Dealing Desk: Gold Holds through Historic Divorce Proceedings

"Gold reached a one-month high of $1,261 on safe-haven buying interest. Economic data from the U.S. released later in the week saw consumer confidence at a 16-year high and house prices up by 5.9%, hitting a 31-month high."

Goldmoney Wealth clients have been net buying all precious metals this week, with gold being the most actively traded. Clients have preferred vaults in Toronto, London, and Singapore, and have shown less preference for the vaults in Hong Kong and Switzerland.

With the failure to deliver the healthcare bill last week, it’s becoming clear that Trump is finding it difficult to keep electoral promises. The markets are skeptical and there are growing concerns about planned tax cuts and infrastructure spending. On the other side of the Atlantic, Britain officially filed for divorce from the European Union and entered the formal two-year Brexit process.

Gold reached a one-month high of $1,261 on safe-haven buying interest. Economic data from the U.S. released later in the week saw consumer confidence at a 16-year high and house prices up by 5.9%, hitting a 31-month high. The U.S. dollar strengthened as a result and gold dropped back to the $1,250 level. Buyers of the yellow metal have been predominantly asking for ETFs; European investors have been buying bullion on dips in price levels, while Heraeus, our metal supplier in Hong Kong, indicates there has been particular interest in 1 ounce, 100 gram and 1 kilogram gold bars.

Silver reached a four-week high of $18.27 mid-week before dropping back to $18.19 as the U.S. dollar found renewed strength. U.S. demand for silver coins has increased significantly; with silver being a byproduct of other metals, production cannot be cranked up to meet rising needs.

Platinum sales have dropped by 40% year-over-year to the lowest level in a decade; speculative short positions have increased pressure while producers have been selling, causing the metal to drop by $16 to $952. Palladium rallied at the start of the week, hitting a two-year high of more than $180, and has held up well despite producers and funds selling ahead of the quarter-end.

As the week comes to an end, the markets remain concerned about the impact of Article 50 and all precious metals are trading in tight ranges at light volumes.

With the exception of silver, which was up 3.7%, precious metals remained largely static this week. Gold and palladium remained flat at 0% and platinum posted a small loss of 0.3%

30/03/17 16:00 – Gold: $1,249.36; Silver: $18.25; Platinum: $956.60; Palladium: $804.00. Gold/Silver Ratio: 68.46.

NOTES TO EDITOR
For more information, and to arrange interviews, please contact Jacquelyn Humphrey, 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 25,000 customers worldwide and holds over $1.6 billion 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:
Visit: Goldmoney.com or view our video online

 

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