Can you buy gold, silver, precious metal bullion/bars/coins, gold ETFs (GLD, SLV) and precious metals mutual funds at Ally Invest?

Trading Gold and Silver at Ally Invest

Did you know that Ally Invest offers trading in gold and silver? Yes, it’s true. In fact, there are several methods to invest in precious metals with the brokerage firm. Here are the details you need to know:

Spot Gold and Silver

Ally Invest offers two account types: securities accounts and forex accounts. In this latter type, the broker offers trading in spot gold and silver. The ticker symbols are XAU/USD for gold and XAG/USD for silver.

Trading spot gold and silver is similar to trading currencies. Expiration dates roll over at the end of each trading day, so contracts never expire. There is one important difference: there is no leverage in spot metals.

The minimum lot size for silver is 50 ounces, and gold has a 1-oz. minimum. Ally Invest has a 10,000-oz. maximum for gold and 250,000-oz. maximum for silver.


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Gold ETF’s and Mutual Funds on Ally

If you would rather pass on the precious metals spot contracts, you can instead invest in gold and silver funds. These are mutual funds and ETF’s that invest in companies that are connected to the precious metals markets. Typically, the funds will hold debt and equity of these companies; although in some cases, a fund will hold physical metal.

With Ally Invest’s ETF screener, we located 22 funds that invest in precious metals. To perform this search, simply go to “Quotes & Research” in the top menu and select “ETFs & Mutual Funds” and then click on “ETF Screener.”

Once you have the screener opened, click on “Add Additional Criteria” and then select “Fund Classification” from the list of available options. Within Fund Classification, put a check mark next to “Commodities Precious Metals.” This will return all of the precious metals ETF’s available on the U.S. exchanges. One we found was GLD, a portfolio that holds physical gold.

Mining Companies

Using Ally’s stock screener in a similar fashion, we were able to find several companies that mine for gold and other metals. One of these is Freeport-McMoRan, Inc. Trading on the New York Stock Exchange under the ticker symbol FCX, the stock currently has a rating of overweight, according to Ally Invest’s profile. Its dividend yield is around 1.55% with a market cap of roughly $18.7 billion. On the downside, its most recent EPS and return on equity were both negative.

Ally Invest offers trading in options on FCX. We found thousands of contracts across multiple expiration dates. The derivative market would be another way to invest in this company.

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