This week, we saw an increase in client activity.
Many clients have been net selling the metals in order to take advantage of the price increases since last week. Simultaneously, many clients have been buying into gold possibly as a safe haven or ahead of the FOMC statement expecting their position to remain the same.
GoldMoney’s clients have favoured the Singapore and Switzerland vaults this week with less preference being shown for the London vault.
Kelly-Ann Kearsey, Dealing Manager at Goldmoney said that markets have been anticipating the FOMC meeting this week in which a statement was released on Wednesday evening (GMT). Leading up the release of the statement, both gold and silver had been making gains throughout the day. This was likely due to the expectations that there would be no interest rate hike this month, which was, in fact, later confirmed by the FOMC. In turn, the metals then spiked with gold reaching 1,340/oz and silver reaching USD20.00/oz
Wednesday also saw the release of the durable goods orders for June which was worse than expected with a drop of roughly 4%, when it had been expected to drop only 1.1%-1.4%. This can also be seen as supporting the metal prices as gold would be used as a safe-haven against economic difficulties.
Platinum and palladium have increased consistently throughout July and have both reached a high point for this year to date. At this moment, platinum is currently trading at a spot price of USD1,139.15 and palladium is currently trading at a spot price of USD702.13. There has been speculation that stricter legislation on vehicle pollution in China may raise demand for the metals in the long term.
28/06/16 16:00. Gold gained 1% to $1,336.71, Silver increased 3.9% to $20.23, Platinum rose 3.2% to $1,134.40 and Palladium increased 2.2% to $694.25 Gold/Silver ratio: 66
NOTES TO EDITOR
For more information, and to arrange interviews, please contact Emily Cornelius, Communications & PR Tel: + 1 647 362 5957 or email: Emily.Cornelius@Goldmoney.com
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.
Visit: Goldmoney.com or view our video online