Gold started the year with an impressive rally as safe haven worries brought buyers back to the metal.
Dealing Manager Kelly-Ann Kearsey said, 'The GoldMoney buy to sell ratio was clearly in favour of buyers at the start of 2015, after the quiet festive season and a run of poor performance from gold ahead of the year end.
We have come to expect the shift of precious metals out of western vaults and into eastern locations, especially Singapore, but this week we also saw a big buy into the Rhenus Logistics vault in Switzerland.
Obviously, oil's woes and Eurozone fears have increased gold's safe haven appeal, but countering this is the continued strength of the dollar and US economy, so the yellow metal's rally is already beginning to lose its shine. Figures out in the next week, including US employment and retail sales, the Chinese Consumer Price Index and UK data, will all give further direction to the market.
Silver was popular with our customers at the end of last year as bargain hunting was rife, and this has continued into 2015. Basically, silver is still good value and we might well see that continuing to be the focus of our customers in the coming weeks.'
Performance so far this year: 08/01/15 16:00. Gold up 2.4% to $1,212.30, Silver increased 4.3% to $16.40, Platinum risen 1.4% to $1,219.74 and Palladium decreased 0.4% to $792.50.
NOTES TO EDITOR
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GoldMoney is one of the world's leading providers of physical gold, silver, platinum and palladium for retail and corporate customers. Customers can trade and store precious metal online easily and securely, 24 hours a day.
GoldMoney currently has around 20,000 customers worldwide and holds $1.2billion of precious metals in its partner vaults.
GoldMoney has offices in Jersey and Hong Kong. It offers its customers storage facilities in Canada, Hong Kong, Singapore, Switzerland and the UK provided by the leading non-bank vault operators Brink's, Via Mat, Malca-Amit, G4S and Rhenus Logistics.
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.
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