This week saw profit taking and a sell-off across the precious metals' market, but for the customers of online trader, GoldMoney, it was seen as a chance to buy.
Head of Dealing and Settlements, Roland Khounlivong said, 'With the dollar still strengthening and the economic figures coming out of the USA all backing up the upbeat outlook, gold's safe haven appeal has diminished. This is unlikely to change in the short term as the Federal Reserve Open Market Committee on Wednesday opened the door to the earlier than expected interest rate rises which will add further to the dollar's attraction.
'Despite the continuing geopolitical issues around the world with Russia and the Ukraine and the Iraq situation, the focus has been firmly on the news from the central banks.
'Interestingly there was no discrimination among the metals with them all slipping in price, but among our customers we've seen equal volumes of buyers for both gold and silver, and they outweighed sellers. Considering the market has probably reached its summer holiday low point in terms of volume, there has been some significant purchasing of both these metals. Volumes are about 40% down on last week, but there are clearly some who have taken advantage of gold's two month low.
'As has been the trend for some time, those who are buying are favouring our partner vaults in Singapore and Hong Kong.
'We're expecting a quiet week next week, and then a return to more normal trading volumes as the summer holidays come to an end.
16:00 21/08/14: Week on week performance: Gold down 2.6% to $1,278.60; Silver fell 2.3% to $19.43; Platinum lost 3.1% to $1,413.00 while Palladium also slipped 1.1% to $873.00.
NOTES TO EDITOR
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.
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: @goldmoneyupdate