Well this is quite interesting. GalleonFX is now offering Japanse Yen managed accounts. So if you’ve got some Yen and you’d like to have GalleonFX trade them for you or you wish to capitalize on the growing strength of the Yen you now have the choice. Just to recap, Galleon now offers 3 different PAMM account types: USD, EUR, and JPY.
Here is the official press release from Galleon:
Previously our clients only had 2 currency account types to chose from. A US Dollar account and a Euro account.
For the past 2 years we had been recommending holding Euros over dollars and it worked out well for us all since during that time we saw the Euro go from costing about $1.25 to a high near $1.50. Meaning if you were holding Euro, they have increased in value.
As we go forward we are watching the really starting to inflate their USD currency more and several other countries are starting to follow but to a lesser degree. One reason other countries are creating easy money is that if they do not print more of their own currency along side the US, they will have a harder time selling and exporting products to the US and their economies will suffer as well. Of course this does not help the situation and just leads to more inflation and rising prices for all commodities almost everywhere in the world. The global prices of gold and silver are a testament to such a situation happening.Watching this money game happen, the key is to hold your funds in a currency that is least likely to be inflated. In other words; which currency or currencies will stand the best change of appreciating the most against the majority of all other currencies over the next several months or few years.
Doing such analysis has lead us to the Japanese Yen (JPY) as being one of the stronger currencies we believe will become stronger over the next year or two. This being the case, In November we starting moving some of our own funds into JPY and starting preparing a PAMM Trading account for our client base as well. A 50/50 split between JPY and EUR is not a bad idea with a preference for JPY and deemphasis on putting many long term funds into USD
So, at this point, we’re happy to announce that Galleon’s new JPY PAMM trading account is ready for clients. Current clients are also invited to diversity into our new JPY PAMM as well.
Clients new to Galleon wanting a JPY PAMM account should follow the instructions on our Open Account page. There is an option for JPY of the fax coversheet that goes to FXCM and a similar option on the fax that goes to Galleon. Circling the JPY option tells FXCM you want your account in Yen (JPY).
Existing clients that wish to diversify some funds into the JPY PAMM can login to their FXCM account (if you don’t have your login, contact FXCM, NOT Galleon) and click “Add New Account” after logging in. Follow the instructions to “Create a new account” choosing “JPY mini” and transfer in at least $300 worth of currency from one of your current trading accounts to get your new JPY account opened.
A confirmation will be sent do you with a new JPY account number. You then need to send FXCM a recently dated Limited Power of Attorney form (LPOA ) found on our website that includes your new JPY account number written in somewhere. This will initiate Galleon trading on this new JPY PAMM account you just created. Once you receive confirmation that you account is open you can wire in more funds. Minimums for existing clients are half of the minimums stated for new clients.
Our USD, EUR and JPY trading accounts available to clients all have the exact same trades executing in them. We also try to maintain the same leverage in these 3 trading accounts as well. So the only real difference is your base currency in which your account funds are held in and to which currency trades are settled into each day.
Offering JPY accounts will also help our Asia affiliates begin tapping into the Asia markets a bit more as well.
If you are curious about the potential of the Yen going into the future, do some research on the internet so you can make better educated decisions about what base currencies of the 3 we offer may be more advantageous for you to hold as the US seemingly begins to lead the world into what some are calling a global recession.