ACE Markets Trading Platform

Several ways to invest in gold: physical gold, ETFs, futures, and contracts for difference (CFDs) – how to choose?

Thu, 24 Sep 2026 10:39:34 +0800

While all involve "participating in the gold market," there are multiple ways to do so. Physical gold, gold ETFs, gold futures, and spot CFDs each have significantly different entry barriers, risk structures, and cost characteristics. This article uses a knowledge-sharing approach to compare several common participation methods, helping precious metal traders make a more suitable choice based on their individual objectives.

I. Why should we understand how to participate first?

The method of participation determines three things: the capital threshold, the risk structure, and the trading experience. The needs of value preservation and short-term trading are different; choosing the right method is often more important than rushing into the market. The following methods are presented in order of "from holding to trading".

II. Physical Gold: For Holding Purpose

Physical gold, including gold bars and coins, is characterized by the direct possession of the physical asset—it's visible and tangible—making it suitable for investors seeking to preserve value, collect, or pass on their wealth. Its advantages lie in its independence from any institutional credit and the absence of leverage risk. However, its disadvantages are equally apparent—it requires storage and insurance costs, and there may be discounts or transaction fees when liquidating it, resulting in relatively lower liquidity. Physical gold is best suited for those who want to "buy and hold," rather than those who frequently buy and sell.

III. Gold ETFs: For Allocation Purposes

Gold ETFs are exchange-traded fund units whose prices track gold prices, allowing investors to indirectly participate in gold market movements without handling physical gold. Compared to physical gold, ETFs have lower entry barriers, better liquidity, and are easier to trade, without the hassle of storing physical gold, making them suitable for investors whose primary purpose is asset allocation. It's important to note that ETFs are still securities, and their prices fluctuate with gold prices; therefore, the allocation ratio should be based on one's own risk tolerance.

IV. Gold Futures: Standardized contracts for trading purposes

Gold futures are standard contracts traded on exchanges, featuring leverage and an expiration mechanism. Leverage amplifies profits and losses, margin requirements necessitate participants to monitor their account status, and contract expiration involves delivery or rollover. Futures are suitable for participants familiar with derivatives rules and possessing some trading experience, but they require relatively higher risk management skills.

V. Spot CFDs: Flexible Two-Way Trading Tool

Spot CFDs are settled based on gold price fluctuations, requiring no physical delivery, and support both long and short positions. Their key features include relatively flexible leverage, with transaction costs primarily reflected in spreads and commissions, making them suitable for traders focusing on short-term or swing trading. However, due to leverage, CFD returns and risks are amplified simultaneously, demanding a high level of discipline and risk management.

VI. How to Choose: Based on Purpose, Experience, and Risk Tolerance

Looking at these methods together, the logic behind the choices can be summarized as follows: for those focused on preserving value through collection, physical assets are more direct; for those focused on asset allocation, ETFs are more convenient; and for those focused on derivatives trading, futures and CFDs provide leverage and two-way tools, with CFDs offering unique advantages in terms of flexibility and entry barriers.

It's important to emphasize that there's no inherent good or bad in any particular method; the key is finding the right fit. Leverage can amplify both gains and losses, making it suitable for experienced traders who can strictly adhere to risk management. For less experienced investors, understanding the rules and controlling position size are more important than pursuing the specific method itself.

7. ACE Markets: Platform support for CFD traders

ACE Markets offers CFD trading in precious metals such as gold and silver, supporting two-way trading and flexible leverage, suitable for investors who wish to participate in precious metal market movements through trading. The platform is based on MetaTrader 5, supports multi-terminal access and various order functions, facilitating traders to execute their plans. It also provides market analysis content related to precious metals to aid in understanding market trends. It should be noted that CFDs are only one way to participate in the gold market; the choice of method should be based on a comprehensive consideration of one's own objectives and risk tolerance.

　　Risk Warning : Precious metal CFDs are leveraged products, and price fluctuations may result in significant losses. Please ensure you fully understand the associated risks and make prudent decisions based on your own circumstances.

Why Gold is a "Safe-Haven Asset" : The Evolution of Gold's Role in Monetary History

Wed, 23 Sep 2026 10:14:51 +0800

In the trading of precious metals such as gold and silver, the term "safe-haven asset" is frequently mentioned. However, many traders lack a complete understanding of why gold possesses this attribute and what it means. This article uses a popular science approach to trace the evolution of gold's role from currency to modern asset, helping traders build a more comprehensive understanding.

I. The uniqueness of gold: naturally suited to serve as a store of value

Gold's physical properties determine its historical role: limited reserves, high mining costs, and long-term scarcity; chemical stability, making it resistant to corrosion and deterioration; and ease of division, weighing, and storage. These attributes have enabled gold to be used as currency and a medium of wealth by people in different regions throughout thousands of years of civilization, forming a widely recognized consensus on its value.

