MODERN COMMODITY FUTURES TRADING 4th Revised 1st Ed. 1966 Gerald Gold HC Stocks

Description: MODERN COMMODITY FUTURES TRADING By GERALD GOLD publishers COMMODITY RESEARCH BUREAU, INC. 82 BEAVER STREET • NEW YORK, N. Y. 10005 FOREWORD A knowledge of commodity futures trading opens one of the few remaining fields in which vast profits can still be made by those who are speculatively inclined. It also offers unique profit protection facilities to "trade accounts" (producers, dealers, processors and manufacturing end-users) who are astute enough to use futures markets as part of their regular business operations. For the speculator, futures trading offers the highly attractive combination of low margin requirements and price fluctuations which are both wide and rapid. Year after year, there have been opportunities in one or more of the commodities traded on organized exchanges for returns of several hundred percent on invested capital. Granting that these were exceptional, it must be underscored that these opportunities continue to occur. Needless to say, the chance to make profits of such magnitude is usually linked with large risks. A knowledge of trading fundamentals and methods is the key to reducing those risks. Knowledgeable use of commodity exchanges by "trade accounts" can substantially reduce the hazards of many types of business opera-tions. In this area, futures trading answers important and special economic needs which cannot be adequately met by banks, stock exchanges and other financial institutions. Just how this can be done is detailed in the chapters on Hedging in Theory, Hedging In Prac-tice, and Advanced Hedging Procedures. This section of the book should be most carefully studied by those interested in the business (inventory price protection) aspects of commodity trading. Once absorbed and properly applied, they can be the source of considerably improved profits. The chapters on chart trading and suggested trading techniques will appeal most generally to speculators, but will also be of major use to trade accounts. The latter may find themselves in the role of speculator more than once, either by choice or through the force of circumstances. The sections on the fundamentals of trading, individual commodity background data, the sources of information, and the factors which cause changes in commodity prices are all necessary to an understanding of market action. The detailed description of the federal governemnt commodity support programs will undoubtedly prove to be a frequently consulted reference guide. — 1 -

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