Goldmoney Wealth clients have been selling both gold and platinum over the past fortnight, with buying taking place in silver and palladium.
Clients have preferred vaults in Toronto and London, and have shown less preference for the Hong Kong, Singapore, and Switzerland vaults.
“The U.S. dollar retreated from the 14-year high seen prior to the holidays, boosting the gold price from December’s 10-month lows by 5% to touch $1,178,” said Rachel Stonier, dealing manager at Goldmoney Wealth. “Buying in China has supported gold’s January rally, and we could see demand continue through the upcoming Chinese New Year.”
Silver increased in price and hit a three-week high of $16.70, while platinum saw an eight-week high of $960.10. Palladium, which is widely used to clean up exhaust emissions, hit a near four-week high of $747.80 following strong December car sales in the U.S. and China.
All precious metal prices increased over the past fortnight; palladium posted a double-digit gain of 12.5%, platinum gained 4.8%, silver increased by 4.8%, and gold jumped by 4.3%. The gold to silver ratio decreased to 70.84.
05/01/17 16:00 – Gold: $1,181.62; Silver: $16.68; Platinum: $972; Palladium: $742.81. Gold/Silver Ratio: 70.84.
NOTES TO EDITOR
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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.
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