II. From the Gold Standard to the Paper Money Era: The Evolution of the Relationship between Gold and Currency

During the gold standard era, the value of currency was directly linked to gold, and paper money could be exchanged for gold at a prescribed ratio; gold was the anchor of the monetary system. In the 20th century, the Bretton Woods system established a system where the US dollar was pegged to gold, and other major currencies were pegged to the US dollar. With the collapse of this system in the early 1970s, currencies were decoupled from gold, and gold no longer directly served as circulating currency, but its role as a store of value and a credit hedge was retained.

the "decoupling" of gold from the modern credit money system has made it one of the few assets that does not rely on the credit of any country, which is also the historical origin of its subsequent "safe haven" attribute.

III. The Multi-faceted Demand Structure of Modern Gold

Today, demand for gold comes from multiple sources: central banks around the world continue to increase their gold reserves as reserve assets; investment demand encompasses gold bars, coins, gold ETFs, and derivatives; and there is also demand from consumer industries such as jewelry and electronics. This multi-source and multi-entity demand structure means that the price of gold is not entirely dependent on a single market, and it also causes it to exhibit characteristics different from assets such as stocks and bonds during market turmoil.

IV. What exactly do "safe-haven assets" mean?

Hedging doesn't mean prices will only rise and never fall. A more accurate understanding is that when market volatility intensifies and credit risk rises, gold is often used by market participants as a tool for hedging and diversification, and its price performance relative to other risky assets often differs. At the same time, gold itself does not generate interest; its value lies more in its function of preserving and diversifying wealth than in its ability to increase value.

For traders, understanding this attribute helps to grasp the macro background of the market, but it is also necessary to remain clear-headed: gold can also experience significant fluctuations, especially in a leveraged trading environment, and "safe-haven assets" are not the same as low-risk products.

V. Implications for Precious Metals Traders

First, understand the long-term value logic of gold from a historical perspective and observe short-term market trends within a longer context. Second, do not mythologize "safe haven" status ; all assets fluctuate, and understanding their attributes is just as important as understanding their risks. Third, integrate the understanding of gold's role with trading aspects such as cost, execution, and risk control to form a complete judgment framework.

VI. ACE Markets: Providing support for understanding and trading

For investors who wish to gain a deeper understanding of gold and silver and participate in trading, ACE Markets offers several support options. The platform provides trading instruments for precious metals such as gold and silver, along with relevant market analysis to help traders understand the historical and macroeconomic logic behind gold prices. The trading terminal is based on MetaTrader 5, supporting multi-device access and real-time market data, facilitating market tracking. It should be noted that the market analysis provides a reference for understanding the background; trading decisions should still be based on individual judgment and risk tolerance.

Self-Game in Precious Metals Trading: Viewing Winning and Losing Streaks Through Probabilistic Thinking

Tue, 22 Sep 2026 12:32:29 +0800

In precious metals trading, such as gold and silver, traders often focus on market analysis, neglecting another crucial game—the game against their own emotions and cognitive biases. Every price fluctuation contains a random element, and a single result cannot fully reflect the quality of a judgment; this is precisely the starting point for many psychological misjudgments. This article, from a probabilistic perspective, outlines common psychological traps in both winning and losing streaks and provides some practical coping rules.

I. Trading is a game of probability.

Market trends are shaped by numerous participants, and the outcome of a single trade carries significant uncertainty: the same judgment may yield different results due to random market fluctuations. Recognizing this is a prerequisite for rational trading—it means that traders should neither overestimate themselves because of a single profit nor reject their methods because of a single loss; judgments should be based on a longer timeframe and a larger sample size.

II. After a series of profitable days: Mistaking luck for ability

A winning streak is a special kind of test. After several consecutive profitable trades, traders tend to attribute the results to their own judgment, thereby relaxing their entry criteria and increasing their position size, unknowingly expanding their risk exposure. And a single adverse fluctuation can wipe out most of the previous profits.

The common way to deal with this trap is to constrain oneself with fixed risk rules: regardless of recent results, the risk of a single trade, the size of the position, and the entry criteria should remain consistent, and should not be relaxed temporarily due to fluctuations in the market.

III. After a Series of Losses: The Gambler's Fallacy and Revenge Trading

A losing streak is another kind of test. At this time, traders are prone to falling into two types of psychological traps: one is the gambler's fallacy, which is to think that "after losing many times in a row, it should turn around next" - but the market does not remember past results, and each opening position is an independent event; the other is revenge trading, which is eager to make up for losses, so the position size is increased and the standards are relaxed, which often results in further expansion of losses.

A more effective way to deal with a losing streak is to set a temporary loss limit. Once it is triggered, stop trading, leave the market, review the previous day's performance, and then consider whether to continue, rather than adding to the position based on emotions.

IV. Recency Effect and Sample Thinking

Human judgment is easily influenced by recent experiences—the recency effect leads traders to treat recent results as patterns, and a small market movement can be amplified into a trend. For traders, a more robust perspective is sample-based thinking: to evaluate a judgment or strategy, one should look at a sufficient number of samples and relatively stable performance, rather than being swayed by a few results. Distinguishing between "decision quality" and "single result" is a crucial step in self-reflection and strategic thinking.

