The bulls have been back in charge of the gold market this week after US Federal Reserve Chair, Janet Yellen confirmed the Fed will continue to cut its stimulus measures, whilst yesterday's disappointing data on US Retail Sales and Jobless Claims renewed concerns over economic growth.
GoldMoney's Head of Dealing, Roland Khounlivong said: 'Gold has definitely been the winner this week. For GoldMoney customers it's amounted to nearly three-quarters of all our precious metal net buy orders. It has also been the busiest week of the year so far, up 15% in terms of gross traded volume on last week.
'We have seen a continuation of last week's trend with orders coming in across the globe, and every single one of our vaults has experienced net buy orders. Singapore has, as usual, been the main beneficiary, but western buyers and vaults are now back in the frame amid the more bullish market sentiment.
'Next week is also going to be an interesting one with some heavyweight economic data due out. We are expecting the Chinese Manufacturing figures and the US Consumer Price Index update. It will also be Janet Yellen's first FOMC, all data and events which could have a further big impact on the gold price.'
16:00 13/02/14: Week on week prices: Gold rose 3.34% to $1,296.70; Silver was also up 2.27% $20.30; Platinum gained 2.26% at $1,401.74 and Palladium, gained 2.29% at $724.72.
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.
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