With gold at a seven-month low the precious metals market saw selling across the board this week. Kelly-Ann Kearsey, Dealing Manager at the online precious metals trader, said, 'Our customers were profit taking this week with the buyer/seller ratio showing a slight favour towards the sellers.
'There was a continuation in the West to East movement of bullion, with most of the sell-off from the UK and Swiss vaults and almost all the purchases going into the Singapore vault.
'Palladium prices fell the most, however some of our customers have seen this as a buying opportunity with the worst of the profit taking in gold and silver. The strengthening of the dollar, potential interest rate hike with the Federal Open Market Committee meeting next Tuesday, and a strengthening faith in the US economy are having an impact. Meanwhile, the easing of geopolitical factors has also reduced the safe haven status of gold.
'We expect the next week to continue to be volatile with the expiration of various options next Friday. Plus, apart from the FOMC, the US Retail Sales and Consumer price index figures could also give further direction to the market and place more pressure on metals prices.'
16:00 11/09/14: Week on week performance: Gold fell 2.3% to $1,239.55; Silver lost 2.8% to $18.64; Platinum also dropped 2.7% to $1,371.50 while Palladium slipped 4.9%
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.
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