Dealing Desk: Market stabilises after salesNov 13, 2014·Roland Khounlivong
Online bullion dealer GoldMoney saw markets stabilize last week after the sales of the previous seven days.
GoldMoney's Head of Dealing and Settlements, Roland Khounlivong said, 'We had a much more stable week, the market has held steady. Total activity had decreased by 50% from the peak that we hit with sell orders.
For the first-time this year our buy-sell ratio reached 60%.
We are net sellers of gold this week and net buyers of silver, and the volumes in platinum and palladium did not change much. We can see that, given the level of gold-silver ratios, people are hunting for bargains and entry points, and silver appears much more interesting than gold from that perspective.
Behind all of these changes is the overall trend of the strengthening of the US Dollar against major currencies, and the good shape of US equity. And that makes people much more interested in risky assets, as opposed to safe haven assets such as precious metals.
Over the next seven days the focus will be very much on the US, as we are due to see data on US Retail Sales tomorrow, followed up by Industrial Production figures on Monday and CPI stats on Thursday.'
16:00 13/11/14: Week on week performance: Gold rose 1.4% to $1,161.90; Silver rose 1.6% to $15.63; Platinum dropped 0.1% to $1,198.35 while Palladium rose 2.4% to $768.98.
NOTES TO EDITOR
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