Monday saw gold hit a five year low with even the sell-off in Chinese shares not spurring safe haven buying.
Low inflation and the strong dollar continue to dominate says GoldMoney Dealing Manager, Kelly-Ann Kearsey, 'Interestingly we haven't seen any big sell orders, we've had a steady flow of small sells along with buys so our customers are still not committed either way.
'Investors might be attracted to some higher yielding options, but, with the current gold and silver prices, some customers have decided to add to their portfolio for wealth preservation. In the current circumstances, I can't see the market taking any real direction until we've got the first rate rise out the way which is the primary obsession. Once we're at that point, inflationary fears will come into play again. While safe haven buying hasn't been in evidence recently, the fact that the Greek debt situation has not yet been resolved could also present some opportunities for turbulence and a return to some safe haven tactics.'
'Singapore remains our most popular destination, and, of all the metals, gold still looks to be the most popular among GoldMoney customers, with its silver cousin coming in second.'
Week on week price performances
06/08/15 16:00. Gold off 0.2% to $1,089.56, Silver down 0.7% to $14.65, Platinum slipped 3.6% to $946.99 and Palladium down 3.3% at $598.47. Gold/Silver ratio: 74
NOTES TO EDITOR
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.