V. Implementable self-play rules

First, establish fixed risk boundaries and clearly define stop-loss and position size before opening a position, allowing rules to precede emotional decisions.

Secondly, a pause mechanism should be set up to give oneself a cooling-off period after a winning or losing streak, so as to avoid making decisions when in an extreme state.

Third, record the reasons for the decision. The trading log should not only record profits and losses, but also why you entered the market and what the basis was, so as to facilitate the review and judgment of quality in the future.

Fourth, focus on the process and rules; let the market determine the outcome, but let ourselves determine the process and discipline.

VI. ACE Markets: Providing support for enforcing self-play rules

For precious metals traders looking to put trading rules into practice, ACE Markets offers several tools to support their decisions. Based on MetaTrader 5, the platform supports order functions such as stop-loss and take-profit orders, allowing traders to pre-define risk boundaries when opening positions, reducing the influence of emotions on decision-making. A clear trading history facilitates reviewing one's decision-making process. It also provides market analysis related to precious metals to assist independent judgment. It's important to note that these tools provide the foundation for execution and record-keeping; the success or failure of this self-management ultimately depends on the trader's own understanding and discipline.

An Observational Framework from Candlestick Charts to Commonly Used Technical Indicators

Mon, 21 Sep 2026 10:02:23 +0800

In precious metals trading such as gold and silver, besides focusing on the macroeconomic and supply-demand logic behind prices, many traders also use technical analysis to observe market rhythms. For beginners, understanding the basic concepts and application boundaries of technical analysis is a first step in establishing a judgment framework. This article introduces the basic usage of candlestick charts, trends, support and resistance levels, and commonly used technical indicators in a popular science style.

I. What is Technical Analysis?

The core of technical analysis is the study of price and trading behavior itself. It's based on the simple premise that market information is already reflected in prices, and observing price patterns provides a reference for judgment. Technical analysis doesn't offer definitive conclusions, but rather a framework for observing the market—its value lies in helping traders structure market trends, not in drawing conclusions for them.

II. How to read candlestick charts: from single candlesticks to combinations

Candlestick charts are the most basic way to express market trends. A single candlestick includes the opening price, closing price, and the high and low points reached during the session: a closing price higher than the opening price is usually recorded as a bullish candlestick, and vice versa; the upper and lower shadows reflect the extreme positions the price has reached within the range.

The combination of multiple candlestick patterns can reveal the phased changes in the strength of buyers and sellers. For example, a series of long bullish candlesticks often indicates that buyers are in control, while a doji or a long upper shadow may suggest a divergence between buyers and sellers or a weakening of upward momentum. It is important to note that patterns are probabilistic references; the same pattern may have different meanings in different contexts and should not be taken as definitive signals.

III. Trends and Support/Resistance: Understanding Market Structure

Trend is a crucial concept in technical analysis, typically categorized into three states: upward, downward, and sideways. Trend-following is a common approach—focusing on opportunities after pullbacks in an upward trend and on risks after rebounds in a downward trend, provided the trend itself remains valid.

Support and resistance levels refer to reference points formed when prices repeatedly find support or are resisted in similar areas. Previous highs and lows, and important psychological levels are often closely watched by the market. When prices break through resistance or fall below support, the validity of the existing structure needs to be reassessed. Whether the breakout is accompanied by sustainability is also more worthy of observation than the single crossing itself.

IV. Introduction to Commonly Used Technical Indicators

Technical indicators are derivative instruments calculated based on prices. Common types include:

Moving averages are used to smooth price fluctuations and reflect trend direction. The arrangement of moving averages of different periods can provide a reference for the strength of the trend.

The Relative Strength Index (RSI) measures the relative strength of price increases and decreases over a period of time. When its value enters a relatively high or low range, it can be used as a temporary reference for market conditions, rather than an independent basis for buying or selling.

The Moving Average Convergence Divergence (MAD), combined with observations of trend and momentum, is often used to help determine whether a trend will continue or reverse.

There are many types of technical indicators, but traders don't need to pursue quantity. Choosing a few types that suit you and understanding their logic is often more helpful than piling up indicators.

V. Boundaries and Usage Recommendations for Technical Analysis

Technical analysis is based on historical patterns, but this does not guarantee future repetition. In volatile market conditions triggered by major macroeconomic events, patterns and indicators may become ineffective in the short term. A more prudent approach is to combine it with fundamental analysis and risk management, rather than relying on a single tool. Beginners can familiarize themselves with the behavior of various tools in historical data and simulated trading environments before gradually applying them to live trading.

6. ACE Markets: Providing tools to support technical analysis practices

For precious metals traders looking to learn and practice technical analysis, ACE Markets offers several tools to support their skills. The platform, based on MetaTrader 5, provides chart analysis, multi-timeframe views, and various technical indicators, allowing traders to observe candlestick patterns, draw support and resistance levels, and compare different timeframes. It also offers market analysis related to precious metals to aid in understanding market trends. It's important to note that these tools provide the foundation for analysis; the effectiveness of technical analysis ultimately depends on the trader's own understanding and judgment.

