This week, clients have been net buying gold, possibly as a safe haven but also as gold has been the best performing asset of the year so far. Many clients have been seen selling their silver positions, possibly to take advantage of the higher level of pricing seen earlier in the week.
Goldmoney Wealth clients have favoured the Singapore and Canadian vaults this week with less preference being shown for the Swiss vault.
Kelly-Ann Kearsey, Dealing Manager at Goldmoney said that, on Tuesday, the precious metals gained throughout the week. The gold price broke through the $1,360.00 level for the second time this year, a level that was previously seen in early 2014. Silver reached a high of $20.75/oz earlier in the week.
The support behind the price gains has been caused by a weaker US dollar and negative interest rates around the globe. The US released weak GDP figures which has pushed the expectations of a rate hike to the end of the year; this has also weakened the US Dollar.
The Bank of England has also announced today that it is to cut the lending rate by 0.25% and has revived the bond buying program to help stimulate the economy in the wake of the Brexit referendum, which has in turn surprised the markets as only the rate cut was expected.
04/08/16 16:00. Gold gained 2% to $1,363.30, Silver increased 0.7% to $20.37, Platinum rose 1.4% to $1,149.90 and Palladium increased 0.9% to $700.20 Gold/Silver ratio: 66
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.
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