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4 Questions to Ask Yourself Before You Start Trading Gold

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4 Questions to Ask Yourself Before You Start Trading Gold

People are searching for ways to diversify their sources of income and increase their chances of long-term financial stability. One such way to diversify your financial portfolio is by participating in trading the most popular precious metal, gold. 

Due to its stability over the years, gold is one of the most trusted stores of value. Trading or investing in gold helps hedge against significant economic downturns like the global financial crisis in 2008. 

When that happened, people sought better ways to store their wealth, earn more and prevent a further occurrence of extreme financial loss. 

Gold Trading, How It Works, and Available Trading Avenues

Gold is the most traded precious metal globally and is a prime choice for cushioning and protecting yourself against economic volatility. Except for jewelry, gold trading can be bulky, and owning it takes a lot of space. 

Instead of physically storing the commodity, people choose to trade on its price movements using the Contracts for Difference (CFDs) method. CFDs involve speculating on the price differences of gold and profiting from the falling or rising prices. 

Other gold trading methods include Gold Options, Gold Futures, Gold ETFs, and Gold Stocks. Your choice of trading method would depend on your financial goal and what type of trader you are.

Trading Gold With Stocks

Trading gold stocks is an indirect way of trading and getting into business with gold. It entails buying stocks of companies that physically mine and explore the precious yellow stone. 

Before you trade stocks of any gold mining company, remember to do your due diligence about their operations and the possibility of future profits. Research goes a long way in ensuring you make informed financial decisions. 

Are you looking to trade gold? There are some questions you need to ask yourself. 

Are You A Short-term Or Long-term Gold Trader?

Before going into gold trading, you need to decide what type of trader you want to become. And by that, I mean, “are you a short-term or long-term trader?” Whatever type of trader you choose would largely determine what strategy you use.

Short-term gold trading involves profiting off the rise and fall of gold prices within a short amount of time. It could be minutes, days, or months, depending on your financial goals and definition of short-term. Trading in the short term is quite risky, so traders in this category use only a portion of their portfolio and apply technical analysis.

On the other hand, long-term gold trades are made over a more extended period of months or years. Long-term traders are considered investors because they buy and hold their assets instead of trading them for immediate profit. Fundamental analysis is what these investors use to determine their entry and exit points.

Like those under the short-term, long-term investors would prefer to exit before the prices fall. Generally, if your goal is to make an immediate profit, long-term trading isn’t where you should set up camp.

What’s Your Trading Strategy?

Whenever it comes to trading a commodity, you need to work out a trading system, no matter how stable. Strategies help traders to analyze price trends to speculate on future price moves. The two types of trading strategies are Fundamental analysis and Technical analysis. 

Gold trading using technical analysis involves traders studying past gold prices to determine future entry and exit price points. Analysis using the study of gold prices ultimately boils down to using technical trading indicators, price action, and chart patterns over time. Technical trading indicators include Bollinger bands, moving average (MA), or exponential moving average (EMA).

Fundamental analysis requires an in-depth study of sentiments and economic data that affect the gold market. An instance where this works is in an economic downturn where prices go up because people protect their finances with a safe-haven asset. Expert gold traders study and take advantage of economic events like this to buy or sell their trading positions. 

Which Criteria Should Determine Your Gold Trading Platform Choice? 

The first is simplicity. Unless you’re willing to learn the ins and outs of complex trading platforms, you should first consider platforms that are beginner friendly. You wouldn’t want to make the wrong trade and lose money due to a platform’s complicated user interface. 

The second factor to consider is the minimum deposits. Gold trading platforms all require a minimum amount in deposits before you can start trading with them. Some platforms may charge trading and withdrawal fees, so look out for those too.

Another criterion to consider before signing up is if the trading platform has a license to facilitate gold trading. There are fraudulent websites without authorization from appropriate bodies, and people fall for their scams. Please do your due diligence before depositing any cash on any platform.

Lastly, check their supported payment options. It’s possible for a platform to have favorable conditions for the factors above but not support a payment option you’re comfortable with. You might not have access to their available payment methods, so it’s important to check this feature before registering with them. 

What Are The Trading Features of Your Chosen Platform?

When choosing a platform for your gold trading experience, it’s essential to check out features for trading. Do they have only one type of trading method, or do they have multiple? Scour their website and watch a Youtube video before making your final choice. 

A handy feature you’ll need is the platform’s blog and newsletters. Do they regularly dish out financial articles and trading news? You’ll need somewhere to get your daily gold industry news from, and what better place than where you trade gold?

Conclusion

When beginning your gold trading journey, always remember to DYOR (Do Your Own Research), determine what type of trader you want to become, and figure out your strategy and investment goal. Like any financial investment, gold trading has its risks. But with ample research and good time spent refining your trading technique, you can trade like a pro. 

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Banking

Bank of America Hours: Working Hours & Holidays

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Bank of america

There are over 66 million customers of Bank of America, which is one of the world’s major financial institutions. As one of the greatest national banks in 2022, they provide a wide variety of services at their various locations. 

The Bank of America Corporation, also known as Bank of America and sometimes written as BofA or BoA, is an American multinational investment bank and financial services holding company with its headquarters in Charlotte, North Carolina. The bank was started in San Francisco. In 1998, NationsBank of Charlotte bought it and changed it into what it is now. After JPMorgan Chase, it is the second-largest bank in the United States and the eighth-largest bank in the world. Bank of America is one of the Big Four banks in the United States. It handles about 10.73% of all bank deposits in the United States, which puts it in direct competition with JPMorgan Chase, Citigroup, and Wells Fargo. Commercial banking, wealth management, and investment banking are its most important financial services.

