currently insight, we could well be in for ever-higher highs in XAUUSD. In truth, a break above the new psychological resistance of $2000 feels almost inevitable unless a viable vaccine somehow makes it to market in a matter of weeks from now.
In the meantime, many investors are wondering how to respond to the current volatile situation. The gold market is truly balanced on a knife-edge right now; nobody knows where prices could be headed in the next few weeks.
How to get your piece of the action
Perhaps you feel like there's still some fuel in gold's tank and would like to take advantage of the opportunity before COVID-19 is finally banished and confidence in risk assets returns to normal levels. Or maybe you're looking at the progress being made by Moderna and Pfizer and thinking that the yellow metal is overpriced, with a trend reversal due any day now. Whatever your predictions are on gold, you'll always find exciting trading opportunities with Libertex. Because we offer both long and short positions, whether you think the price of the commodity will rise or fall, you can still test your luck with Libertex.
So, if you're ready to put your money where your mouth is on gold, we've got some good news for you. From July 30, 2020, Libertex will be lowering its commission on the yellow metal by a whopping 20% for all of its MT4, MT5, and Libertex traders for two weeks. This means that our already generous 0.02% commission in Libertex platform will be just 0.016% for the duration of the promotion. And if that wasn't enough, we'll also significantly reduce our gold spread. Just to give you an idea of the offer: our typical MT instant spreads are around 38-42 pp. But, under our limited-period terms, these will be slashed to 30-35 pp. MT market users will have it even better: their usual 34-38 pp spreads will be cut to an irresistible 26-31 pp (with commission of $4 per lot).
With our generous gold promotion starting today, there has never been a better time to get into trading. Come join the ranks of Libertex traders now!