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Previously our clients only had 2 currency account types to chose from. A US Dollar account and a Euro account.
For the past 2 years we had been recommending holding Euros over
dollars and it worked out well for us all since during that time we saw
the Euro go from costing about $1.25 to a high near $1.50. Meaning if
you were holding Euro, they have increased in value.
As we go forward we are watching the really starting to
inflate their USD currency more and several other countries are
starting to follow but to a lesser degree. One reason other countries
are creating easy money is that if they do not print more of their own
currency along side the US, they will have a harder time selling and
exporting products to the US and their economies will suffer
as well. Of course this does not help the situation and just leads to
more inflation and rising prices for all commodities almost everywhere
in the world. The global prices of gold and silver are a testament to
such a situation happening.
Watching this money game happen, the
key is to hold your funds in a currency that is least likely to be inflated. In other words; which currency or currencies will
stand the best change of appreciating the most against the majority of all other
currencies over the next several months or few years.
Doing such analysis has lead us to the Japanese Yen (JPY) as
being one of the stronger currencies we believe will become stronger over the next year or two. This being the case, In
November we starting moving some of our own funds into JPY and starting
preparing a PAMM Trading account for our client base as well. A 50/50 split between JPY and EUR
is not a bad idea with a preference for JPY and deemphasis on putting many long term funds into USD
So,
at this point, we're happy to announce that Galleon's new JPY PAMM
trading account is ready for clients. Current clients are also invited to diversity into our new JPY PAMM as well.
Clients
new to Galleon wanting a JPY PAMM account should follow the
instructions on our Open Account page. There is an option for JPY of
the fax coversheet that goes to FXCM and a similar option on the fax
that goes to Galleon. Circling the JPY option tells FXCM you want your
account in Yen (JPY).
Existing clients that wish to diversify some funds into the JPY PAMM
can login to their FXCM account (if you don't have your login, contact
FXCM, NOT Galleon) and click "Add New Account" after logging in. Follow the
instructions to "Create a new account" choosing "JPY mini" and transfer
in at least $300 worth of currency from one of your current trading accounts to get your new JPY account opened.
A
confirmation will be sent do you with a new JPY account number. You
then
need to send FXCM a recently dated Limited Power of Attorney form (LPOA
) found
on our website that includes your new JPY account number written in
somewhere. This will initiate Galleon trading on this new JPY PAMM
account you
just created. Once you receive confirmation that you account is open
you can wire in more funds. Minimums for existing clients are half of
the minimums stated for new clients.
Our USD, EUR and JPY trading accounts
available to clients all have the exact same trades executing in them.
We also try to maintain the same leverage in these 3 trading accounts
as well. So the only real difference is your base currency in which
your account funds are held in and to which currency trades are settled into
each day.
Offering JPY accounts will also help our Asia affiliates begin tapping into the Asia markets a bit more as well.
If you are curious about the potential of the Yen going into the
future, do some research on the internet so you can make better
educated decisions about what base currencies of the 3 we offer may be more advantageous
for you to hold as the US seemingly begins to lead the world into what some are calling a global recession.
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