How many days in a week is Bank of America open?

Monday through Saturday, the majority of Bank of America branches are open six days a week. Sundays are the only days when you can conduct financial transactions at an ATM, online, or through a mobile app.

Bank of America Hours on Normal Days

Bank of America hours vary per branch, so before you go, find out what hours your local Bank of America is open online. During the epidemic, many Bank of America locations are working on restricted hours to allow for additional cleaning, so check before heading out. It was previously open Monday through Friday from 9 a.m. to 5 or 6 p.m. Some branches open at 10 a.m. and close at 4 p.m. Some branches are closed on Saturdays, but most are open from 9 a.m. to 2 p.m. ATMs are open 24/7.

Bank of America Hours for Holidays

Bank of America Holiday Schedule 2022
New Year’s Day — Jan. 1Closed
Martin Luther King, Jr. Day — Jan. 17Closed
Valentine’s Day — Feb. 14Open
Presidents’ Day — Feb. 21Closed
St. Patrick’s Day — March 17Open
Good Friday — Apr. 15Open
Easter Sunday — Apr. 17Closed
Easter Monday — Apr. 18Open
Memorial Day — May 30Closed
Independence Day — July 4Closed
Labor Day — Sept. 5Closed
Columbus Day — Oct. 10Closed
Halloween — Oct. 31Closed
Veterans Day — Nov. 11Closed
Thanksgiving Day — Nov. 24Closed
Black Friday — Nov. 25Open
Christmas Eve (daytime) — Dec. 24Open (Most branches open 9 a.m. to 2 p.m.)
Christmas Day — Dec. 25Closed

Bank of America Contact Information

Call these numbers for customer care assistance with checking and savings account issues, such as general account information, reporting a lost or stolen debit card, and creating an account:

  • For US callers, dial 800-432-1000.
  • For international calls, dial 1-315-724-4022.
  • For Spanish-speaking callers, dial 800-688-6086.
  • Customer care representatives are available from 8 a.m. to 11 p.m. EST Monday through Friday. Weekend hours are from 8 a.m. to 8 p.m. EST.

You can also contact Bank of America via Twitter @BofA Help or by messaging them on Facebook.

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Money

Trump believes Elon Musk will back out of his Twitter deal

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Trump believes Elon Musk will back out of his Twitter deal

Trump believes Elon Musk will back out of his Twitter deal

Elon Musk has spoken in public recently to declare that the purchase of Twitter has not yet been finalised. He was worried about the sheer amount of bots and false accounts he would have to remove from the network. Due to the rapid rate at which phoney accounts are generated on a daily basis.

In fact, with his new platform, ‘Truth Social,’ the former president has run into this very issue. It has been described as a “bot conservative ghost town” by a number of writers and investigators. 

Donald Trump came to Truth Social to discuss Elon Musk’s refusal to purchase Twitter using his comments. His extensive essay explained why he thinks this would happen, but he also used the opportunity to promote his own platform.

Trump explained: “There is no way Elon Musk is going to buy Twitter at such a ridiculous price, especially since realizing it is a company largely based on BOTS or Spam Accounts. ake anyone? By the time you get rid of them, if that can even be done, what do you have? Not much? Just my opinion, but Truth Social is MUCH better than Twitter and is absolutely exploding, incredible engagement.”

Elon can still back out of the deal, but he’ll pay a high price for it in the long run. Musk has been doing his own investigation of Twitter’s bots, and he has asked other Twitter users to do the same. According to him, there are at least 5% of all users that are either automated or phoney.

However, as he stated, Twitter’s legal team informed him that he had breached an NDA by disclosing the technique he used to detect fraudulent accounts. Incredibly, Musk couldn’t believe what he was seeing. Even more compelling evidence why Twitter is a bad investment.

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Entertainment

Madonna’s NFTs create an impact by appearing undressed

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Madonna's NFTs create an impact by appearing undressed

Madonna’s NFTs create an impact by appearing undressed

To this day, Madonna continues to set trends and stir up controversy with her non-fungible tokens (NFTs), which show her in a totally naked state. This is a trait she hasn’t lost despite her long and lucrative career as a musician and fashion designer.

In order to have X-rated images appear in your work, what is required of you? No, not if it’s the Queen of Pop, who seems to give birth to butterflies, insects, and trees in the NFT collection dubbed ‘Mother of Creation’ through her partnership with Beeple.

Madonna’s vagina is shown in cartoon style on the NFT collection, which will be sold to raise money for charity.

All works were conceived with a 3D scan, according to Madonna, who said she wanted to “I wanted to investigate the concept of creation, not only the way a child enters the world through a woman’s vagina, but also the way an artist gives birth to creativity…. all works were conceived with a 3D scan,”

“In a cold laboratory setting, with no sign of life, an opening gives way to a branch that transforms into a full vibrant tree, it pushes against gravity and flowers bloom. The tree may bend or even break, but it continues to re-create and flourish. This work features new text by Madonna,” According to Beeple’s site,

It has been described as a “amazing journey.” by both Madonna and Beeple to develop the notion of these NFTs over the course of several years.

Once they agreed to work together, “When Mike and I decided to collaborate on this project a year ago, I was excited to have the opportunity to share my vision of the world as a mother and an artist with Mike’s own unique point of view,” Madonna explains. This has been an incredible journey, from an intellectual concept to an emotional tale to the birth of art. “It’s been an amazing journey building this together from an intellectual idea to an emotional story, giving birth to art.”

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Entertainment

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