It's been a week of selling across the precious metals this week with silver living up to its volatile reputation.
For the previous two weeks GoldMoney customers had been buying silver, but this week they abandoned it according to Kelly-Ann Kearsey, Dealing Manager at the online precious metals trader, 'It's been a one way week with selling across the board. Most of the metals are still coming out of our vault in Switzerland and what buying we have seen has gone into Singapore.
'Whilst the gold price did try to pick up a little late Thursday, it fell to its lowest level since early January this week as positive US economic data and the expectation that the US Federal Reserve will start to increase interest rates boosted the dollar to a four year high against a basket of leading currencies.
'Gold is threatening its $1200 psychological level despite the expected increase in sales from India as the Festival and wedding season gets underway.
'Platinum is faring a little worse, sinking to a 15 month low, whilst silver's industrial heritage has failed to give it any backing. Our customers have followed the rest of the market this week with profit taking on all the metals.'
16:00 25/09/14: Week on week performance: Gold fell 0.4% to $1,220.75; Silver lost 5.4% to $17.54; Platinum also dropped 2.5% to $1,310.74 while Palladium slipped 2.8% to $802.97.
NOTES TO EDITOR
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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