It's been a busy week for GoldMoney customers, but despite today's Swiss National Bank (SNB) announcement, they're still preferring silver to the yellow metal.
Over the past week, Roland Khounlivong said in terms of value the online precious metals' trader has seen an outflow of gold from Switzerland and the UK with the Brinks Canada vault and Brinks and Malca-Amit in Singapore being the main beneficiaries where there is buying. 'Interestingly our buyer to seller ratio is still showing more buyers than sellers overall, over twice as many in fact. Silver has been the main attraction with gold suffering despite its rising price. Today's announcement, that the Swiss National Bank is to end its cap for the Franc against the Euro and cut its deposit rate to minus 0.75%, sent gold prices rising and investors rushing to gold for its safe haven qualities, but still failed to change the buying patterns of our GoldMoney customers.
'These are interesting times for gold as in the past falling oil prices and inflation, and a rising dollar has led to falling gold prices, but economic stability fears are again putting the shine back into the metal. The first economic figures to come out of the US have been disappointing, with December retail sales lower than expected and jobless claims starting to head in the wrong direction, and this plus Swiss Franc volatility could continue to push gold forward as a safe haven option for investors.
'Next week we may see more along the same lines as the European Central Bank releases its monthly monetary policy statement on Thursday amid fears over the stability of the Euro and the potential exit of Greece. Monday is likely to be quieter with the US closed for a public holiday, but Tuesday's Chinese GDP and industrial production figures may give some further direction.'
Week on week performance: 15/01/15 16:00. Gold up 3.9% to $1,259.56, Silver increased 4.0% to $17.06, Platinum gained 3.0% to $1,255.74 but Palladium decreased 2.7% to $770.72.
NOTES TO EDITOR
For more information, and to arrange interviews, please call Gwyn Garfield-Bennett on 01534 715411, or email firstname.lastname@example.org
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 over 20,000 customers worldwide and holds around $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.
Follow the GoldMoney Dealing desk team on Twitter: @goldmoneynews