Dealing Desk: Clients Favouring Precious MetalsFeb 18, 2016·Kelly-Ann Kearsey
This week has seen an upsurge in clients buying gold and silver, with the preference being gold, as the price remains above USD1,200/oz, providing an excellent opportunity for the use of gold as a wealth preservation tool. Overall, the week has been in favour of the buyers.
GoldMoney's clients have been favouring the Singapore, London and Switzerland vaults with less favour being seen for the Hong Kong vault.
Kelly-Ann Kearsey, Dealing Manager at GoldMoney, says that gold has managed to remain above the psychological level of USD1,200/oz after a three day drop, dipping below this level due to a rebound in the stock markets. Gold managed to recover quickly, regaining its level as the Federal Reserve January minutes were released on Wednesday. A slower pace is to be set on the rate hikes, meaning a more dovish approach, due to global risk as US policy makers saw more risks to the economic outlook. Speculation has also increased that the US central bank may look to negative interest rates in order to stimulate the economy.
Since the beginning of the year, not only have the precious metals received gains in price but we have also seen an increase in the gold to silver ratio which is currently at 79. This shows both gold's strength in the market and the fact that silver is weaker and therefore becoming cheaper than gold. At this moment, the gold-to-silver ratio is currently near a five-year high.
Platinum and palladium have received support from the European car sales this week which rose 6.3%.
18/02/16 16:00. Gold decreased 2.6% to $1,214.15, Silver dropped 2.2 % to $15.35, Platinum lowered 2.1% to $932.75 and Palladium fell 4.2% to $500.61 Gold/Silver ratio: 79
NOTES TO EDITOR
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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.
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