This week, clients have continued to net buy silver and platinum, whilst net selling gold and palladium.
Clients have been seen taking advantage of the lower pricing on precious metals as silver still remains below $16.50/oz.
GoldMoney’s clients have favoured the Singapore and Swiss vaults this week, with less preference being shown for the London vault.
Kelly-Ann Kearsey, Dealing Manager at GoldMoney, said that this week has seen a continued pressure on the market, due to the release of the FOMC minutes for April. The odds of an early rate hike have now increased from 4% two weeks ago to 34% this week.
Precious metals have seen a downward fall over the past week, with gold seeing six consecutive days of losses, which was mirrored by silver. Platinum was seen back under the psychological level of $1,000/oz. However, on Thursday the downward rally paused before the release of the US Jobless figures.
The news of the FOMC had sent the US Index to a two month high and, to support this further, the US Jobless Claims released today showed the data had been better than originally expected.
26/05/16 16:00. Gold lost 2.2% to $1,221.85, Silver declined 0.8% to $16.27, Platinum decreased 1.8% to $990.85 and Palladium reduced4.6% to $535.72 Gold/Silver ratio: 72
Notes to editor
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