Hi friends and fellow traders,
I have been trading Bullion on the MCX for a while now and have also been following COMEX (gold, silver). I want to trade on the COMEX too, so could anyone guide me as to how to go about it?...
I also contacted a broker in New York who accepts international clients to trade on the COMEX, but my question is about margins
1] It costs $8500 as margin for 1 lot gold and $25000 as margin for 1 lot silver which is huge. Now even if one can afford it, does RBI allow to transfer that kind of money to a broker abroad suppose if someone wants to trade in 10 lots silver which would come to $250,000 or almost Rs.1 crore?
2] What about when you book profits? Would it be easy to transfer the money back to India?
3] Is there a local broker/dealer here who allows to trade on the COMEX and how would the pay-in/pay-out be?..in dollars or rupees?
I apologise if the questions sound amateurish, but i would really love to trade on the COMEX and am not finding any answers.