This week, clients have been net selling their silver positions.
This is most likely due to clients speculating on the market and taking advantage of the higher silver prices seen earlier in the week. Most clients have favoured buying gold this week, and some have favoured the purchase of platinum and palladium.
GoldMoney’s clients have continued to favour the Singapore vault along with more interest being shown for the Switzerland vault. Less preference has been shown for the London and Canadian vaults.
Kelly-Ann Kearsey, Dealing Manager at GoldMoney said that precious metals had a strong start to the week, with gold jumping to a three week high on Tuesday when it reached over USD1,260/oz. This was supported by a weaker US Dollar, which has been affected by the doused expectations for hikes in the US interest rates.
Silver reached a 5 ½ month high, with prices breaching the USD16.00/oz level and, in doing so, has narrowed the gold-to-silver ratio back down to 76. On Wednesday, Platinum tested the key psychological level of $1,000/oz and was seen at an intra day high of USD999.00. Palladium had also been trading higher following a release of data from China’s Association of Automobile Manufactures in which over 2 million cars had been sold in Asia during March.
There was more downbeat economic data from the EU on Wednesday, followed by US economic data which had very little impact on the market. This, in turn, has helped gold regain safe-haven demand.
Thursday then saw the US dollar rebound to extend to its biggest one-day rally in over a month, which has eroded most of the gains made by the precious metals earlier in the week.
07/04/16 16:00. Gold dropped 0.2% to $1,232.05, Silver gained 5.6% to $16.14, Platinum increased 3.9% to $994.00 and Palladium gained 4.5% to $558.20 Gold/Silver ratio: 76
NOTES TO EDITOR
GoldMoney is one of the world’s leading providers of physical gold, silver, platinum and palladium for private and corporate customers, allowing users to buy precious metals online. The easy to use website makes investing in gold and other precious metals accessible 24/7.
Through GoldMoney’s non-bank vault operators, physical precious metals can be stored worldwide, outside of the banking system in the UK, Switzerland, Hong Kong, Singapore and Canada. GoldMoney partners with Brink’s, Loomis International (formerly Via Mat), Malca-Amit, G4S and Rhenus Logistics. Storage fees are highly competitive and there is also the option of having metal delivered.
GoldMoney currently has over 20,000 customers worldwide and holds over $1billion of precious metals in its partner vaults.
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