This week has seen some large sell orders among gold and silver customers of GoldMoney looking to cash in their profit; but with more small buyers entering the market, the online precious metals platform has still recorded more buyers than sellers in the week with an 80% rise in gross trading volumes compared to last week. The net flow of precious metals out of GoldMoney's western vaults to their eastern locations has also continued.
Commenting on the threatened platinum mine strikes in South Africa, GoldMoney's Head of Dealing, Roland Khounlivong said: 'The news hasn't had a big effect on the precious metals market so far, with platinum only around $30 up on this time last week; but this may be just the start. There are clearly some who think it will restrict supply and increase prices because we have seen a significant buy order for platinum this week for storage in our Via Mat Hong Kong vault. It will be interesting to see if more investors decide to take this stance.
'Today's gold price rise has been less to do with news of the potential easing of gold import restrictions in India, and more to do with the disappointing manufacturing figures from China and the weakening of the US dollar. Next week there will be some important figures coming out of the US and Euro zone, and that could have a further impact on prices.'
Prices at 1600, 23/01/14: Gold up 0.1% on the day at US$1,259.10, Silver down 1.6% at $20.09, Platinum flat at $1,456.06 and Palladium off 0.3% to $740.12.
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 has offices in London, 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.
Historically gold has been an excellent way to preserve purchasing power over long periods of time. For example, today it takes almost the same amount of gold to buy a barrel of crude oil as it did 60 years ago which is in stark contrast to the price of oil in terms of national currencies such as the US dollar.
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.