Dealing Desk: Gold and Silver weight for US Markets

Dec 3, 2015·Kelly-Ann Kearsey

This week has seen net selling across all the metals, with the exception of platinum which has continued to the be the metal of choice this week.

GoldMoney's Asian vaults continued to be the most popular vault of choice with GoldMoney clients continuing to sell in both Switzerland and UK vaults whilst the Asian vaults have remained the favourite buying vaults.

Kelly-Ann Kearsey, Dealing Manager at GoldMoney, says this week has seen the US dollar take control of the markets as the US Federal Reserve Chair Janet L Yellen said she was "looking forward" to a US interest rate rise. After the Fed's comments, the US dollar jumped to a 12 ½ year high against a basket of major currencies. Friday's data of US Payrolls will be closely watched, as this will indicate the strength to the US before the Fed's announcement. The ECB also made its announcement today, as President Mario Draghi stated that the ECB would extend the quantative easing scheme's duration into 2017; this strengthed the Euro against Sterling to a 5 week high.

↓Gold continues to be controlled by the strength of the US dollar and the looming US Federal Reserve meeting in the next 2 weeks. Gold is now trading at its lowest since February 2010, although many of our clients have been selling their metal which could be seen as speculation given focus on the US Federal Reserve. The markets will be watching for the US payrioll figures due tomorrow which is likely to giive further direction to the US Federal Reserve's direction in December.

↓Silver prices have remained at a steady level for the week but have been seen testing the support level of USD14.00/oz as it broke through to briefly reach a low of around USD13.90/oz. Silver has, however, been able to retain its USD14.00/oz support level. Silver is also following the US dollar and data from within the US.

↑ Platinum and ↓ Palladium prices have remained relatively low this week. It appears the metals may gain extra support as US car sales were higher than expected for November. Black Friday promotions also gave extra assistance, which resulted in sales at a 14-year high. Clients have continued to take an interest in platinum this week as prices remain low in comparison to the level of USD1,241.00/oz which was seen this time last year.

Week on week price performances
26/11/15 16:00. Gold dropped 1.1% to $1,071.15, Silver fell 0.7% to $14.23, Platinum leveled 0.0% to $850.49 and Palladium tose 3.8% to $556.47 Gold/Silver ratio: 74

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