Goldmoney Wealth clients have been net selling all precious metals aside from platinum, which appears to be the favourite this week.
The improvement in precious metal prices has increased selling, possibly to retain profits; however, we continue to receive a high number of orders from clients.
Clients have favoured the Switzerland and London vaults followed by vaults in Singapore, and have shown less preference for the Hong Kong vaults.
“Gold has seen a high of $1,275.00 per ounce mirrored by silver, which has also seen a high of $17.84 per ounce,” said Kelly-Ann Kearsey, dealing manager at Goldmoney Wealth. “Week-on-week precious metals have been trading in a narrow range, possibly due to the continued prospect of higher interest rates in the U.S. and a stronger US dollar.”
Gold and silver prices were temporarily trading higher on Wednesday as the US dollar weakened against a basket of currencies. Treasury Bond yields also declined due to disappointing U.S. consumer confidence data.
As gold can be perceived as a haven for wealth preservation in times of economic uncertainty, the upcoming U.S. presidential election may cause an increase in market volatility.
The release of the third quarter GDP report on Friday, which is expected to be within a range of 2.2 – 3.1%, will likely provide the U.S. Federal Reserve with more direction for their decision come December.
Gold has maintained its price week over week, while silver has gained 0.6%; platinum has been the strongest performer, gaining 3.3% on last week’s price. The gold to silver ratio has remained at 72.
27/10/16 16:00. Gold leveled 0.0% to $1,267.16, silver increased 0.6% to $17.59, platinum gained 3.3% to $962.00, and palladium retreated 2.4% to $612.50. 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 25,000 customers worldwide and holds over $1.6 billion of precious metals in its partner vaults.
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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