Gold Market Competition Heats Up as Industry Meets in Singapore
The BlackRock Inc.-backed Abaxx Exchange began offering a US dollar-denominated futures contract, sized at 1 kilogram (32.15 troy ounces) and locally deliverable, on Thursday. The move will be among developments highlighted at an industry conference organized by the Singapore Bullion Market Association that'll take place in the city-state over three days from Sunday.
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Yahoo
30 minutes ago
- Yahoo
Retreats, coaching, and therapy: Inside the $1 billion cottage industry cashing in on the retail-trading phenomenon
A booming cottage industry has taken root amid the retail trader phenomenon. Courses, retreats, coaching, and other services are growing as day traders look for an edge in the market. Those in the industry say traders are bored, desperate to improve, or desire to go full-time. Somewhere in Bali, a group of investors — mostly men — file through the gates of a luxury villa, replete with tiki huts and couches by the poolside. This isn't just a vacation, they say. The goal, in part, is to make tons of money, Aaron Luce, the leader of the weeklong retreat for day traders, tells the camera. "This is a beautiful pool spot. We're all going to be chilling for the week when we make loads of money trading," Luce says in a YouTube video documenting the experience, which includes a montage of traders looking at candlestick charts and, intermittently, taking breaks and cannonballing into the pool. This kind of retreat is a relatively new phenomenon, offered to traders looking for an edge amid the explosion of interest in the stock market since the pandemic. In recent years, a cottage industry has taken root amid the hype for stock trading. Social media is rife with businesses offering courses, getaways, one-on-one coaching, and other services that claim to improve traders' performance and get them in the right mindset to turn a profit. And demand, evidently, is booming — in large part due to traders who are swinging to go full-time, desperate to improve, or, in some cases, are simply bored, sources in the space told Business Insider. The industry offering these kinds of services to day traders swelled to around $1.68 billion in 2024, and is on track to grow 11% each year to hit $3.92 billion in 2033, according to one estimate from Business Research Insights. A separate analysis from Dataintelo Consulting estimated that the market was valued at around $2.5 billion in 2023, and is on track to more than double to $5.8 billion by 2032. Google search interest in "Day trading courses" is up 10% over the past year, according to data from the Google Trends analytics tool Glimpse. Searches for "Trading retreat" and "Trading coach" are up 26% and 69% over the past year, respectively, while interest for "Trading therapist" has skyrocketed 263%. On Coursera, enrollment in online trading courses soared 213% in the five years leading up to 2024, according to data the online course provider shared with Business Insider. The online trading platform Webull also says it's seen the number of users on its learning platform grow 37% over the last 3 years. International Day Trading Academy, a trading school that offers courses and an eight-day trading retreat in Bali, says interest in the retreat has exploded three or fourfold in the past year, according to Kelly Lowry, the general manager. Andrew Menaker, a psychologist and a trading coach who frequently works with retail traders, says he's also noticed a big push among the retail crowd to get in the right mindset for trading. The number of people who have inquired about Menaker's coaching services has about doubled in the past year, he said, adding that the waitlist to nab an appointment with him can range from several weeks to several months. Menaker says some of his clients, who are willing to do just about anything to gain an edge, have said they spent upward of $10,000 on materials like indicators, charting packages, and online courses. Others have said they've spent money on things like cold plunges, heart biofeedback devices, brain wave devices, and even psychedelics. Menaker is skeptical of some of the businesses selling to day traders. The space has become flooded with hype and influencer marketing, he says, especially targeting new traders who are just learning the ropes. "It's really a buyer-beware environment," he said. A trader's elusive dream Making money day trading is hard. One 2020 study found that 97% of traders who persisted for more than 300 days ended up losing money, after accounting for fees. Just 1% were able to make a profit, and it was often minuscule. Still, many are willing to keep trying. Cameron Buchanan, the cofounder of International Day Trading Academy, told Business Insider he believes the heightened volatility is what's behind the boom in traders seeking these kinds of services. Big swings in the market are often ripe with opportunity to win (and lose) big, but navigating the intraday moves is not easy even for professional traders. More people are also lured by the prospect of becoming full-time traders, a once-niche ambition that now offers the possibility of financial freedom and the ability to work from anywhere with an internet connection. "People are sharing that life's stressful," Lowry said of some of the academy's clients. "People come out of retreats and say, 'I've made a decision that I'm going to do this now.'" Dr. Reid Daitzman, a Connecticut-based psychologist who frequently works with day traders, says he's seen a 50% increase in traders wanting to work with him over the past year. He believes that a good chunk of his clients are deeply involved in the stock market and seek to improve their trading, partly because they've already lost a large sum of money, but also because many are bored. "A lot of people just trade because they have too much time