Overall it has been palladium's week with prices rising to their highest level since February 2001. However for customers of GoldMoney, it was silver that shone.
GoldMoney Dealing Manager, Kelly-Ann Kearsey, said: 'Whilst our trading volumes have been slightly lower than last week, we've seen some large high net worth client purchases and their preference has been for silver and storage in Switzerland. For the rest of our customers Singapore stayed the most popular vault and there was an increase in interest for platinum and palladium.
'For most of this week gold has risen slightly against a softening dollar, although today's Gross Domestic Product figures showed the US economy had rebounded more strongly than thought in the second quarter which knocked the yellow metal back and strengthened the dollar. With expectations of an imminent rate hike in the US, gold could struggle to perform against the greenback without any other directional impetus.
'Geo-political tensions have reduced their effect on the gold price in the last few weeks, but the increased tension between the Ukraine and Russia may still provide a possible stirring point. The tension and its resulting political and trade fall-out is likely to have already been the impetus on the palladium prices, combined with more potential industrial unrest in South Africa, as these are the two key producers.
'For the most part GoldMoney customers took place in some modest profit-taking on gold this week, whilst individual preference, possibly hedging a future price hike, saw silver in their baskets.'
16:00 28/08/14: Week on week performance: Gold rose 0.8% to $1,288.80; Silver added 0.6% to $19.54; Platinum also gained 0.6% to $1,421.99 while Palladium jumped 2.5% to $894.47.
NOTES TO EDITOR
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GoldMoney is one of the world's leading providers of physical gold, silver, platinum and palladium for retail and corporate customers. Customers can trade and store precious metal online easily and securely, 24 hours a day.
GoldMoney currently has over 22,000 customers worldwide and holds $1.4billion of precious metals in its partner vaults.
GoldMoney has offices in Jersey and Hong Kong. It offers its customers storage facilities in Canada, Hong Kong, Singapore, Switzerland and the UK provided by the leading non-bank vault operators Brink's, Via Mat, Malca-Amit, G4S and Rhenus Logistics.
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.
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