Dealing Desk: Clients Take Advantage of Lower Market

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
For more information, and to arrange interviews, please contact Emily Cornelius, Communications & PR Tel: + 1 647 499 6748 or email: [email protected]

GoldMoney
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.

GoldMoney is regulated by the Jersey Financial Services Commission and complies with Jersey's anti-money laundering laws and regulations. GoldMoney has established industry-leading governance policies and procedures to protect customers' assets with independent audit reporting every 3 months by two leading audit firms.
Further information:

Visit: Goldmoney.com or view our video online

 

What To Read Next