on their hands, literally, and they have nothing to do," he said, adding that some of his clients were recovering from substance addictions and picked up day trading in sobriety. Menaker, who consulted with traders on Wall Street prior to opening his own practice, believes the main way traders improve is by understanding themselves better. His work hinges on the idea that traders need to know their "inner market" — a nexus of hopes, dreams, fears, and memories that explain how traders respond to risk and opportunity. While he sees some value in trading education and some evidence-based tools, like HRV biofeedback, he believes most gadgets out there won't make a difference unless traders do the work to understand their own minds. "People will never really get what they need, which is, 'How do I respond when I'm under pressure and how can I change that to act more in my own best interest?' That's really what the courses should be emphasizing more, in my opinion," he said. Read the original article on Business Insider Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
an hour ago
- Yahoo
Rupee logs worst losing streak in 6 months on US tariff woes; RBI caps damage
By Dharamraj Dhutia MUMBAI (Reuters) - The Indian rupee ended lower for a fifth straight week, its biggest consecutive weekly drop in six months, as trade tensions between India and the United States escalated following President Donald Trump's call for new tariffs on Indian goods. The rupee closed marginally higher at 87.6550 against the U.S. dollar, from 87.7025 on Thursday. The currency opened at 87.5600 and reached an intraday high of 87.5350, supported by unwinding of long dollar positions in the NDF market. Dollar bids, primarily from oil importers, pushed the USD/INR higher after initial lows, traders said. For the week, the rupee eased 0.1%, following a 1.2% drop last week, and has depreciated nearly 3% over the past five weeks. Rising pressure on the rupee was driven by India's position among the hardest-hit countries in Trump's trade offensive, including a new 25% tariff on Indian goods. The move places India alongside Brazil, facing the steepest import duties, unsettling markets concerned about the impact on capital flows and investor sentiment towards Indian assets. Fears of a record low in the currency prompted the Reserve Bank of India to intervene almost daily, preventing a deeper slide, traders said. The RBI resumed intervention in the NDF market to manage rupee volatility, four bankers told Reuters. Market participants expect another drop in foreign exchange reserves that saw a decline of more than $9 billion in week ended August 1, indicating intervention in the spot market. Meanwhile, some remain hopeful that a resolution would be achieved in coming period. Looking at the recent history, there is a high probability that the U.S. lowers tariffs in coming weeks or months and this could lead to a relief rally in Indian markets, as and when it happens, said Nishit Master, portfolio manager at Axis Securities PMS. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
4 hours ago
- Yahoo
Bitcoin and Ethereum ETFs rack up $1.5bn flood of ‘big boy flows'
US spot crypto exchange-traded funds just notched some of their strongest days on record as investors pour into Bitcoin and Ethereum. On Thursday, over $1.2 billion moved into Bitcoin funds, with BlackRock's iShares Bitcoin Trust leading the surge after posting $5 billion in trading volume, according to Bloomberg data. Invest in Gold Priority Gold: Up to $15k in Free Silver + Zero Account Fees on Qualifying Purchase Thor Metals Group: Best Overall Gold IRA American Hartford Gold: #1 Precious Metals Dealer in the Nation That's nearly double IBIT's daily volume average and the second-largest single-day intake across all 11 US Bitcoin funds since launching in January 2024. On Thursday, Bitcoin notched another record high of $118,000, its second record-breaking moment this week. Likewise, Ethereum surged to $3,000, a price not seen since February, according to CoinGecko. 'IBIT seeing big volume surges on up-price days usually signals 'big boy flows',' Bloomberg's Eric Balchunas noted on X. 'Good chance we see even more in the next couple days.' The ETF flows come amid rising conviction that Bitcoin's rally is just getting started. Analysts at firms including Bitwise, Bernstein, and Standard Chartered say Bitcoin could climb past $200,000 by year-end. Other market watchers say renewed corporate treasury adoption, rate-cut optimism, and a wave of institutional Strategy 'copycats' will bolster the price of the leading cryptocurrency. Ethereum flows Spot Ethereum ETFs also saw a major spike in demand and carved out their own records. BlackRock's spot Ethereum ETF recorded more than $800 million in trading volume across Wednesday and Thursday, roughly four times its daily average, noted Balchunas. All nine US-based Ethereum funds brought in over $300 million in inflows, marking their second-best day ever since their July 2024 debut. 'A new daily inflow record for iShares Ethereum ETF of $300+ million,' ETFStore president Nate Geraci wrote on X. 'And that's with major platforms still gatekeeping access.' Geraci also pointed out that 'financial advisors have barely begun allocating.' Crypto market movers Bitcoin has gained 6% in value in the past 24 hours and is trading at $118,026. Ethereum is up 6.8% in the same period to $2,983. What we're reading Ben 'BitBoy' Armstrong arrested again in Georgia on harassment charges — DL News WLFI Token Trading Proposal Garners 99% Support — Unchained China Brokerage Stocks Surge on Optimism Over Crypto-Trading — Bloomberg Few understand what's coming for ETH — Milk Road Sam Altman's World pauses operations in Germany as company overhauls iris-scanning stations — DL News Kyle Baird is DL News' Weekend Editor. Got a tip? Email at kbaird@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
