Dealing Desk Update: GoldMoney customers profit take as investor eyes turn elsewhere

It may have been Platinum and Palladium's week in terms of performance, but individual precious metal investors such as GoldMoney customers haven't bought into the rise.

Head of Dealing at the online trader, Roland Khounlivong, said: 'Individual investors such as our customers are more interested in the liquidity of gold and silver. We have seen some of our High Net Worth customers taking advantage of the rebound in gold and silver prices to profit take as the reduction in geopolitical risks turns attention away from gold's safe haven qualities.

'Interestingly, whilst in terms of value more gold has been sold than bought this week through large investor profit taking, there were in fact more individuals buying the yellow metal than selling it. Those who did buy have continued the trend of physical metal moving from the west to the east and are tending to place their orders in our Malca-Amit vault in Singapore and remove holdings from Switzerland in particular.

'Over the next week there aren't any significant bullish drivers on the horizon for the precious metals market. Tomorrow's March US Employment Report might give some direction, and next week the FOMC meeting and China's Inflation release may also have an impact.'

GoldMoney has more than 22,000 customers, and stores $1.4bn of precious metals for its customers worldwide.

16:00 03/04/14: Week on week prices: Gold fell 0.7% to $1,285.86; Silver gained just 0.8% to $19.85; Platinum rose 3.1% to $1,435.50 while Palladium, made the most gain of 3.7%to $787.22.

Ends

 

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 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.

Visit www.goldmoney.com.

Follow the GoldMoney Dealing desk team on Twitter: @goldmoneyupdate

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