From Analysis to Retrospective Analysis: The Tools and Experiences Precious Metals Traders Really Need

Fri, 18 Sep 2026 10:16:27 +0800

For traders of precious metals such as gold and silver, the platform's tools and user experience often determine the smoothness of the trading process. From understanding market trends and forming judgments to placing orders, executing trades, and reviewing and improving, the efficiency and stability of each step can be amplified or hampered by the quality of the tools. This article starts with "How Tools Empower Trading" and outlines the experience that precious metals traders truly need in the analysis, execution, and review stages.

I. The value of tools: supporting the entire process, not just piling on features.

Trading is not an isolated act of placing an order, but a continuous process: analyzing market conditions, forming a judgment, executing the decision, and reviewing and improving. A good tool isn't one with as many features as possible, but one that allows traders to focus their energy on judgment rather than being consumed by operational details. The ultimate measure of a tool is its ability to support traders in doing the right thing at the right time.

II. Analysis Phase: Making Information More Readable and Timely

Precious metal prices are influenced by multiple factors, including macroeconomics, supply and demand, and sentiment. Traders need to quickly access and understand information. Charts and multi-timeframe views help observe price structures, while technical indicators provide supplementary references. Market analysis content and timelines of important events help traders understand the background of market movements. The key to a good analytical experience lies in the timeliness, clarity, and accessibility of information—traders need to be able to "understand and find" it, rather than being overwhelmed by information overload.

III. Implementation Phase: Quickly and accurately putting judgments into practice.

Once a judgment is made, the tool's role is to transform that idea into an order. The proper use of features such as preset stop-loss and take-profit orders, and multiple order methods, allows risk rules to be fixed before placing an order. The access method in different scenarios also affects the ease of execution: a fully functional desktop client is used when in-depth analysis is needed, while a mobile client is used when real-time monitoring and adjustments are required. Consistent data across both platforms and smooth switching are essential for a complete experience. The core of the execution phase is operational efficiency and stability.

IV. Review and Service: The Other Half of the Experience

The trading experience extends beyond the moment an order is placed. The clarity of trading history and account records determines the efficiency of post-trade analysis; the smoothness of deposit and withdrawal processes and the timely resolution of questions impact long-term user experience. A complete trading tool should cover the entire process of "entry—trading—exit—improvement," not just the few minutes spent trading.

V. A positive experience: Reduce friction and focus on judgment

If we were to summarize all the functions in one sentence, a good trading tool experience is "minimal disruption, rapid response, and reliability": a clear interface and workflow, reducing unnecessary steps; timely updates to market data and account information, minimizing waiting time; and consistent data across multiple devices, reducing repetitive operations. Traders should spend their time on judgment and discipline, not on execution and waiting.

VI. ACE Markets: Tools to support the trading process

For precious metals traders looking to improve trading efficiency, ACE Markets offers tools covering multiple stages of the trading process: the platform is based on MetaTrader 5 and supports desktop, web, and mobile access, allowing traders to choose the appropriate method based on their needs; it provides chart analysis and various order functions to support analysis, decision-making, and the implementation of risk rules; and it also offers precious metals-related market analysis content and account information display to assist in reviewing past trades and managing accounts. It's important to note that these tools and the user experience provide support; the final decision still depends on the trader's own judgment.

Conclusion

The value of a tool ultimately lies in its ability to enable traders to focus more on judgment and discipline. The platform provides support, but the decision-making still depends on the trader themselves.

Precious Metals Trading for Beginners: From Understanding the Products to Building Your Own Trading Process

Thu, 17 Sep 2026 10:19:52 +0800

For investors new to precious metals trading, the allure of gold and silver prices often stems from price volatility. However, what truly determines a long-term experience is the level of understanding regarding the trading instruments, processes, and risks. This article, using knowledge dissemination and investor education as its framework, outlines an introductory path from "understanding the instruments" to "establishing processes," helping beginners avoid common pitfalls.

First, understand what you are trading.

"London Gold" and "London Silver," commonly found in precious metals trading, are essentially contracts for difference (CFDs) priced around the price fluctuations of gold and silver, respectively. These transactions do not involve physical delivery; profits and losses arise from the price difference between opening and closing a position. These types of transactions support two-way participation, with corresponding trading strategies for both price increases and decreases.

In the initial stages, it's important to understand a few fundamental concepts: a "lot" is the trading unit of a contract; a transaction is measured in "lots" or "multiples of lots"; leverage allows you to use a small amount of margin to control a larger notional position, which also means that profits and losses are magnified. Being able to read quotes and understand the meaning of positions and margin before investing real money is a more prudent starting point.

II. Familiarize yourself with the operating procedures using a simulation environment.

Before using a live account, most platforms offer a demo environment to familiarize users with operations such as placing orders, holding positions, adjusting stop-loss and take-profit levels, and checking account status. This process does not involve real funds. For beginners, the value of the demo stage lies in familiarizing themselves with the process and eliminating any unfamiliarity with the operational aspects.

