(openPR) - As gold passes $1000 U.S. per ounce, investors turn to Questrade — the only registered account in Canada that trades real gold
Toronto, ON (March 18, 2008) – Questrade Inc., a leading Canadian online brokerage, has experienced a 100% increase in gold trades since the beginning of the year. While gold can be traded in regular Questrade accounts, activity is particularly heightened in the “Gold RSP,” the only registered savings account in Canada that directly deals in physical gold.
Says Edward Kholodenko, CEO and President of Questrade: “The volatility of the markets has worried many investors. They see their retirement plans in jeopardy and they want a hedge. But they don’t want to forfeit their registered accounts in order to invest in gold. Our Gold RSP meets both those investing objectives perfectly.”
When the Gold RSP was introduced in January, 2007, gold traded at $650 U.S. per ounce. As of March 14th, it surpassed $1000 U.S. per ounce, an increase of approximately 50%. Questrade Inc. provides the self-directed registered accounts for investors. The Royal Canadian Mint, with its world-class refinery and security protocols, will produce and store the gold.
“The other cause of increased investor interest is our new USD in RSP service,” continues Kholodenko. “Because gold is purchased on the U.S. spot market in U.S. dollars, investors who already have U.S. currency in other accounts, both Questrade and elsewhere, can transfer funds into their registered accounts without incurring foreign currency exchange fees.”
Questrade introduced the USD in RSP service in early 2008, and it is the first registered account in Canada to hold U.S. currency. Other brokerages allow only CAD in registered accounts, meaning trades are forced to settle in Canadian dollars. Buys or sells in the U.S. market would therefore carry a currency conversion fee of anywhere between 1% and 2%.
Questrade Inc., headquartered in Toronto, provides Canadians with high-speed, direct access trading to the U.S. and Canadian stock and options markets as well as forex trading. Since its inception in 1999, Questrade has grown to over 80 employees, including client services specialists who speak 13 languages including English, French, Mandarin, Cantonese, Spanish, Russian, and Hebrew. The company continues to demonstrate its competitive leadership with a combination of outstanding service, advanced technology and competitive pricing structures.
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