Dealing Desk: Safe haven and industrial demand boost precious metal purchases

After last week's record week of trading, turnover returned to more normal levels among GoldMoney's more than 22,000 customers worldwide. However, Head of Dealing and Settlements at the British based online precious metals trader, Roland Khounlivong said it was still a busy week for buyers of gold, platinum and palladium: 'We had a definite ratio in favour of buyers this week for these metals. Gold interest was mostly for its safe haven qualities. The Israeli tension was one factor, and also we're seeing some investors looking for more tangible holdings amid fears that equities could be topping.

'Platinum and palladium saw interest because of the rising demand from the automobile industry, plus there's still some supply lag from the long running South African strikes. This can be evidenced in the metal reaching its highest price levels for the September delivery since February 2001.

'Silver's seen the biggest price increases in recent weeks and so from GoldMoney customers there's been some profit taking. Silver was our only metal to see more sellers than buyers in the past week.

'The flow into our Malca-Amit vault in Singapore has continued, and we've also had some buy orders this week into Via Mat, Switzerland. The buyer/seller ratio showed far more buyers to sellers in the week overall.

'Next week the focus will be on data out of China, with its GDP and Industrial production set to be released. Plus there will also be Eurozone inflation figures which should give further indication of the state of the economic recovery in the continent.'

16:00 10/07/14: Week on week performance: Gold gained 1.3% to $1,338.15; Silver added 1.3% at $21.40; Platinum rose just 0.5% to $1,509.80 while Palladium edged up 0.6% to $866.05.

Ends

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.

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