It's important to note that simulated trading environments differ from live trading: the psychological pressure, emotional fluctuations, and execution deviations associated with real money cannot be fully replicated in simulations. Therefore, simulations are better suited for familiarizing oneself with the rules and should not be the primary basis for evaluating the effectiveness of a strategy.

III. Start with small-capital real-money trading and strict risk control.

When transitioning from demo to live trading, it's recommended to start with small capital and establish risk management rules simultaneously: clearly define stop-loss levels before opening a position, control the risk of each trade within an acceptable range, and avoid heavy leverage from the outset. The initial goal of live trading is not to pursue profits, but to verify whether your process works in a real-world environment.

IV. Several common misconceptions among beginners

Trading without a plan. Orders are placed based on gut feeling, with no clear direction, stop-loss, or target, leaving one vulnerable to even slight market fluctuations.

Overleveraging and adding to positions while already in a losing position. Excessive leverage amplifies emotional fluctuations, while adding to positions while already in a losing position is more likely to cause risk to spiral out of control.

Chasing highs and selling lows, and frequent trading. Following short-term sentiment in and out of the market repeatedly leads to accumulated costs and a decline in the quality of judgment.

Be wary of exaggerated claims. Be cautious of advertisements that exaggerate returns and downplay risks; there is no way to completely avoid losses in investing.

Neglecting continuous learning. Market conditions are changing. Treating trading as a process that requires continuous learning and review is closer to long-term participation than looking for "shortcuts."

V. Establish your own learning and review process

A more practical approach is to record the entry reason, stop-loss target, and actual result for each trade, conduct regular reviews, and identify recurring mistakes. At the same time, continuously improve your understanding of the instrument's mechanism, market environment, and risk control, treating trading as a process that can be gradually improved, rather than a one-off attempt.

6. ACE Markets: Providing tool support for beginners

For precious metals traders in the learning phase, ACE Markets offers some tool-level support. The platform provides trading instruments for precious metals such as gold and silver, along with related market analysis to help investors understand the driving factors behind market movements. The trading terminal is based on MetaTrader 5, supporting chart analysis, various order functions, and multi-terminal access, allowing traders to gradually get started at their own pace. It should be noted that the platform tools provide the foundation for operation and learning; investment decisions and risk management still require the trader's own management.

Bessant Hearing Insights – A Look Ahead to the Fed's September Decision Under Fiscal Constraints

Wed, 16 Sep 2026 16:14:03 +0800

With the September Federal Reserve interest rate meeting approaching, and August CPI inflation data exceeding expectations, the market's probability of an interest rate hike has risen rapidly. However, the political demands of the White House, the fiscal pressure on US debt, and the risk of a US-Japan exchange rate linkage together constitute a complex decision-making environment for Fed Chairman Warsh. ACE Markets, after integrating information from congressional hearings, inflation data, fiscal debt structure, and cross-asset correlation signals, believes that the core contradiction of this FOMC meeting goes far beyond "whether to raise interest rates by 25 basis points," but rather the difficult balancing act between the Fed's policy credibility, the political constraints of the election cycle, and the fiscal risks of US debt. The decision will redefine the pricing benchmarks for US Treasury bonds, the US dollar, and global risk assets.

The significant gap between fiscal policy reality and market expectations

U.S. Treasury Secretary Bessenter testified before the House Financial Services Committee, facing questions on U.S. Treasury repurchase agreements, U.S.-Japan currency intervention, inflation, and AI regulation. ACE Markets noted that this hearing highlighted multiple contradictions at the U.S. macroeconomic level, with the market often focusing only on public statements and overlooking the underlying constraints. Regarding rising U.S. Treasury yields, Bessenter attributed it to global factors, acknowledging that the deficit was a significant contributing factor. He argued that while expanding Treasury repurchase agreements did not reverse the rise in yields, it prevented further market deterioration. However, ACE Markets believes that repurchase agreements only marginally improve liquidity and are insufficient to offset the upward pressure on long-term interest rates from fiscal expansion, rising oil prices, and competition for AI capital.

Regarding the joint US-Japan intervention in the yen, Bessant disclosed that the US invested less than $1 billion and profited, with the vast majority of the intervention funds coming from Japan ($96.4 billion). The US's participation in the coordinated intervention aimed to benefit its own exports while reducing the risk of Japan selling off US Treasury bonds. The policy pronouncements were primarily intended to deter short sellers; the medium- to long-term trend of the yen still depends on the pace of interest rate hikes by the Bank of Japan. Facing inflation inquiries, Bessant attributed the problem to the previous administration, citing data on people's livelihoods to support the current economic performance. ACE Markets warns that positive short-term data cannot eliminate the inflationary risks posed by oil prices and the fiscal deficit; if Trump's proposed $5,000 subsidy for all citizens is implemented, it will further increase fiscal and interest rate risks. At the hearing, the Treasury Department also explicitly rejected the AI lab's liability exemption; changes in AI regulation will indirectly affect capital flows and the competitive landscape for US Treasury bonds.

Inflation exceeded expectations, and hawkish pressure within the Federal Reserve continues to mount.

