Dealing Desk: Metals Hold Steady Through Big (Yet Unsurprising) News

Goldmoney Wealth clients have been net buying all precious metals this week.

Clients have been making consistent gold buys throughout the week, while selling has taken place in silver as clients look to lock in gains following the positive spike in its price on Wednesday. Clients have preferred vaults in Hong Kong, Canada, and Singapore, and have shown less preference for the London and Swiss vaults.

“Gold traded sideways this week, despite the result of the Italian referendum on constitutional reform and the European Central Bank’s (ECB) decision to leave rates unchanged and extend quantitative easing through 2017,” said Rachel Stonier, dealing manager at Goldmoney Wealth. “Gold remained strong and range-bound, trading between $1,168 and $1,176 after starting the week at $1,172. The markets have been cautious leading up to the much-anticipated Fed rate decision, a trend that could continue until next week’s FOMC meeting.”

Silver was lively this week – having started out at $16.42, its price rose sharply to $17.22 on Wednesday. Platinum and palladium saw more price action, with platinum reaching a high of $940.87 and palladium retreating to a low of $733.15.

Gold finds and holds support at $1,157.50 this week with resistance at $,199.90. Silver should be supported to not dip below $16.34 or rise higher than $17.25.

Platinum was the strongest performer week over week, gaining 4.0%. Silver posted a gain of 3.5% while Gold moved into positive territory by modestly gaining 0.2%, and Palladium suffered a 3.8% loss.

08/12/16 16:00. Gold: $1,171.69; Silver: $17.04; Platinum: $940.74; Palladium: $726.17; Gold/Silver Ratio: 68.76.

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.
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