This week, clients have been net selling gold whilst net buying silver, platinum, and palladium. The spot gold and silver highs experienced on Monday may have sparked more selling activity from our clients as they took advantage of the higher pricing.
GoldMoney’s clients have favoured the Canadian and Singapore vaults this week with less preference being shown for the London, Swiss, and Hong Kong vaults.
Kelly-Ann Kearsey, Dealing Manager at GoldMoney, said that, on Monday, for the first time since January 2015, gold reached $1,300/oz which is a 15-month high. This was possibly due to speculation that the central banks in the US and Europe would maintain lower interest rates. Gold continued to attempt crossing the psychological level of $1,300/oz on Tuesday but failed to hold above this price level.
On Wednesday, silver prices lost some of last week’s gains as US economic data added pressure after reaching a spot price high of $18 on Monday.
Platinum Prices also hit a 10-month high when it reached over $1,080/oz on Monday, a price which has not been seen since July 2015.
The US Dollar index reached a 15-month low this week against a basket of international currencies. The Japanese Yen strengthened as the central bank confirmed that there would be no additional stimulus measures to the monetary policy.
05/05/16 16:00. Gold gained 1.6% to $1,276.66, Silver jumped 0.1% to $17.35, Platinum increased 2.4% to $1,059.06 and Palladium lost 2.9% to $598.40 Gold/Silver ratio: 72
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.
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