After the release of the August CPI data, both overall inflation and core inflation exceeded market expectations, with the rebound in energy prices being the main driver. The interest rate futures market priced in a September rate hike probability of over 85%, and some trades even began pricing in the possibility of multiple rate hikes by the end of the year.

ACE Markets analysis suggests that many market analysts tend to simply view interest rate hikes as a passive response to inflation data, underestimating the weight of the Federal Reserve's policy credibility. At the July FOMC meeting, three members opposed maintaining interest rates, publicly revealing internal policy disagreements. If inflation rebounds significantly in August and the Fed chooses to remain on hold, it will severely damage its credibility in combating inflation, leading to a consensus in the market that it is "tough in words but conservative in action," making further tightening of monetary policy more costly.

Of course, this doesn't mean that raising interest rates is a costless choice. Raising interest rates will further increase financing costs, and the interest burden on American households' mortgages, corporate loans, and the federal government's own debt will increase accordingly. This hidden cost is often overlooked by superficial interpretations that only focus on inflation figures.

The White House election cycle brings undeniable political constraints.

With less than two months until the US midterm elections, high inflation and the high cost of living have become major concerns for voters, and the White House has publicly expressed its desire for a low-interest-rate environment. ACE Markets observes a delicate situation: outwardly, the Federal Reserve expresses respect for its independence, but directly conveys its opposition to interest rate hikes. Warsh's communication with the White House is more frequent than before, which can mitigate direct conflict, but cannot eliminate objective political constraints. For the Fed chairman, yielding to the administration's demands would damage the Fed's long-term independence; however, a continued hardline approach to interest rate hikes would exacerbate tensions with the White House during the election cycle. Therefore, we believe that Warsh's optimal approach is unlikely to be extreme; he needs to find a balance between long-term institutional credibility and short-term political realities.

US Treasury yields near 5%: the psychological threshold of inflation and fiscal policy dual pricing risk.

The 10-year US Treasury yield is approaching the key psychological level of 5%. ACE Markets warns that 5% is not just a psychological threshold; it is priced in by two structural forces: fiscal policy and inflation. The US federal deficit continues to rise, with total government debt exceeding $40 trillion and public debt reaching 100% of GDP. Bessant proposed a strategy of resolving the debt through high growth, hoping that AI investment, the return of manufacturing, and tax cuts would drive the economy. However, real constraints are strong. In recent years, actual GDP growth has been significantly lower than the 3% target. Population structure and rigid social security expenditures are suppressing potential growth, making it difficult to solve the persistent deficit problem solely through economic growth.

This creates a negative feedback loop: if the Federal Reserve continues to tighten, long-term yields will rise, government interest payments will expand, further amplifying the fiscal deficit, which in turn will push up inflation and Treasury yields. This is the real constraint that the bond market places on the Federal Reserve, and a key factor that Warsh must weigh when making decisions. Many market commentaries only discuss inflation, ignoring this fiscal constraint.

Benchmark Scenario and Asset Class Implications

Considering inflation figures, internal divisions within the Federal Reserve, political demands from the White House, and fiscal pressure on US Treasury bonds, we believe a 25 basis point rate hike in September remains the baseline scenario. However, a balanced strategy of "hawkish action, dovish guidance" is highly likely: using the rate hike to defend the credibility of anti-inflation measures and appease internal hawks; while maintaining cautious wording in the press conference, emphasizing policy data dependence, and downplaying expectations of further rate hikes, thus balancing political pressure and preventing a runaway rise in US Treasury yields.

When it comes to major asset classes, we draw three conclusions:

US Treasuries: Short-term yields are supported by rising interest rates, while long-term yields are pulled by both dovish guidance and fiscal pressure. The 5% mark for 10-year Treasury bonds will be repeatedly contested, and a one-way breakthrough is unlikely in the short term, but the high-level fluctuation center of interest rates has been systematically raised.

US Dollar Index: There is a high probability of a "buy the rumor, sell the fact" scenario, and it will remain strong before the interest rate hike is implemented; after the decision, the dollar is likely to face downward pressure due to dovish forward guidance and the continued strengthening of the yen.

Equity Market: Overall volatility risk is high before the interest rate hike takes effect. The technology and AI sectors are under dual pressure: on the one hand, high long-term interest rates are suppressing valuations, and on the other hand, the strengthening yen may lead to a concentrated unwinding of arbitrage positions. If the meeting releases a significantly dovish forward guidance, there will be a window for recovery after the negative factors have been fully priced in.

Leverage Mechanisms and Platform Functions in Precious Metals Trading : A Practical Guide for Gold and Silver Traders

Wed, 16 Sep 2026 09:52:43 +0800

Before engaging in trading precious metals such as gold and silver, establishing a solid knowledge base is essential for every trader. The precious metals market possesses both financial and industrial attributes, attracting a large number of investors ; however, market volatility, leverage, and the choice of trading tools can all significantly impact trading results. This article aims to popularize knowledge and educate investors, systematically outlining the core concepts of precious metals trading and introducing the functional support provided by the ACE Markets platform for gold and silver traders, helping everyone participate in the market more rationally while fully understanding the risks.

