Dealing Desk: GoldMoney customers buy silver as the bears prowl the market

Obviously the big news of the week for the bullion markets came from the Federal Reserve which ended its quantitative easing bond buying and was surprisingly upbeat about the economy.

It wasn’t just gold which suffered, silver also dropped heavily, but GoldMoney’s Dealing Manager, Kelly-Ann Kearsey said the online bullion dealers’ customers were more upbeat about the industrial metal, ‘Whilst we’ve seen net gold selling among our customers, we have concurrently seen net buying of silver. It has not been everyone’s preference as on the main markets it has lost fairly heavily, but it has certainly caught the attention of some of our customers and kept silver’s trading with us in the positive.’

The one trend which hasn’t seen any change has been in the flow of bullion from the west to the east, ‘We’ve seen continued selling out of our western vaults, particularly the UK and Switzerland, and the biggest beneficiary has been the Malca-Amit vault in Singapore. ‘Overall our trade flows have been fairly steady and indeed the buyer/seller ratio is at 1 showing a perfect balance between buyers and sellers. However there are some more big pointers out next week which are likely to give further direction to the market. Those figures include the US Institute of Supply Management (ISM) Manufacturing data, US employment data, the Chinese Purchasing Managers Index (PMI), and the European Central Bank meeting which could all give further indication of where the world’s economies are heading and provide further focus for the bullion markets.’

16:00 30/10/14: Week on week performance: Gold lost 2.3% to $1,198.17; Silver slipped 4.4% to $16.36; Platinum also dropped 0.3% to $1,237.25 while Palladium rose 2% to $778.75.

NOTES TO EDITOR

For more information, and to arrange interviews, please call Gwyn Garfield-Bennett on 01534 715411, or email [email protected]

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 22,000 customers worldwide and holds $1.4billion 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.

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