Dealing Desk: Metals Advance on Weak US Data

This week, clients have continued to net buy silver and platinum, whilst net selling gold and palladium.

Clients have been taking advantage of the lower pricing of silver and platinum. Silver had experienced lows of USD15.97/oz but, throughout the week, has steadily gained to soar above USD17.00/oz.

GoldMoney’s clients have favoured the Malca-Amit Singapore and Switzerland vaults this week with less preference being shown for the London and Hong Kong vaults.

Kelly-Ann Kearsey, Dealing Manager at GoldMoney said: on Friday, we saw the release of the US employment situation data, which proved to be much weaker than expected in May. This led to a weaker U.S dollar and, in turn, led investors to watch for Janet Yellen’s announcement on Monday in order to provide more direction with respect to a possible rate hike.

In line with this news, Thursday saw gold rise more than 1% to reach a 3-week high as fears subsided for a rate hike and the US dollar continued to weaken to a five-week low against a basket of currencies.

Gold gains have lifted the precious metals as silver reached above the USD17.00/oz level, a level last seen three weeks ago, with both platinum and palladium following suit.

Week on week, silver has been the strongest performing metal followed by gold which has also seen a reduction in the gold-to silver ration back down to 73.

09/06/16 16:00. Gold gained 4.6% to $1,265.80, Silver increased 7.3% to $17.14, Platinum rose 3.8% to $996.49 and Palladium increased 3.7% to $555.47 Gold/Silver ratio: 73

Notes to editor
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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.

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