I. Leverage Mechanism: A Double-Edged Sword Amplifying Returns and Risks

In precious metals CFD trading , leverage is one of the most common mechanisms. Simply put, leverage allows traders to leverage a larger value contract with less margin . For example, with a leverage ratio of 1:100, a trader only needs to deposit $1,000 in margin to participate in a trade worth $100,000.

Leverage can significantly improve capital efficiency, but it also amplifies the potential for losses—if the market moves against expectations, losses could even exceed the initial margin. Therefore, understanding how leverage works is the first step in risk management for precious metals traders.

Furthermore, different commodities exhibit varying volatility: gold is generally considered a relatively stable safe-haven asset, while silver, due to its industrial applications, tends to experience more volatile price fluctuations. Traders should choose an appropriate leverage ratio based on their risk tolerance and always prioritize risk management.

II. Spreads and Transaction Costs: Hidden Factors That Cannot Be Ignored

The spread (the difference between the bid and ask prices) is one of the main costs in precious metals trading, and its size is affected by factors such as market liquidity, trading hours, and the characteristics of the instrument. Generally speaking, liquidity is higher and spreads are relatively narrower during the main trading hours that overlap between the London and New York markets ; however, spreads may widen significantly when the market is closed or during major events.

Gold, as the most traded precious metal globally, typically enjoys good liquidity ; however, spreads for silver and other platinum group metals can vary depending on market depth. Traders should consider spread costs when developing strategies—especially for short-term or high-frequency trading, where accumulated spread costs can significantly impact overall returns.

　　III . Technical Analysis and Fundamental Analysis: A Combination of Two Perspectives

Precious metals traders typically use two analytical methods:

Fundamental analysis focuses on macroeconomic factors that influence the supply, demand, and value of precious metals, including central bank monetary policy, inflation data, geopolitical events, and the US dollar exchange rate. For example, when the market anticipates a Federal Reserve rate cut, a weaker dollar and lower real interest rates often support gold prices.

Technical analysis, on the other hand, studies historical price trends, trading volume, and technical indicators to identify potential buying and selling opportunities. Common tools include support and resistance levels, moving averages, and the Relative Strength Index ( RSI ) .

Combining the two often leads to a more comprehensive judgment: fundamental analysis helps to grasp the market direction, while technical analysis assists in determining specific entry and exit points.

　　IV . ACE Markets Platform Functions: Providing tool support for precious metals traders

After mastering the above basic knowledge, choosing a suitable trading platform is a crucial step in turning knowledge into practice. ACE Markets, as a one-stop comprehensive financial trading platform, is committed to providing users with diversified products and full-featured trading services. For gold and silver traders, the following features are worth noting:

1. Diversified precious metal trading products

The platform offers a variety of precious metals trading options, including gold and silver. Traders can manage different instruments under the same account, facilitating cross-instrument analysis and asset allocation. Whether focusing on intraday trading of spot gold or monitoring changes in industrial demand for silver, traders can choose the appropriate instrument based on their own strategic preferences.

2. Copy Trading Function: Observe and learn from others' strategies

ACE Markets' copy trading feature allows traders to automatically track the trading behavior of other traders, providing a window for users who want to understand the trading methods of others or diversify their strategies. By observing how different traders operate during fluctuations in the gold and silver markets, traders can learn diverse risk management methods and position strategies. It is important to clarify that copy trading does not mean there is no risk—past performance is not indicative of future results, and users should make independent decisions based on their own judgment.

3. Smooth transaction execution experience

During periods of rapid price fluctuations in precious metals, trade execution efficiency directly impacts the effectiveness of trading strategies. ACE Markets is committed to providing a smooth trade execution experience, helping traders complete position opening or closing operations at preset prices and reducing the uncertainty caused by system latency.

The precious metals market presents both opportunities and risks. Only by mastering fundamental knowledge of leverage, cost, timeframes, and analysis, making good use of appropriate platform tools, and always maintaining risk awareness can traders navigate this volatile market more steadily and go further.

Why don't gold and silver move in tandem? The gold-silver ratio reveals the relative strength of precious metals

Tue, 15 Sep 2026 10:09:31 +0800

Gold and silver are often referred to together as precious metals, but their pricing logic differs. For traders, understanding these differences helps in assessing their relative strength under different macroeconomic environments, rather than simply treating them as the same asset class. This article starts from macroeconomic logic, outlining the pricing differences between gold and silver, and introduces the "gold-silver ratio" as a tool for observation.

I. Although both are precious metals, their pricing logic is different.

Gold's monetary attributes are more prominent, and its pricing has long been anchored to real interest rates, the credit of the US dollar, and central bank reserve behavior—when real interest rates decline, concerns about the credit of the US dollar intensify, or central banks continue to purchase gold, gold often receives support.

Silver possesses both monetary and industrial attributes. Industrial demand, particularly in sectors like photovoltaics, new energy vehicles, and electronics, typically accounts for more than half of total silver demand. This means that silver prices are influenced not only by the macroeconomic financial environment but also by industry cycles and the dynamics of physical supply and demand. The relative weights of these two attributes vary at different stages, which is why silver's volatility is often greater than that of gold.

