Dealing Desk: Precious Metals not Surprised by FOMC Minutes

This week has been in favour of the sellers with clients net-selling their silver positions whilst gold positions have remained neutral.

GoldMoney's clients have continued to favour the Singapore vault along with more interest being shown toward the Hong Kong, Swiss, and Canadian vaults and less preference being shown toward the London vault.

Kelly-Ann Kearsey, Dealing Manager at GoldMoney said that this week has seen more uncertainty in the market as both the US Federal Reserve and the European Central Bank made announcements along with another decline in oil prices and the worries of negative interest rates around the world.

The results of the FOMC were in line with expectations as members wanting to raise rates were easily out-voted by a large majority. Due to this, gold could benefit as it is more competitive against interest-bearing assets. Tuesday saw silver prices rebound after data released from the Eurozone was weaker than expected, which added to the fears of a slowing global economy. This was then followed by the US dollar turning lower against a basket of currencies.

Week on week prices have remained relatively stable, with palladium being the weakest performer.

Next week will see the release of the US Retail sales which may provide more direction for the gold price.

07/04/16 16:00. Gold gained 0.4% to $1,234.41, Silver lowered 0.5% to $15.29, Platinum decreased 2.1% to $957.00 and Palladium dropped 6.5% to $533.97 Gold/Silver ratio: 81

NOTES TO EDITOR
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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.

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