GoldMoney customers have been bucking the general market trend and buying up the yellow metal this week.
Kelly-Ann Kearsey, Dealing Manager at the online precious metals dealer, says the trend came from a combination of reasons, both in-house and external, 'On Friday it was announced that BitGold Inc. is to acquire GoldMoney. To celebrate the merger a promotion was launched for the long weekend. This incentivised customers who shared a very positive response to the merger. This reaction, coupled with the below the psychological support level prices we have seen in the last few days, has meant we have seen plenty of gold buying this week, while silver has been the loser.'
The week's buying saw a continuation of the trend for gold to flow out of the UK and Switzerland and into the Singapore vaults. Kelly-Ann also noted, 'We have seen some interest in platinum and palladium this week, which weren't on offer. Perhaps the positive data coming out of the US has supported these more industrial metals. The better than expected durable goods orders boosted the dollar and US economic recovery hopes. Meanwhile the Pending Home Sales figures out today are also better than anticipated with a nine year high, but this appears to have ignited some inflationary fears which weighed on the dollar and boosted gold's inflation hedge attraction, bringing prices up from their earlier lows.'
Week on week price performances
Gold down 2.8% to $1,186.76, Silver off 4.4% to $16.62, Platinum dropped 3.9% to $1,112.00 and Palladium up 0.6% at $781.50. Gold/Silver ratio: 71.41
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 20,000 customers worldwide and holds over $1billion 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.
BitGold's mission is to make gold accessible and useful in digital payments and secure savings. The BitGold platform provides innovative solutions to the challenge of transacting with fully allocated and securely vaulted gold. BitGold accounts are free and convenient to open by anyone, anywhere* in just minutes. BitGold provides users with a secure vault account to purchase gold using a variety of electronic payment methods. The platform will also provide transaction capability including: instant cross-border gold payments, merchant invoicing and processing for gold, debit card spending of gold at traditional points of sale, conversions to a customer's external digital-wallet or bank, and physical gold redemptions. All physical gold acquired through the platform is owned by the customer, stored in vaults administered by The Brink's Company, acting through Brink's Global Vault Services International, Inc. ("Brink's"), which insures gold through third party insurance providers.
BitGold is a Canadian corporation with offices in Toronto, Canada, and Milan, Italy. BitGold has partnered with established professionals in bullion dealing, vault security and web security, payment processing, and is committed to best-practice systems for compliance with all applicable laws and regulations regarding anti-money Laundering ("AML") and Know Your Customer ("KYC").
*The BitGold Platform will not initially be available to U.S. Residents and will be unavailable to residents of sanctioned countries.