II. Gold-Silver Ratio: A Measuring Tool for the Relationship Between the Two

The gold-silver ratio, which refers to the number of ounces of silver that can be exchanged for one ounce of gold, is a commonly used reference for measuring the relative strength of the two. Historically, the gold-silver ratio has a relatively stable central value, fluctuating between 60 and 70 for most periods. However, it can deviate significantly during periods of drastic changes in macroeconomics and supply and demand. In early 2026, the gold-silver ratio once contracted to about 50 times, reaching a multi-year low, before rising again as silver prices retreated.

The changes in the gold-silver ratio often correspond to a shift in macroeconomic trends: when industrial demand strengthens and physical consumption expands, silver is relatively strong, and the gold-silver ratio tends to decline; when safe-haven demand rises and real interest rates increase, silver's elasticity is often affected first, and the gold-silver ratio tends to widen. It should be noted that the gold-silver ratio is a reference for observing the relationship between the two and is not an independent trading signal in itself.

III. The relative strength of gold and silver under different macroeconomic environments

During periods of rising expectations for interest rate cuts and a recovery in market risk appetite, silver's financial and industrial attributes may provide dual support, and its price elasticity is often greater than that of gold. During periods dominated by risk aversion and credit concerns, gold's safe-haven attributes are more direct, and its performance is often relatively stable.

Physical supply and demand are also variables that cannot be ignored. After years of supply falling short of demand, the physical silver market is seeing differing expectations in 2026, with some anticipating a narrowing of the supply-demand gap or even a shift to equilibrium. Different institutions have varying judgments on the gold-silver ratio's trajectory. For traders, rather than following a single conclusion, it is better to simultaneously track changes in both macroeconomic expectations and physical supply and demand.

IV. Implications for Traders

One approach is to use the gold-silver ratio as an auxiliary perspective for observing market style: when the ratio is at the edge of its historical range, pay attention to whether the logic driving its changes has changed.

Secondly, choose the right product based on your own strategy: traders who seek price elasticity can focus on silver, while those who prefer a more stable portfolio can focus on gold.

Third, we should avoid treating the gold-silver ratio as a rule that will inevitably revert to its previous state. Its fluctuations are always based on the macroeconomic background and physical supply and demand, and need to be judged in conjunction with the specific environment.

V. ACE Markets: Providing tools to support multi-product observation

For precious metals traders who wish to monitor both gold and silver, ACE Markets offers several tools to support their trading. The platform provides trading instruments for gold, silver, and other precious metals, allowing traders to participate separately within the same account. The trading terminal is based on MetaTrader 5, supporting multi-instrument chart comparisons and real-time quotes, facilitating observation of the gold-silver ratio and their relative strength. It's important to note that these tools provide the foundation for observation and execution; trading decisions still require consideration of macroeconomic and supply-demand analysis.

The difference in macroeconomic logic between gold and silver: the relative strength of precious metals as seen from the gold-silver ratio

Mon, 14 Sep 2026 09:53:30 +0800

I. Although both are precious metals, their pricing logic is different.

Gold's monetary attributes are more prominent, and its pricing has long been anchored to real interest rates, the credit of the US dollar, and central bank reserve behavior—gold often receives support when real interest rates decline, concerns about the credit of the US dollar intensify, or central banks continue to purchase gold.

Silver possesses both monetary and industrial attributes . Industrial demand, particularly in sectors like photovoltaics, new energy vehicles, and electronics, typically accounts for more than half of total silver demand. This means that silver prices are influenced not only by the macroeconomic financial environment but also by industry cycles and the dynamics of physical supply and demand. The relative weights of these two attributes vary at different stages, which is why silver's volatility is often greater than that of gold.

II. Gold-Silver Ratio: A Measuring Tool for the Relationship Between the Two

The gold-silver ratio, which refers to the number of ounces of silver that can be exchanged for one ounce of gold, is a commonly used reference for measuring the relative strength of the two. Historically, the gold-silver ratio has a relatively stable central value, fluctuating between 60 and 70 for most periods. However, it can deviate significantly during periods of drastic changes in macroeconomics and supply and demand. In early 2026, the gold-silver ratio once contracted to about 50 times , reaching a multi-year low, before rising again as silver prices retreated.

III. The relative strength of gold and silver under different macroeconomic environments

Physical supply and demand are also variables that cannot be ignored. After years of supply falling short of demand, the physical silver market is expected to see a narrowing of the supply-demand gap or even a shift to equilibrium in 2026. Different institutions have differing opinions on the future trend of the gold-silver ratio. For traders, rather than following a single conclusion, it is better to track changes in both macroeconomic expectations and physical supply and demand.

IV. Implications for Traders

Secondly, choose the right product based on your own strategy: traders who seek price elasticity can focus on silver, while those who prefer a more stable portfolio can focus on gold.

V. ACE Markets: Providing tools to support multi-product observation