Dealing Desk: Goldmoney customers back in the buying mood – but not for gold

GoldMoney customers have been back in the buying mood this week, but the yellow metal hasn't featured highly on their shopping list.

Dealing Manager at the online bullion dealer, Kelly-Ann Kearsey said, 'Customer activity has certainly been more positive this week. We've not seen large orders, but there have been a lot of smaller buys mostly for silver, but also for platinum and palladium. Any selling we've seen has come out of the UK and Swiss vaults with Via Mat Hong Kong this week's favoured destination. Gold activity has been relatively neutral, with around the same amount of buyers to sellers.'

'Gold's neutral activity might be a reflection of the market's focus on the weekend's Swiss Referendum, as well as the continued strengthening of the dollar. If there is a yes vote and the Swiss central bank has to buy back 1,500 tons of gold, then this will undoubtedly have an impact on the market. At present a "no" vote has been factored into the market and if confirmed would lead to a non-event.'

'Obviously today has been quiet due to the Thanksgiving holiday in the USA and generally at this time of year, as we head towards Christmas, the markets are quieter. However there are many who think that silver and gold are a good buy at present, with gold in particular failing to break through the resistance level at $1200, so measured buying as opposed to panic safe haven accumulation is likely to be the norm for the rest of this year.'

16:00 27/11/14: Week on week performance: Gold rose just 0.3% to $1,191.29; Silver gained 0.6% to $16.23; Platinum added 1.4% to $1,216.20 while Palladium put on 4.9% to $804.65.

NOTES TO EDITOR

For more information, and to arrange interviews, please call Gwyn Garfield-Bennett on 01534 715411, or email [email protected]

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 $1.2billion of precious metals in its partner vaults.

GoldMoney has offices in Jersey and Hong Kong. It offers its customers storage facilities in Canada, Hong Kong, Singapore, Switzerland and the UK provided by the leading non-bank vault operators Brink's, Via Mat, Malca-Amit, G4S and Rhenus Logistics.

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.

Visit www.goldmoney.com.

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