Dealing Desk: Market stabilises after sales

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

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.

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