Dealing Desk: FOMC Dovish Decision Boosts Precious Metals

This week, clients have been buying larger volumes of all precious metals, possibly speculating ahead of the FOMC meeting on Thursday and taking advantage of the lower prices seen through the week. Silver has been the favourite metal of the week, receiving the highest proportion of buy orders.

GoldMoney’s clients have continued to favour the Singapore and Canadian vaults this week, with less favour being shown for the London and Swiss vaults.

GoldMoney’s clients have preferred the Singapore and Canadian vaults this week, with less favour being shown for the London and Swiss vaults.

Kelly-Ann Kearsey, Dealing Manager at GoldMoney, says the Federal Reserve meeting on Wednesday has been the main focus of the market this week. On Tuesday, the gold price reached its lowest in nearly two weeks which trend continued into Wednesday pending the outcome of the meeting. Silver prices had remained consistant between last week’s low of USD15.16 and this week’s high og USD15.83 with price activity being low ahead of the Federal Reserve.

On Thursday, the gold and silver price surged, boosted by the Federal Reserve’s dovish approach in its decision to reign in interest-rate expectations. Silver has been pushed back to the psychological level of USD16.00/oz and the FOMC has also indicated that there will only be one more rate hike this year, compared to four as previously indicated. Global economic and financial developments continue to pose a risk with regard to the health of the US economy.

17/03/16 16:00. Gold lost 0.2% to $1,264.01, Silver increased 2.7 % to $15.99, Platinum rose 0.1% to $990.20 and Palladium gained 3.6% to $590.30 Gold/Silver ratio: 79

NOTES TO EDITOR

For more information, and to arrange interviews, please contact Emily Cornelius, Communications & PR Tel: + 1 647 499 6748 or email: [email protected]

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.

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.

Further information:
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